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A recent PwC report shows that Singapore insurers specifically face disruption in consumers paying premiums, slow growth rates in mature markets, and stronger competition than ever. When you look at the full picture, this list of challenges shows an important test of resilience for an industry already weighed down by enduringly low interest rates and slow growth in mature markets.
This paper outlines three COVID-19 related challenges, and what insurance companies across Asia can actually do to solve these challenges and stand out in a disrupted marketplace.
Medibank was awarded the winner of "Best CX Transformation" after record-breaking service and NPS scores, an increase in market share, and a reduction in overall customer complaints!
"nib New Zealand recognises that its CX program is constantly changing and evolving, but the program has already had significant impact. Over the last four years, the business has seen a strong increase in NPS as well as a 6% churn reduction."
Roe Baluyut, nib New Zealand's Manager of Customer Experience
“The goal behind the transformation plans is to get more closely aligned with the customer and understand the entire customer journey from the customer’s perspective, feeling what they feel and thinking what they think. Only then are we able to implement the improvements necessary to better meet our customers’ requirements.”
Holger Dahl, Marketing Strategy Director, VKB
“The voice of the customer is changing how we listen, not only to our agents and policyholders, but also to our associates. In the future, it will dictate the investments we make in our people, the services we offer, and our long-term focus."
Chris Neeson, Customer Experience, Ohio Mutual
“In parallel with our reorganization, we set about developing a new strategy for measuring the customer experience. We decided that our new approach to surveys should mirror our customer-centric structure, and measure three KPIs: net promoter score [NPS], ease of working with Thomson Reuters, and emotional valence.”
Benjamin Easaw, Senior Director, Customer Experience Research
"One of the things I like about InMoment is we can grow our program and we've definitely seen shifts in our metrics. We were seeing net promoter scores in the 30s and now we're seeing scores in the 50s."
Jennifer Rulon, Customer Experience Manager, Indiana Farmers Insurance
“With the support of InMoment’s team and their platform, we were able to set up a comprehensive yet easy to use survey and reporting tool. In a matter of seconds, the tool derives the characteristics associated with customer satisfaction and product quality, enabling us to identify areas for organisational improvements and as a result CX improvements.”
Pete Hogg, Director Customer Management, The British Council