Customer loyalty, retention are top measures of successNews added by National Underwriter on June 27, 2013
National Underwriter

National Underwriter

Joined: April 22, 2011

By Warren S. Hersch

Most insurers measure customer communications success in terms of customer loyalty, retention and satisfaction, according to a new survey.

Forrester Research, Cambridge, Mass., discloses this finding in the report, “Insurance Companies are Falling Behind in Delivering Modern Communications.” The study polled 90 business and IT decision-makers at insurers to ascertain their top communications priorities, “pain points,” objectives and implementation challenges.

More than six in ten (63 percent) insurers polled say they measure customer communications success in terms of customer loyalty, retention and satisfaction. Significant percentages of respondents also identified increased revenue due to better customer experience (54 percent); lowered cost of servicing and acquiring customers (46 percent); error reduction (33 percent); and acceleration of customer action through intuitive user experiences (29 percent).

When asked the top business goal underpinning customer communications, nearly three in ten of the respondents (28 percent) identify improving customer service with more rapid and targeted communications. Also flagged as a top business are the following:

● Lowering costs through increased automation (20 percent);

● Improving the quality of and accessibility of customer data for cross-channel and department-initiated processes (8 percent);

● Improving content/brand consistency and reuse of content for cross-channel communications (9 percent);

● Making it easier to tailor communications to meet regulations and mandates and ensure compliance (10 percent);

● Improve worker efficiency and effectiveness through more control of output for personalization and content (10 percent);

● Consolidate/standardize solutions (11 percent);

● Reduce paper and fax communication (4 percent); and

● Other (1 percent)

Turning to how important customer communications management (CCM) is to their customer experience strategy, the respondents replied as follows:

CCM is an integral and very important part of our overall customer experience strategy31%
CCM is a vital part of our overall customer experience strategy 31%
CCM is an important part of our overall customer experience strategy 19%
CCM represents baseline functionality for our strategy, but emerging social and mobile solutions will drive our future 8%
CCM is not an important part of our overall customer experience strategy 3%

Originally published on LifeHealthPro.com
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of Producersweb.com is strictly prohibited.
If you have questions, please visit our terms and conditions
Post Press Release