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Personal lines insurers face a huge challenge in achieving profitable growth in a highly competitive and commoditized market. In this tough environment, customer service inevitably plays a critical role in defining unique insurer propositions, promoting brand values, rebuilding trust and cultivating loyalty.
The claims service should be an essential part of this equation, but claimant experience is widely regarded as a siloed, operational issue rather than a broader enabler of high performance in sales, marketing and distribution.
Insurers should think more holistically around the claims capabilities that can really contribute to overall competitiveness and growth. The value of a great claims service is worth far more than the sum of individually satisfied claimants; the trick is to find ways to leverage the most positive claim experiences into the mass market.
Claimant satisfaction levels are generally high. However, customer values and beliefs are changing fast, and our survey reveals a gap between the service they expect and what they get at the point of claim. Standing still is definitely not an option, yet our research suggests there are many areas of service improvement that appear to have limited impact.
Insurers need to concentrate on getting the basics right and then focus efforts tightly on changes that can really make a difference to the top line. The biggest opportunities are to transform the speed, visibility and convenience of claims service, as well as introducing a higher quality of interactions with trusted staff.
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March 28, 2013
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