Customer Experience in the Insurance Sector – Microsoft

Article Synopsis :

Customers increasingly employ social media and mobile channels to research and buy insurance. Carriers must update traditional business processes to meet evolving customer demands.

Positive customer experiences create profitable customers 

In “Customer Experience in the Insurance Sector”, Microsoft explores the state of customer experience management (CEM) in the UK insurance market. The authors contend CEM capabilities are generally under-developed presenting an opportunity to gain competitive advantage in a market defined by the following five characteristics:

• Rapid rise of comparison sites
• CEM bland and undistinguished
• Rising urgency to engage customers digitally
• Carriers slow to adopt technology
• Lack of trust and transparency

The report goes in-depth on five obstacles insurers typically encounter on the road to improved CEM:

• Customer-fixated mindset over a price-fixated mindset
• Slow rates of change; cultural aversion to transformation
• Talent pools ill-equipped for social/mobile
• Lack of multi-channel/customer engagement capabilities
• Lack of experience formulating customer-centric technology solutions

A growing number of carriers are attempting to leverage technology to deliver new products and services. Adding value through superior customer engagement enables price points, growing revenue and margins concurrently.

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