We announced the publication of this year's World Insurance Report this morning. You can read the full press release here: World Insurance Report 2014. While the report may not surprise many in finding that insurers must focus on customer experience, particularly through digital channels, if they want to maintain profitability, "only 32% of global insurance customers said they had positive customer experiences with their insurer."
You can find out more about this year's report at the dedicated website at www.worldinsurancereport.com.
I asked Alan Walker, Senior Vice President and UK Head of Insurance for Capgemini Consulting, about the report and its findings in relation to the UK.
He said: This year's [Capgemini World Insurance] Report shows that customer satisfaction with UK insurers is falling - even before the floods of the last three months. See this report from BBC News 'Your flood insurance stories'.
A year ago, 43% of UK customers expressed positive satisfaction with the experience from their insurer - placing UK insurers 5th in Capgemini's world rankings.
This year, that satisfaction level has plunged 11 points to 32%. This was the biggest drop in any country, leaving the UK well down the rankings and behind countries such as Mexico.
These figures should be a wakeup call for the UK industry. It's bad enough that the UK is dropping down the world rankings, but the real worry is the year on year fall in absolute terms.
The survey (of 15,500 insurance customers in 30 countries) for the Customer Experience Index was carried out well before the recent major floods in the UK. Any adverse reaction to insurers arising from poor responses to flood claims will not yet have worked through.
Alan added: "UK consumers are some of the most sophisticated in the world. Their customer experience expectations are being shaped by the likes of Amazon and Apple, yet their insurance experience is rooted in the 1970s. Insurers who want to prosper will have to rip up their old ways of working, and start building their business, and the experience they offer, around their customers."
Infographic of key findings from the World Insurance Report 2014
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