- Industry: Financial Services
- Type: Survey report
- Date: 6/17/2014
With little actual interaction with customers, life insurance organizations have a small window of opportunity to create a positive customer experience.
Key findings for life insurers:
- Respondents from the US give their life insurers the highest score (39 percent), with all other surveyed markets returning scores around 5 percent below the all sector average
- Customer experiences in life insurance have improved at a slower pace than in other surveyed sectors
- 41 percent of respondents from China said that their experience had improved versus just 13 percent of those in the UK, German respondents reported no net improvement
- Life insurance customers place highest importance on two attributes: value for money and staff engagement and professionalism
- Respondents from the UK, China and Australia were least likely to say that they had recommended their life insurance provider in the past year
- The sector also performs below-average for resolving customer complaints at the first point of contact with Australia and the US reporting particular challenges in this respect.
“Customers expect to interact with their bank on a 24/7 basis – whether that is at an ATM, online or in person – whereas life insurance companies are lucky if they interact with their customers once a year or even once a decade,” noted Mary Trussell with KPMG in the UK. “Rebuilding trust or impacting the customer experience is very difficult when the window for making an impression is so small.”
Customer Experience Barometer