Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Reimagining Customer Relationships – EY Global Survey

[ff_author_box_style2]

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.

 The Digital Insurer reviews EY’s Report on  Reimagining Customer Relationships

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.

Link to Full Article:: click here

Digital Insurer's Comments

Customer relationship management in the new digital world spans beyond the internal framework of underwriting and claims best practices.  New technologies and touch points such as social media, smart phones and the internet are the starting point of any new customer relationship and insurers need to quickly understand how to make the most of them in order to avoid just being another irrelevant, commoditised insurance carrier. Insurers in Asia are increasingly recognising the growing potency of digital customer relationship management, but the sheer size of the transformation is overwhelming as it requires a radical shift from the traditional brick and mortar model. It’s more about customer experience management now and we believe that insurers can achieve sustainable competitive differentiation through continued innovation in customer centric business processes and touch points.

Link to Source:: click here

 

Comments

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in