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Research undertaken McKinsey in 2017 titled “Time for insurance companies to face digital reality” suggests that insurance companies need to work harder to improve the customer experience (CX). The importance of this finding is not just that customers will be happier – the McKinsey research suggests that a focus on CX is critical as insurance companies undergo digital transformation programmes.
McKinsey believes that this is a question of survival. Insurance companies that do not rethink their business, transform and offer innovative digital services, and centre the experience around what the customer wants may soon cease to exist.
When you look at what insurance customers want, the message is clear – insurance customers have very clear expectations when it comes to dealing with insurance companies:
The thing is insurance is not like most products. It’s often a compulsory purchase, such as car insurance or desirable because it creates peace of mind, such as home contents cover. Customers want to pay as little as possible, but they also expect to be treated well.
The McKinsey research suggests five pillars that all need to be considered if any insurer wants to successfully manage a digital transition:
Our white paper Insure Against Loss examines in detail the opportunities in the insurance sector. In this paper we will explore how delivering an exceptional customer experience can increase customer engagement levels and reduce customer churn.
It’s clear that CX sits at the core of all these suggestions from McKinsey. The insurance business needs to embrace the digital revolution and find new products and ways to interact with customers, but the experience must always be positive and easy. What do you think about the McKinsey research? Leave a comment below or contact me on LinkedIn and let me know.
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