“In our very immediate, always-connected world, this includes how quickly and how well organisations respond to their questions and queries,”
Chris Robinson CEO Yonder - Insurance Business
At a time when digital giants (well versed in real-time customer contact and UX) are eyeing the insurance industry this is a serious challenge. Healthcare is probably their first target but that's just for starters.
Customer satisfaction ratings of at least 90% and Net Promoter Scores (NPS) above 80% would be an indicator that insurers are getting there but the evidence is the opposite.
There are three basic ways out for insurers:-
- Pick out a market niche like Homeshare and partner with an insurtech like Slice
- Throw out core systems and replace with enterprise strength platforms like Guidewire
- Rejuvenate core systems with an insurance platform like 360Siteview that digitally transforms all perils and the supply chain
Insurers should really transform all their products/markets from phone damage/loss/theft to factories/ships/nuclear power stations . From their core home markets to global coverage.
Just 16% of UK consumers rate their insurer as ‘excellent’ when it comes to contactability and getting queries resolved, new research has revealed. A further 32% rate their insurer as ‘good’ – meaning that a “disturbing” 52% consider their provider difficult to get hold of in a moment of crisis.