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27th February 2013

Capgemini World Insurance Report focuses on the customer experience and emerging distribution channels

Today, Capgemini and Efma unveiled the findings of its annual World Insurance Report. This year’s report features interviews with more than 114 insurance executives, data from 41 markets and a new Voice of the Customer survey that captures data from more than 16,500 insurance customers across 30 countries. The data from this survey is used in Capgemini’s Customer Experience Index(CEI) that not only analyses customer’s general satisfaction with their Insurer but examines the importance of specific distribution channels including mobile and social media. From last year’s focus on internal operational efficiency, this year’s report shifts with the industry to direct attention externally to focus on technologies and strategies that deliver an impactful customer experience to differentiate their brand and help retain customers. Amongst the report’s key findings are:
-Improving Customer Experience Should be Insurers’ 1st Priority. The WIR data shows that it is clear that providing a highly-valued customer experience is much more challenging than insurers are prepared to address. With only 30% of insurance customers having a positive experience, the remaining 70% of customers are at risk of competitive attack or could switch carriers even for minimal benefits. How can insurers leverage Customer Experience to increase retention?
-Are Mobile and Social Media The Channels to Keep and Capture New Customers? 50% of insurers are making mobile and social media a priority over the next two years to strengthen the Customer Experience. However, those channels will need to be tightly integrated and provide seamless transitions across all channels to be effective. Where can mobile make the biggest impact? With 59% of Insurers already using Social Media, how can social media really enhance Customer Experience?