Insurance as a Commodity: How Are You Keeping Customers Loyal?

Given the current economic climate, health, life, and property & casualty insurers have more to worry about than the risks they cover for their customers. Increasingly, insurance is becoming a commodity — meaning that insurance companies have to operate with the lowest cost structure, the greatest efficiency, and the best customer service to beat out competitors. For healthcare insurers, the historic healthcare reform recently enacted introduces new uncertainties for both service and profitability.

Insurance companies in all markets are realizing that they won’t be able to deal with these market pressures unless they also find a way to automate and streamline their communications across all customer interaction touch points throughout every step of their complex multi-step business processes.

The daunting challenges in the insurance industry dictate that insurers must make investments in strategic solutions that lead to true transformational changes, rather than just applying short-term tactical responses that offer limited chance of success.

With the right customer service strategies, companies can attract and retain customers, and cut the costs of service delivery. Providing the right customer information to insurance employees can provide a personalized service experience, build customer relationships through proactive communications via the customer’s preferred method of communicating (voice, e-mail, or SMS), increase transparency on resources and workload, and ensure that the necessary resources are available to meet customer needs without overstaffing.

The thought leadership, customer stories, and solution spotlights in this Genesys eBook, Customer Service Optimization for the Insurance Industry: Insights, Trends, and Lessons,  will help identify customer service strategies likely to offer you the highest return on investment given the current demands on providers in the insurance industry.

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