Customer loyalty, retention are top measures of success
By National Underwriter
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 strategy||31%|
|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