Singapore

Details

  • Industry: Financial Services
  • Type: Survey report
  • Date: 6/17/2014

Spotlight on life insurers 

With little actual interaction with customers, life insurance organizations have a small window of opportunity to create a positive customer experience.

Spotlight on life insurers

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.”