Changing Customer Expectations
The insurance industry is at an inflection point. It must lead the digital transformation in delivery of services and new customer value or it risks leaving the door open to disruption by more digitally native companies.
A study among 750 US and Canadian auto, home or technology insurance customers who filed a claim in the past 12 months* reveals that insurance companies have an opportunity to improve customer engagement. Only 51% of people surveyed indicated that they are “very satisfied” with their insurance company, with Millennials only 44% indicating they are “very satisfied.” Even more worrisome is that only 53% of Millennials are “very likely to renew” and once gone, it may be challenging to get them back.
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