Insurance customers can’t get no satisfaction

One in every three Brits feels that insurers are failing on minimum level service expectations, according to research commissioned by Majesco and carried out by Redshift Research. This was conducted among 1,000 UK adults with an insurance policy. Even the highest customer satisfaction score of 69 per cent, reached by motor insurance providers, compares unfavourably with companies in other sectors, such as Amazon, which scores 86.7 per cent.

Other key findings: Most customers would prefer to manage their policy themselves, via a website (57 per cent) or using a secure online portal (49 per cent); Over 60 per cent of respondents say their motor or home and contents insurers only contact them once a year, probably on renewal; Life, pensions and ISA providers were reported to be more communicative with 47 per cent of respondents indicating their insurers communicate with them once a year, whilst 26 per cent received communication two or three times a year; Only four per cent indicate the enticement of a cuddly toy rodent or robot would influence their decision as to whether to recommend their insurance company to friends or family. Furthermore, customers felt insurers of all types should communicate more effectively by making better use of the customers’ preferred channels of communication with a majority preferring contact by email. While 55 per cent of customers of life, pensions and ISA providers are mainly contacted by post, 62 per cent would prefer email – and only 36 per cent opted for the former.

Vidyesh Khanolkar, vice president, Majesco (UK), comments: “The 2015 Majesco Research Report is a wakeup call to an industry that has become hidebound by traditional ways of working and still lacks sufficient focus on the customer experience. The report suggests that the insurance industry is not listening hard enough to what customers are clearly saying that they want. Insurers need to make substantive improvements in customer service, make it easier for customers to access documents and customer support. Bring new products to market and improve the ease with which administrative tasks are done online. Addressing customer needs is no longer just good business practice but could prove to be key to survival and future business success.”

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