According to new research, customer experience is the top reason consumers give when picking an insurer – and in this respect, UK insurers are falling short.
The research, conducted by customer experience management firm Medallia, Inc., in partnership with market research company Ipsos, took in responses from over 8,000 UK, US, German and French customers, and a worrying 90 per cent of Brits said that they have seen no improvement in quality of customer service from UK insurers over the past two years. And while brands sink huge amounts of money into slick marketing campaigns, only 12 per cent of survey respondents overall said that advertising would sway them when choosing an insurer.
Sixty-four per cent of UK consumers, meanwhile, said that they had avoided a major business brand due to a bad experience over the past year, rising to 70 per cent of millennials – while 80 per cent have chosen a company because of a positive experience – and only eight per cent of Brits said that their insurers’ customer service proposition had improved recently.
“Many high-profile insurers have hit the headlines for all of the wrong reasons recently,” said Rachel Lane, Medallia’s Digital Solutions Principal. “They are swiftly learning how building and repairing customer trust is the key to growth, and indeed survival. Creating a positive customer experience across all channels must be at the front and centre of how brands operate. Consumers today expect nothing less.”