Insurance Disrupted: How Customer Experience Can Help Insurers Build Trust and Earn Loyalty
Generational differences in customer satisfaction, trust in insurance providers, and eagerness to try out new business models pose significant challenges for insurers seeking loyalty from Millennials and Gen Z consumers. Drawing on a survey of over 4,000 U.S. auto and homeowners’ insurance customers and on lessons from major insurance companies, we identified several steps that insurers can take to maintain their edge with established clients while also appealing to today’s younger and more diverse customer base. Regardless of a customer’s age or other personal characteristics, the key to earning her satisfaction and loyalty is trust. Two key pillars of trust, in turn, are effective communication and agility in responding quickly to customers’ changing needs.
Specifically, insurers should:
- Enrich customer data by integrating client feedback and bringing to life the insurer’s understanding of the diverse needs of different customer segments
- Contextualize customer data in order to foster meaningful dialogue with clients
- Maintain a human touch via seamless integration of human and digital channels
- Let customers, not hot news trends, guide your approach to innovation