Insurers are not among the Customer Satisfaction Award’s highest scoring categories. When Roy Morgan measured for their industry-wide satisfaction average over the last 12 months, General Insurers come in at 19th (with an overall average of 81%), Private Health Insurers at 25th (75%), and Risk & Life Insurers at a rather underwhelming 28th (69%).
However, Australia has seen a lot of new entrants in the insurance sector hit the market with Lemonade Insurance, Peer to Peer Insurer Friendsurance and many more.
All of which begs the question: what does an insurance company have to do to satisfy its customers?
The key to customer satisfaction success for Private Health Insurers is clear cut. Scoring well above their category average, the five top-performing Private Health Insurers are not-for-profit members’-owned health funds, which claim to put members’ needs above profit. Their excellent satisfaction rates indicate this is not just hollow marketing rhetoric.
Our insurance and superannuation organisations, are fast following the silo and product driven culture of the banking industry which they are struggling to change. The evolution of insurance and superannuation products means that change is happening faster than many realise.
Growing customer expectations, new technologies, inefficient legacy businesses and the changing regulatory environment have opened the door to competition from within and outside the sector, a mixture of channel partners and complex products.
Our largest institutions often struggle to embrace customer best practice in the areas that are important to their customers, undermining their value. Working out how to delight customers would deliver a new injection of growth, but will require bold intervention and steadfast leadership.
Continue to embed customer insight into development cycles, and speak to customers to get closer to their daily lives and understand how they really use smart technology so banks can be sure to provide the banking services they want and need.
Technology is developed to make things easier for customers and solving key customer concerns.
Highly trained people to ensure they fit the culture (authentic to the purpose of the business)
Digital Channels have embedded customer feedback into the design and test stages of features development with real customers working with us in these important areas
Governance to take insights from customer journey maps back into the organisation to make a difference.
Personalisation and empathy are the largest movers of customer centric benchmarks within the banking industry.
Empathy training for all staff across all levels
Strong, trustworthy brand ambassadors
6peas marketing & engagement, look forward to helping you outpace your competitors by delivering a superior customer service. A service that is “shareable”. Contact us to start you on your journey to customer growth.