Customer Experience: The Key To Insurers Competitive Differentiation
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1 Customer Experience: The Key To Insurers Competitive Differentiation Jon Picoult Founder & Principal Watermark Consulting What is it? Why does it matter? What s the opportunity for insurers? 1
2 Just what is the customer experience? Wrap rage 2
3 3
4 Customer experience is bigger than customer service in that it is the full, end-to-end experience. It starts when you first hear about Amazon from a friend, and ends when you get the package in the mail and open it. Jeff Bezos Founder & CEO, Amazon.com What is it? Why does it matter? What s the opportunity for insurers? What s so special about great customer experiences? 4
5 People pay more for a positive, memorable experience. Commodities (A few cents) Goods ($0.10) Services ($1.50) Experiences ($2.50) People stick around for a positive, memorable experience. Loyalty Revenues Expenses It pays to take stock in customer experience leaders. 5
6 Customer Experience Leaders Outperform The Market 8-Year Stock Performance of Leaders vs. Laggards vs. S&P 500 ( ) Customer Experience Leaders Outperform The Market An Insurance Industry View Life and P&C 7-Year Stock Performance of Leaders vs. Laggards ( ) What is it? Why does it matter? What s the opportunity for insurers? 6
7 What kind of customer experience is the insurance industry delivering? Businesses who would recommend their insurance and financial services provider to a colleague: 9% Source: Forrester Research (2010). Insurance consumer trust ranking (out of 15 industries): 13th Source: Edelman Trust Barometer (2015). 7
8 Net Promoter Score (NPS) How likely is it that you would recommend X to a friend or colleague? Net Promoter is a registered trademark of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc Net Promoter Benchmarks Insurance Average NPS Score 30% Best Industry Dept/Specialty Stores 58% Source: Satmetrix NPS Benchmarks (2014) Insurance providers have their challenges But even they can deliver a great customer experience. 8
9 How do you make it happen for your business? With every interaction, you win or lose share. 9
10 Seek to Impress TM Thank you! Jon Picoult Watermark Consulting 10
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