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Insurers need to do more to retain customers

Pegasystems
Under pressure from a demanding customer base more willing than ever to shop around, insurance companies are increasing their focus on developing customer retention strategies. Yet despite an increasing emphasis on customer retention their call centres and customer-facing staff are not always well equipped to meet individual customer needs.

 

These were among the main findings of a recent survey across the UK and Germany, on behalf of business process management company Pegasystems.

 

In three out of four UK insurance companies, customer retention has become more important since the recession. But less than one in four customer-facing staff is well equipped to meet individual customer needs on all occasions.

 

When asked how they felt customers rated their service levels, three quarters believe their service would be rated as excellent or higher than average, but this has yet to be translated into increased loyalty as the result of a positive customer experience. Indeed, in the face of a more demanding and fickle customer base, more than one third of companies reported that over 50% of customers change provider when renewing a policy.

 

Jeremy Payne of Pegasystems says, “Insurance companies are struggling to provide a more flexible approach which will deliver the personalised service required to increase customer retention. Many still have a long road to travel if they are to turn their desire for higher levels of customer retention into a reality.”

Health insurance: News update: 1 October 2010