Reimagining Customer Relationships – EY Global Survey

Article Synopsis :

As digital consumer needs and preferences are changing, insurers now need to look beyond traditional customer relationship management and develop an enterprise level vision for customer-centricity.

Insurers must build strong customer relationships which go beyond customer satisfaction 

To provide more insight into current consumer preferences and attitudes, EY’s 2014 Global Consumer Insurance Survey asked 24,000 consumers across 30 countries about their relationships with insurance providers. The following key findings of the EY Global Consumer Insurance Survey 2014 make clear the actionable opportunities for insurers who view stronger customer relationships as a strategic imperative:

1. High turnover and low trust signal serious relationship issues.
2. Just because they leave you doesn’t mean they don’t love you.
3. Insurers have so few interactions with their customers that each one becomes a critical moment of truth.
4. Consumers want more frequent, meaningful and personalized communications.
5. As consumers embrace digital, insurers must rethink their distribution strategies and partner relationships.

As highlighted in  the survey report, the first step in moving forward is to understand current capabilities, as well as where the organisation is on its journey to strong customer relationships. Among the key questions to ask while reinventing customer relationship management include:

• How effectively do we serve and satisfy customers today?
• Why do we lose customers?
• Who do we want as customers tomorrow?
• What else do customers want from us or what they might buy?
• Which channels work best – for sales, service and sharing information?
• What tools and technology do we need to understand and deliver what customers really want?

The survey report also highlights that to meet rising expectations in the era of the empowered customer, transformation is required on multiple dimensions and strategic evolution and future competitiveness will depend on:

• Re-taking responsibility for the health of all customer relationships, regardless of distribution channel.
• Expanding the relationship by helping consumers meet their goals.
• Increasing opportunities for engagement.
• Mastering both product and customer experience design.
• Developing advanced analytics capabilities for deeper customer intelligence and more actionable insights.
• Seizing the opportunity to become true risk mitigation partners.

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