Everyone involved in customer experience knows that customers are becoming more demanding, and are continually expecting more. They want quality conversations with brands if they are to remain loyal for the long term. This is equally true, whatever sector you operate in as shown by the findings of Eptica’s 2017 Insurance Customer Conversations study.
The insurance industry is facing enormous pressures. Customer expectations are rising, regulation is increasing and digital transformation is fundamentally changing how insurers operate, while lowering the barriers to entry for new competitors. No wonder that a new article from McKinsey is headlined “Time for insurance companies to face digital reality.”
Ahead of next week's Institute of Customer Service (ICS) annual conference, new research spells out the enormous cost of poor service to brands. Figures from the UK’s Ombudsman Service found that it registered 55 million complaints over the last 12 months - costing UK businesses £37 billion as customers vote with their feet and move to alternative suppliers.
Good customer service leads to happier, more loyal customers who stay with you longer, spend more and are more likely to recommend your business to family and friends. However, it can be difficult to measure the exact impact of individual customer service interactions on these metrics, leading to the contact center being seen as a cost, rather than a department that boosts the bottom line.
The rise of digital channels is radically changing how businesses operate and interact with customers, increasing competition and driving transformation of their operations. The insurance industry is the perfect example – it is moving from a model where customer interactions are by phone or letter to one that is overwhelmingly driven by digital conversations. Competition is...