As policyholder retention becomes even more important than in previous years, enhancing CX can play a major role: Aite Group report
Boston, MA (Apr. 23, 2019) – The headwinds facing property and casualty carriers are effectively forcing them to focus less on growth plans and more on policyholder retention, because keeping business already on the books is less expensive than attracting new business. One of the carriers’ retention tactics is to improve the customer experience (CX). Aite Group’s new report, Gauging North American P&C Industry Sentiment on Tactics to Enhance CX, explores what carriers and their vendors are doing to improve CX to possibly increase policyholder retention.
“The prospect of increasing expenses in the pursuit of business is not something that any firm, let alone risk-averse insurance carriers, takes lightly,” states Jay Sarzen, senior analyst at Aite Group. “So instead of focusing heavily on consumers who are not yet customers, carriers are shifting their focus to existing policyholders and doing what they can to keep them on the books,” he explains.
This Impact Note examines carrier executives’ sentiment about enhancing a variety of CX-related matters, such as the efficacy of CX efforts, the CX efforts their firms are currently deploying, and the steps along the policyholder journey where CX would be best deployed. It is based on a survey of 48 executives at P&C insurance carriers and insurance technology vendors in North America conducted between February 2019 and March 2019.
This 23-page Impact Note contains nine figures and four tables P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
Click here for the online report summary or to download the table of contents. Clients of Aite Group’s Life Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
To request a press copy of this report or to speak with Jay Sarzen about this topic, please contact [email protected].
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.
Source: Aite GroupTags: Aite Group, customer experience (CX), Jay Sarzen, strategy