Attracting new customers and cultivating existing relationships by building a great customer experience is a certainly a recipe for growth and profitability. When speaking of customer experience, one typically thinks of the technology customers interact with, be it a website or a mobile app. Customer experience encompasses the features, functionality, and benefits provided to customers to convince them to do business. Do they have the ability to learn about new products? Is it easy to request a new quote? Can they interact with a live representative or potentially a bot? Can they view the details of their account and make changes quickly? Can all of this be done on any mobile device? These touchpoints are incredibly valuable for protecting and growing the customer base.
In a Q4 2017 earnings call, Alan Schnitzer, chairman and chief executive officer of The Travelers Companies, said, “We’ll continue to invest in our competitive advantages, focusing on extending our lead in risk expertise, improving the experience for our customers, agents, and brokers, and enhancing productivity and efficiency. We believe we’re well-positioned to continue to create shareholder value.”
Become an Experience Maker in Financial Services and Insurance
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Personal, one-to-one relationships are what today’s customer has come to expect. In a digital and mobile era, insurance companies must cater to customers’ demands and expectations by providing fast and frequent communication, access to more digestible and transparent information, and, of course, convenience. Without providing all the aspects of great customer experience, it will be very challenging to generate more submissions and quotes and to close on those opportunities. Inadequate technology, tools, and processes can cause a company to fall behind competitors that put forth and execute on the right strategies.
Aflac is a company that lives and breathes innovation and the notion of providing a great customer experience. Teresa White, president, Aflac U.S., recently discussed how the company’s catchy One Day Pay initiative has simplified and expedited the claims process. She said the results of an independent survey from The Bantam Group “found that 97% of those enrolled electronically with Aflac, said that process was easy, and 94% of claimants say that their claims were processed or paid quickly.” She said, “Meeting or exceeding our policyholders’ expectations at every touch point” helps “reinforce our strong brand.”
To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.