The rise of internet and digital channels has radically changed how people research and buy insurance. It’s now extremely simple for consumers to shop around and get online quotes before renewing their policies – especially since the rise of price comparison websites.
In recent years, the consumer insurance market has changed out of all recognition. New channels such as the internet have transformed the landscape. Indeed, according to the Financial Conduct Authority, almost half of all internet users have researched motor insurance on price comparison websites, with 4 out of 5 of them going on to buy policies through them.Customer loyalty is a thing of the past...
Insurers in the UK are under unprecedented pressure. Margins have been slashed by the rise of the internet and price comparison sites, competition is growing, customer loyalty is at an all-time low and claim costs and regulation are both increasing.Against this backdrop,the balance of power is shifting overwhelmingly in favour of consumers. They expect more, for less – and want answers faste...
A generation ago, financial services products were primarily sold face to face, either in branches or door to door, with documents manually filled in and posted to their destination. Customer service was dealt with through the same, physical, channels. This has changed radically, with the introduction of first the phone, then the web, and now social media, as sales and support channels. Managing t...
The UK insurance market is one of the most competitive in the world. The rise of comparison sites, increased regulation, low customer loyalty and an explosion in distribution channels have all combined to decrease margins for insurers. Recent research from Accenture found that UK home and car policyholders are amongst the least loyal in the world, with 57% looking to switch provider in the next ye...
Whatever part of the financial services sector you operate in, delivering an excellent customer experience is becoming a vital part of differentiating, increasing sales and retaining customers. However consumers are growing ever more demanding and less and less loyal. They want an excellent experience, whichever channel they chose – and they want it delivered quickly. Fail to deliver and the...
2014 promises to be a pivotal year for the UK insurance sector. Competition has never been greater, particularly when it comes to motor, household and travel insurance. More and more people are buying their policies through price comparison sites, rather than direct or via brokers, bringing down margins. Loyalty is at an all time low – 38% of UK motor insurance customers switched provider at...
As companies expand, delivering the same, personal, high quality service is vital to their continued growth. Customer service teams can be spread across multiple locations and have to cover multiple brands and a greater range of products. This means that traditional methods of collecting and sharing knowledge (such as physical folders or handbooks) no longer provide fast answers to staff, leading ...
Delivering a straightforward yet engaging customer experience can be a major challenge in complex, highly regulated markets such as insurance. Companies need to make sure that customers understand what they are buying, but at the same time ensure they comply with stringent regulations. And while the majority of the industry has moved to internet-based selling of insurance there can be an enormous ...
Insurers have traditionally been slower than other industries when it comes to establishing themselves on social media. Worries about breaking regulations mean that they have been wary about launching onto Twitter and Facebook. Backing this up, own 2012 Eptica Multichannel Customer Experience Study found that just one insurer out of the UK’s top 10 had clear links displayed to Twitter and Fa...