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Claims experience is key for customer retention

Keeping customers after a claim requires a multi-prong approach.

By Michael A. Costonis | Updated on October 23, 2014

The claim is the great moment of vulnerability for property and casualty insurers.  Many insurers have invested heavily in improving the claims experience, and, according to Accenture research, customers are generally satisfied with the way their claims are handled. In a global survey of nearly 8,000 auto and home insurance customers, only 14% of those who had filed a claim expressed dissatisfaction with the way their last claim was handled. 

That sounds good – but the survey also indicates that of the 14% who are unhappy, fully 83% either plan to switch to a new provider or have already done so. And the claim itself is a trigger for switching, no matter how satisfied customers are with the experience. The mere fact of having filed a claim increases the customer’s likelihood of switching from 22% to 41%. 

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