Customer Perspectives

3 actions to help you retain your customers

Share this post:

insurance_140pxAfter two sneak peeks and a lot of data snippets on Twitter,  the new IBV study for insurance has arrived! In “Capturing hearts, minds and market share – How connected insurers are improving customer retention”, my colleague Lee-Han Tjioe and I decribe the issues insurers are facing in retaining today’s empowered consumer, and the actions that they need to take to overcome these challenges – and, by extension, generate deeper customer relationships.

To get to our results, we surveyed more than 12,000 insurance customers in 24 countries around the world. About a third of respondents got to their current coverage by switching insurers in the past two years. What can insurers do about that? In our findings, we focus on three dimensions of retention and action:

  • Customer understanding
  • Customer value and
  • Customer engagement.

These dimensions lead to the short and simple answer to the question “How do you retain your customers?”: involve them more and better. Capture their hearts and minds to help your market share!

The study is free to download. If you want to see some more details, there are two upcoming events in the next two weeks around the study: a Crowdchat on Thursday June 11th from 2-3 p.m. ET, and a Webinar on Thursday June 18th, same time. Both are slanted toward a North American audience, but if you log in from anywhere else in the world I’ll be happy to field your questions, too. Hope to see you there Smile

 

insurance-info-0605

Insurance Leader, IBM Institute for Business Value

More stories

IBM and global insurer ERGO Group agree on new platform service

IBM has agreed with ERGO Group to jointly develop on the IBM Insurance Platform a system to manage closed books of traditional German life business. With over 40 million customers and operating in over 30 countries, ERGO is one of the largest insurance groups in Europe and owned by one of the global market leaders, […]

Continue reading

Groupama and IBM find opportunity through disruption

As an insurance provider, you are most likely seeing your industry change drastically around you. Your clients look for a level of stability and constancy in their providers and disruption and change are not always a welcomed or embraced. With or without an industry consensus, the insurance landscape is going through some fundamental changes. Technology, […]

Continue reading

IBM Insurance Platform and Majesco

The announcement last fall of the groundbreaking IBM Insurance platform, developed by both MetLife and Majesco, put the insurance industry on notice. At IBM Think 2018, Noel Garry, IBM Global Offering Manager for Insurance Platforms, with Ed Ossie, Chief Operating Officer at Majesco, explained to a full breakout session audience how IBM and Majesco, together, […]

Continue reading