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Have you seen The Customer-Focused Marketing Playbook?

This comprehensive and practical guide to the latest ideas in customer-focused marketing hands you over 200 packed pages of strategy, best practices, do's and don'ts, practical know-how, facts and figures, and ideas to optimise your marketing strategy, boost sales, market share, increase ROI and profit.

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How insurers gain from better customer experiences

Great experiences outperform bad ones many times over

Insurers that earn jeers from their customers are falling further behind the ones that earn cheers, according to customer experience advisory firm Watermark Consulting following an analysis of stock market returns for insurers that lead in customer experience versus those that lag behind.

Watermark's Insurance Customer Experience (CX) ROI Study focused on model portfolios of the Top 5 ("Leaders") and Bottom 5 ("Laggards") publicly traded insurers in J.D. Power and Associates' annual Insurance Satisfaction Studies.

With nearly a decade of data examined, the study found that a portfolio of property-casualty insurers which excelled in customer satisfaction far outperformed the industry index (which, in turn, outperformed insurers with the weakest satisfaction). The Leaders generated average annual returns which were more than double that of the Laggards.

The results suggest insurers should consider investing more in their customer experience. For example, carriers that impress policyholders reap tangible rewards in the form of increased loyalty, greater wallet share, stronger word-of-mouth and a more competitive cost structure - all of which makes them more appealing and valuable in the eyes of the market.

"Insurers that lead in customer experience are rewarded handsomely by consumers and investors alike," explained Jon Picoult, Founder and Principal of Watermark Consulting. "What was most striking was that the margin of outperformance between the Leaders and Laggards has widened considerably over the past couple years. The competitive edge enjoyed by Insurance Customer Experience Leaders is not just real, it is strengthening."

Sources: Watermark Consulting / The Marketing Factbook.
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Categorised as:

Customer Experience
Customer Loyalty
Marketing Know-How

Have you seen The Customer-Focused Marketing Playbook?

Learn the insider's tricks and techniques to turn every customers into a 'super spreader' for your brand. It's better than free advertising. Once you start this ball rolling, your brand can grow rapidly through word-of-mouth, advocacy, influencers, and customer loyalty. Super-charge your company's marketing strategy, build up your market share, and make more sales through repeat business and customer loyalty.

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The Customer-Focused Marketing Playbook walks you step-by-step through the techniques, metrics, reporting, analysis, marketing models, technologies, tools and innovations for successful marketing strategies - both traditional and emerging - with expert guidance from thought leaders in every major market. Find out the best ways to gather, analyse, and act on customer data to increase profitability, build your brand, empower your customers, beat the competition, reduce churn, and increase customer profitability. This is a marketing book you simply can't afford to be without.

This book aims to hand you all the facts, figures and research data you need for the best decisions for a more profitable, more engaging marketing strategy. It also highlights all the facts, forecasts and trends identified by our experts from the global Marketing Factbook's vast database of market data, news, studies, research and articles, and presents you with an invaluable library of ideas and practical support you can call upon at will.

With The Customer-Focused Marketing Playbook at your side, you'll have instant access to a true goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, research and market data, plus all the supporting arguments you need to build a solid, profitable marketing strategy.

Get it on Amazon (Kindle/Print)