News : New Study Reveals What Insurers Gain from a Great Customer Experience
Simsbury, CT, USA, July 6, 2016 -- Insurance companies that deliver a great customer experience are rewarded over the long-term, by consumers and investors.
That’s the conclusion from customer experience advisory firm Watermark Consulting, based on its new analysis of stock market returns for insurers that lead in customer experience versus those that lag.
The analysis focused on model portfolios of the Top 5 ("Leaders") and Bottom 5 ("Laggards") publicly traded insurers in J.D. Power and Associates’ annual Insurance Satisfaction Studies.
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"We found that the fortunes of Insurance Customer Experience Leaders and Laggards diverged in a dramatic and revealing way," explained Jon Picoult, Founder and Principal of Watermark Consulting.
He continued: "Leaders far outperformed the industry index, while Laggards trailed it. And the performance gap wasn’t small – over the seven year period examined, Leaders delivered average annual returns that were at least double that of the Laggards."
"Insurance providers may publicly tout the importance of customer-centricity, but behind the scenes, many are skeptical that such a strategy pays off," Picoult noted. "As a result, they continue to cling to archaic business practices that create complexity and confusion, further stoking customer frustration."
"But," he continued, "as the Leaders in this study illustrate, there is a better way."
Insurers that impress policyholders reap the rewards – in the form of increased loyalty, greater wallet share, stronger word-of-mouth and a more competitive cost structure.
Posted by Veronica Silva Cusi, news correspondent
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About Watermark Consulting:
Watermark Consulting is a leading customer experience advisory firm that helps companies impress their customers and inspire their employees. Watermark has worked with some of the world’s foremost brands, helping organizations capitalize on the power of loyalty, both in the marketplace and in the workplace.Posted by Veronica Silva Cusi, news correspondent
About J.D. Power:
Established in 1968, J.D. Power and Associates is a global marketing information firm that conducts independent and unbiased surveys of customer satisfaction, product quality and buyer behavior. Today, the firm's services include industry-wide syndicated studies; proprietary (commissioned) tracking studies; media studies; forecasting; and training services, as well as business operations analyses, and consultancies on customer satisfaction trends.
Published: Thursday, July 7, 2016
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