Insurance is only as good as the consumer's experience during the claim's moments of truth.
Positively shaping insureds' and claimants' experiences and avoiding churn during the process is critical for carrier success. When it comes to P&C insurance, customer retention is the name of the game.
Accenture reported that 41% of policyholders plan to switch carriers after one claim, even if they had a good experience. That number jumps to 83% if they are dissatisfied.
It's no surprise that it costs nine times more to acquire a new customer than keep an existing customer. So how do you know what drives a great customer experience?
To help answer this question, Hi Marley, the communications platform improving carrier and policyholder communications, conducted a study of nearly 25,000 customer satisfaction surveys across 50 P&C customers in their database to determine the top drivers for optimal and suboptimal claims experience.
