Insurers achieve an 83% retention rate with an average Net Promoter Score (NPS) of 42. Customers rate "Ease of Tracking a Claim" as more important than "settlement value".
Source: 2018 State of Net Promoter® and Customer Experience in the Finance Industry 2018 - follow link at bottom article for full report.
Digital Claims with full communications and orchestration of the closed loop from FNOL to Settlement will sort the digital men from the analogue boys. Higher NPS= Higher retention which becomes ever more important as incumbent insurers face: -
- Competition from digital leaders
- Attack from full-stack insurtechs
- Commoditization from Amazon and other tech giants
Deliver an Amazon quality CX combined with efficiency and cost gains to be an industry leader and profitable. See "Pet insurance customer NPS reaches 80+"
Read the report linked below and also insightful McKinsey Report "The Growth Engine: Superior Customer Experience in Insurance" and take action.
Customer service is no longer a siloed set of tasks designated to the aisles of call centers or those staff at the frontline. Nor can it be thought of as a simple afterthought destined to be endlessly repeated. Customers won't stand for it, and companies that don't close the loop won't survive.