Confirmit Highlights Trust as the New Battleground for Insurers

11/09/2018

Insurance companies who want to build long-term, profitable relationships with customers in the future need to focus on the importance of trust. This was the main message from Claire Sporton, SVP, CX Innovation, Confirmit, at the company’s Insurance Summit in New York City last month.

Claire began her presentation acknowledging that the biggest challenge facing insurance companies is that when customers purchase from them, they aren’t getting a physical product or service – just a promise based on only trust. The winners of this battle understand the critical role of trust and how it can only be delivered through customer experience, setting the right expectations and then delivering those expectations constantly.

“Because trust is all insurance companies are really offering at the point of purchase, it’s important that trust is the top focus, ensuring they are delivering this to customers at the highest level, making them feel safe and secure.”

Sporton went on to explain the building blocks of trust: confidence, price, loyalty, ease and relationship. When it comes to a specific claim, speed, respect and control should be at the top of the list. With customer expectations increasing and financial services slipping to the bottom of the trust barometer, Sporton urges the need to focus on the customer experience.

“It is important to acknowledge that the tri-part relationship between the insurer, policyholder and broker/agents can add another layer of difficulty – then there is the additional pressure from the regulators. Once you bring in suppliers and adjusters, it can make for a very challenging task to improve the customer experience.”

The keys, Sporton explains, are focus, balance and momentum:

  • Focus – Focus on the basics: understand expectations, ensure you are meeting them and monitor consistency across the entire ecosystem.
  • Balance – Find a balance between tactical and strategic to get valuable insights, which will then help you make smarter decisions (enabling decision making at the front line, empowering the individual and providing guidance with the help of AI rather than being driven by it)
  • Momentum – Create momentum and make actions faster through behavior change and doing something different. Inspire your team, enable them with the right tools to do their jobs, and get out of the way!

Sporton was joined at the event by Ellen Carney, Principal Analyst, Forrester Research, Inc. and Sarah Day, Senior Director Customer Experience, Asurion. Roundtable breakout discussions were also held, and led by CX practitioners from Intact Financial, Erie Insurance, Selective Insurance, and Philadelphia Insurance.

For more about the event, visit the Confirmit blog.


 

Subscribe to Our Newsletter