Here are our key takeaways from the recent CX viewpoints insurance survey in partnership with Genesys of Retail Customers of Insurance Products – the experiences of insurance product customers – primarily Home, Auto, Life, and Disability.  

Typically, the interactions within the insurance industry are less transactional, more complex and guided by trust between the company and consumer. It’s evident from these findings that the CX needs to be even more laser-focused on the end-to-end experience. Those operating in the retail insurance space should seek to know their customers better and create personalised experiences through their channels, solutions, and customer tools.

What do consumers want from their CX?  

Providing a speedy resolution improves both the experience for consumers and efficiency for the insurer. 

The research indicates a close relationship between empathetic experiences and efficiency matters to customers; they want a first-contact resolution and to be listened to and understood, with their insurer resolving any issues quickly. 

“At a time when 70% of consumers globally say a company is only as good as its customer service, yet a mere 18% say insurers provide exceptional customer service experiences, answering that question is imperative.” – by Manan Sagar, Managing Director, Global Insurance Practice.  

Customers want an empathetic experience.  

Insurers continue to interact with their customers across multiple channels, including in-person and phone interactions and offering digital interactions. Still, these conversations are fragmented, with customers often having to repeat themselves.  

” At Genesys, we believe that every moment matters. Every insurer should know their customers, understand them, and provide them with what they need at the right time. It means proactively engaging with them at the right time to give them the optimal offer, product information, service or support.”  

The purpose of their interaction matters  

37% of respondents said “Excellent Customer Care” was the most significant factor in earning their loyalty.  The survey examined three primary purposes: renewals, policy change, and making a claim. Claims are perhaps the most delicate and complex interaction a customer can have with an insurance company and is where your brand can distinguish itself from competitors.  

Focus on various types of engagement based on Age demographic. 

Age played a significant factor in channel use, especially regarding phone use, with phone engagement (62%) outshining all other engagement channels, including Email (28%).  

Only 59% of those aged 18 to 54 selected Phone as a recently used engagement channel compared to 67% of those 55 and older 

20% of respondents took a multichannel approach, using two or more distinct channels during their journey, highlighting the importance of creating frictionless transitions between channels. 

The critical takeaway is companies should strive to understand how d expectations and preferences can vary by Age. 

Process complexities mainly drive dissatisfaction. 

When asked where insurance companies should focus their investment efforts to improve the best experience, Simplifying Processes was the number-one answer.  

70% of those ages 55 years and older prefer the help of a live person. However, 42% of those aged 18-24 prefer to make a claim using AI-assisted Self-Service.  

“Consumers continue to strongly desire to connect with a real person versus using a self-help solution – this is especially true of complex or critical engagements, such as making an insurance claim. This research further highlights the importance of agent quality within the industry and illustrates the importance of a frictionless glide between live and automated assistance.”  

Price matters, but experience counts for more.  

” Loyalty drivers among consumers within the insurance segment fell primarily into three categories: Customer Care (37%), Cost (35%), and Trust (18%). With 60% of the survey, the sample cohort maintained one or more policies for 11 or more years. ”  

While competing on price is necessary, the ability to create a positive experience for customers at every step of the process, from shopping for insurance to account management and, finally, the claims process. 

Price is undoubtedly the dominating factor when customers shop for new insurance, said 37% of respondents. However, the survey found that almost one-fifth of survey respondents voluntarily shopped for new insurance because of a bad experience, proving that customer loyalty within the insurance industry is heavily weighted by experience, with customer care at the centre of most of these experiences. 

What improvements should be made within the industry? 

(Source: 2022 Execs In The Know)