Life insurers around the world face a difficult challenge. A new Accenture survey reveals that although the majority of customers are reasonably content with the service they receive, satisfaction levels have declined. What is more, customers are more able and willing than ever to switch providers.
To differentiate themselves and attract those customers who do not feel bound by ties of loyalty, carriers would have to offer keener pricing, better products and enhanced service�in short, more value for money. However most insurers have been striving for years to reduce their costs, so it is not easy for them now to offer their customers more for less�and certainly not if they try do so using current practices.
Fortunately, new technologies and strategies have made it possible for insurers to transform their cost structures, improve their understanding of their customers� needs, and deliver more customized and competitively priced life insurance products and services. These should go a long way toward addressing high customer attrition rates, and attracting new customers who are predisposed to switch carriers.
Read the life insurance survey results, interpretation and possible solutions here
Accenture is a global management consulting, technology services and outsourcing company, with more than 215,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world�s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. Its
home page is www.accenture.com.