TeleTech Holdings, Inc., a provider of customer experience, engagement and growth solutions, has published research on what matters most to customers when they file a property/casualty insurance claim. The research is based on results from the 2015 TeleTech P&C Customer Satisfaction Survey of 300 consumers.
New home and auto insurance customers make up less than five percent of the entire market, according to Bain. As a result, growth comes from either retaining policyholders or stealing them from competitors. Many variables work together to make up the claims experience—understanding and focusing on the right levers to drive customer satisfaction is key to staying competitive.
The 2015 TeleTech P&C Customer Satisfaction Survey asked more than 300 consumers about how the claims process influences customer satisfaction. The results showed that multiple factors are involved from how policyholders were treated to the claims process and channel interactions. As the claims process can be complex, it requires advanced analytics to determine what variables are most impactful to driving improved customer satisfaction.
The top five most significant customer satisfaction drivers were:
- Insurer acted in my best interest.
- Initial filing of the claim.
- My issues were resolved the first time.
- Claim approval received.
- Expectations were met by insurance representative.
Research confirmed that channel-specific satisfaction is important to overall satisfaction and that a cohesive omnichannel experience is critical:
- The most used channel was phone with eighty-nine percent of respondents stating that they talked to a representative over the phone or in person for their last claim.
- The phone channel had the highest channel satisfaction rate and impact on overall satisfaction, followed by speaking to a rep in person, and then using the website, mobile app and self-service.
- Respondents who used chat all used some other form of communication along with it. They were less likely to use the phone, but more likely to use all other channel options when compared to respondents who did not use chat.
- There was a slight increase in satisfaction when policyholders went from using one to two channels. Then there was a substantial drop in overall satisfaction for the claims process when a customer used three or more channels.
- It can be inferred that if people did not resolve their issues through the first two channels, they had to find other ways of getting information, which negatively impacted their satisfaction level.
“Because the claims process is such a critical event in the life of a P&C insurance customer, it’s paramount that insurance providers get it right,” said Weston McDonald, senior vice president, TeleTech Financial Services Business Unit. “They need to use new methods of analyzing policyholder data to understand not only what has the most impact in driving satisfaction, but also where to focus to improve customer satisfaction. By truly understanding key drivers, providers can be more effective at improving the customer experience and increasing customer retention.”
The company’s research report outlined the best practices insurers should consider when trying to improve customer service during the claims process. These include:
- Focus your analysis on a specific point in the customer journey to ensure a clear and actionable set of results, such as the claims process.
- Use analytics to determine the coalition of variables that affect customer experience in your business, and identify what key areas have the most impact on customer satisfaction.
- Educate the organization on how each area impacts the customer experience.
- Prioritize the key areas that have a high impact on customer satisfaction and provide a good opportunity for improvement in the customer experience.
- Implement process improvements for the key areas determined.
- Continually monitor success and make adjustmentswhere necessary.
Source: Teletech, Inc.
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