- Customers are demanding a different relationship model from their insurers. They are increasingly demanding transparency and simplicity with simpler contracts, clearer pricing disclosures and tailored recommendations with extraordinary service.
- They are more and more self-directed and using non-traditional third party advice. Clients are more financially literate and are increasingly relying on aggregation and comparison tools. They look more for concepts than for entities – diminishing the value of advertising.
- They are demanding collaboration and participation in product choices, claims, and risk management. They expect proactive communications that demonstrate knowledge of the customer. They expect customer service to be fast, excellent, and available through any channel they choose.
The secret to profitable organic growth? Deliver a customer experience that your competitors can’t match
- Don’t show your organizational weaknesses to the customer. You may be siloed, but that shouldn’t make it difficult for the customer.
- Make sure your support people actually know what they’re doing. The solution set should not include “making something up so the customer will go away.”
- Customers expect your service to equal those of other providers. Admitting that you’re not Amazon just reinforces this notion.
- The functionality needed and available out of the box for the way the carrier plans to use the system and the customer types desired. Check to see what is actually in production.
- The technology — both the overall architecture and the configuration tools and environment.
- The vendor stability, knowledge, and investment in the solution.
- Implementation and support capabilities and experience.
- Establish a common language around innovation; what is it? what is it not?
- Revise reward systems, especially around encouraging “fail fast” behaviors
- Develop a communication plan around innovation – leverage Corporate Communication expertise to sustain a messaging effort around innovation
- Tune existing governance structures to handle innovation initiatives differently than run-the-business projects
I have a homeowners policy with the DoNotDisclose Insurance Company. DoNotDisclose is a large, primarily personal lines company.
My policy term ends on Oct 8 every year. This past August, I received the dec page and invoice for the new year, and paid it in full online. I mean, I thought I paid it in full. Today I discovered that whatever I did, did not result in a payment being made.
I’ve been away from home for a few days. Opening my mail today (October 21) I had a letter from DoNotDisclose telling me that my homeowners policy expired on October 8 due to non-payment of premium. The letter was post-marked October 16. Between my initial invoice in August and my Expiration Notice, I had received the following communications from DoNotDisclose: zilch, nada, and rien,
Looking at the letter telling me my largest single investment had been uninsured for the past two weeks literally made me queasy.
Does anyone know a good personal lines company that understands the relationship among billing technology, billing processes, communication, and customer experience?