Playing Catch-Up with Other Industries
When assessed on cross-industry customer experience scores, the insurance industry is placed third behind retail (consumer products) and banking. Thus, while insurance is performing better than average, increased customer engagement efforts may lead to parity with front runners such as retail. Within financial services, too, insurance trails banking across various parameters (overall customer experience, customer satisfaction, and being proactive). Thus, insurers must adopt emerging technology quickly to leverage its customer-experience-enhancing benefits.