World Insurance Report 2014 from Capgemini and Efma finds digital maturity is strongly correlated to profitability and efficiency.
Featuring data from over 15,000 customers worldwide and nearly 100 insurance executive surveys, the World Insurance Report 2014 from Capgemini and Efma reveals enhancing customer experience has a direct impact on insurers’ profitability. Given the increasing demand of internet and mobile channels in insurance, digital transformation is an effective approach to create positive experiences, secure customer loyalty, and ultimately improve insurers’ profitability.
While insurers are striving to enhance customer experiences, the improvement in ratings has been slow at just 2% globally with nearly 70% of customers still at risk of switching carriers. Other findings:
- Insurers had generally higher profits in 2012 thanks to over a 30% decrease in claims payouts associated with fewer natural disasters or weather events.
- Only 32% of global insurance customers said they had positive customer experiences with their insurer. The U.S. leads the globe with over 50% of insurance customers citing positive customer experiences with their insurer.
- Capgemini’s Customer Experience Index (CEI) for Insurance found a clear link between improved customer experiences and profitable customer behaviors.
Find out which channel has a heightened impact on profitable customer behaviors for insurers by downloading this year’s report.
We are proud to present our new interactive website to help insurers explore the experiences and preferences of their customers. The World Insurance Report website at www.worldinsurancereport.com features dynamic graphs to explore customer data across three dimensions: insurance products such as life and savings, pensions and annuities or automobile; channels including agent, broker and internet; and customer lifecycle such as quote gathering or claims servicing.
Digital maturity of the insurance industry is relatively low. To remain competitive, improve customer experience and achieve profitability, insurers need to fully embrace top-to-bottom digital transformation. Key areas where insurers should focus:
- Integrate across channels to enable customers to shift seamlessly between channels and more easily manage an ever-changing set of customer interfaces and touch points. Discover Capgemini’s All Channel Experience offering for insurance.
- Maximize social media to market offerings, drive sales, and gain real-time customer insights
- Take advantage of predictive analytics techniques to provide value across multiple business units, including underwriting, claims, customer service, product pricing, and risk management
To learn more about creating captivating customer experiences or to explore all channel experience solutions for insurance, contact us at email@example.com.