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Youbiquity Finance Research 2016 – Avaya Survey Results

Article Synopsis :

Digital self-service builds customer confidence and better relationships.

 The Digital Insurer reviews Avaya’s Report on Youbiquity Finance research 2016 - General Insurance Summary

Customers want digital self-service across all lines of general insurance 

Based on the views of 3,015 consumers across Germany, Spain and the UK, the “Youbiquity Finance 2016 – General Insurance Summary” from Avaya outlines key trends in consumer behaviour in insurance with a focus on sales and customer service channels.

The report seeks to answer the following four questions:

  • What interactions are failing during digital self-service?
  • What interaction channels do customers seek beyond the website?
  • What speed of service do customers expect?
  • How can better digital relationships drive customer satisfaction?

Key findings include:

  1. Insurance providers have the capability to challenge aggregators with better services.
  2. The phone plays a crucial role in general insurance premium negotiation and remote relationship building. Improved call centres, a friendly customer care representative and quick email response times are highly valued.
  3. Social media, webchats and videochats are all valued by customers. There’s an increasing need to fill the self-service-help gap in the insurance industry.
  4. Building remote relationships is key for insurers. Some consumers are looking for improvements in service through IoT technologies.

Employing statistical analysis on survey data, the report identifies four customer segments:

  • Digital-led Remotes
  • Digital-ready Actives
  • Digital-adapting Independents
  • Digital-indifferent Traditionalists

The below chart represents the different channel preferences by segment:

Link to Full Article:: click here

Digital Insurer's Comments

This report substantiates two very important points:

In every category – mobile, social, text, chat, telemetrics, digital self-service – insurance buyers are more comfortable with and have a greater appetite for digital than they did two years ago.

Segmentation is required – typically along the age demographic – as what attracts one group often alienates another.

As Amazon CEO Jeff Bezos famously says, ‘Two things will never change, customers will always want it cheaper and faster.’ Insurance customers want these two things plus transparency.  Technology is just the means; carriers must focus on these three ends.

Link to Source:: click here

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