Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

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.
Copyright © 2018 - 2025 The Marketing Factbook.

Categorised as:

Customer Experience
Customer Loyalty
Marketing Know-How

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)