Insurers who provide a highly satisfying customer experience benefit from higher customer retention, reduced costs in acquiring new customers, and more word-of-mouth referrals compared to insurers that deliver less satisfying experiences to their customers.
All insurers face the reality that customer expectations are being reshaped by market forces beyond their control; whether through the emergence of smart hand held devices, such as the iPhone and iPad, or social media platforms such as Twitter or Facebook.
The new customer expectation has been set by the ease of access to all kinds of data and services, right from their phone. Anything less is considered "old-school" and can lead to customers reconsidering their insurer.
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