CCR2 Risk, Data, and Fraud Prevention In addition, 40% of dissatisfied insurance
customers are more likely to spread their views on their experience in public. Given that the dynamic millennial
customer spends more time online using tablets, smartphones and searching for the best values and services, lacks brand loyalty and provides recommendations to other customers based on their experience, being responsive, obtaining feedback and processing it are essential for insurance companies. In addition, millennials’ satisfaction with
insurance companies is usually the highest at the search stage and purchasing stage. It then drops when it comes to managing policies and claims which makes it extremely low at the policy renewal stage. According to Response Tek, 70% of
millennials say that they are dissatisfied when managing policies and claims. From a marketing perspective, it is vital for this segment to be heard and to be provided with a personalised customer journey. Insurance companies often use different
platforms of getting feedback from their customers such as e-mail, online feedback, blogs, surveys, focus groups, deep structural interviews and SMS surveys. However, given that millennials are
usually short of time and tech-savvy, many of these methods of getting feedback may not work for them. The introduction of new advanced
methods of obtaining feedback which integrate the latest technologies and offer a higher level of personalisation such as artificial intelligence (AI)-enabled feedback chatbots is essential.
Millennials as partners Most insurance companies focus on obtaining feedback from their customers via e-mail or SMS. However, the idea of focusing on obtaining feedback from customers at the end of their experience may not work with millennials. Instead, considering them as partners in
the company’s journey and service delivery would work much better. Hence, listening to millennials views and
opinions at the early stages of service design, policy-making and designing how claims will be processed will bring more fruitful results. In addition, moving towards content co-creation based on a collaboration
November 2019
In addition, millennials’ satisfaction with insurance companies is usually the highest at the search stage and purchasing stage. It then drops when it comes to managing policies and claims which makes it extremely low at the policy renewal stage
between insurance companies and millennial customers is essential. In other words, the new era of the
insurance industry ‘digital insurance’ is based on getting customer feedback at every stage of the product development and service design and it may very well extend beyond that, to helping companies in taking marketing strategic decisions and keeping their data safe and secure. Planning strategies to develop a lifetime
partnership with customers through constant engagement is essential.
www.CCRMagazine.com
Concluding remarks: moving towards the new era Going forward, we suggest the following to firms operating in the insurance industry: l Obtaining millennial customers feedback at the very early stages of designing services and claims processes and developing policies rather than at the final stage of assessing service performance. l Building a brand emotional attachment between insurance companies and millennial customers which can result in a more honest and careful feedback obtained from this segment of customers. l Including millennial customers opinions and views when designing new methods of keeping their data private and secure, keeping in mind that this segment of customers is highly educated and tech-savvy which enables them to understand more advanced issues related to security and privacy. l Designing new, more innovative ways that do not require millennial customers to spend a long time when giving feedback such as customised AI-enabled feedback chatbots which can ask questions tailored for the specific type of customer and the experience they have gone through, since personalisation is a key element for this segment. CCR2
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