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Future Solutions in Customer Experience – Energesse

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Article Synopsis :

In the white paper ”Future Solutions in Customer Experience and Retention for Private Health Insurance”, Dr Avnesh Ratnanesan and Paul Howarth from Energesse present a well-researched approach  to  delivering superior customer experience for Australian Health Insurers. Though Australia-specific, the findings are insightful for insurance executives globally seeking to improve acquisition, retention and ROI on customer experience investments.

 The Digital Insurer reviews Energesse’s Report on Future Solutions in Customer Experience and Retention for Private Health Insurance

The goal: every major customer group at the center of your business

Why do customers leave?  The paper analyses the causative factors along four major themes:

  1. Customer perceptions of confusion, perceived lack of value
  2. Regulatory and competitive forces
  3. Sub-optimal systems, process and data management
  4. Health system dynamics

How can an insurer build a ‘virtuous cycle’ of customer experience toward improved acquisition and retention metrics? The authors expound a six step process:

  1. Define customer experience with vision, strategy and objectives
  2. Align leadership and culture with change management
  3. Implement systems and capabilities to support customer experience (CX) strategies
  4. Translate perceptions into CX insights and priorities
  5. Apply CX strategically across portfolio, new product design and marketing channels
  6. Extend CX across the healthcare ecosystem

Ultimately this paper is a “how to” guide for customer-centricity, from strategy down through tactical business decisions.

Link to Full Article:: click here

Digital Insurer's Comments

Per the report: 80% of companies say they deliver superior customer experience (CX), yet only 8% of customers agree. This gap is important because 70% of consumers base their buying decision on how they feel they’re being treated.

The proliferation of digital channels and touchpoints complicates rather than simplifies the situation, as insurers have a growing array of options for customer communication. While digital modes of interaction (and outreach) are definitely growing in popularity, it’s the quality of the overall CX ecosystem – including voice, and in-person – that matters.

Know thy customer.

Link to Source:: click here

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