retention

Cognitive Computing: A Natural Fit for Personalized and Engaging Interactions

As pressure grows on insurance marketers to produce quantifiable results, they are reassessing how they create appealing products and engaging experiences to attract customers in the constantly evolving digital landscape. I recently had the opportunity to facilitate a roundtable event with insurance marketing executives, and three common themes emerged. First is the imminent spike in […]

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Random Thoughts: Things to Read by IBV

For our Random Thoughts post today, I thought I’d summarize interesting reads my colleagues at IBV published over the last year (and some of mine, too 😉 ). Let’s start cross-industry: About a year ago, Carolyn Baird showed the “Myths, exaggerations and uncomfortable truths” about millennials in the workplace. Not all conventional wisdom about that […]

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Do You Trust Your Insurance Company?

Insurance might not be the oldest profession. But, the idea does go back to ancient times. Some say that the concept of sharing risk began 5000 years ago when Chinese merchants started mixing their cargoes together to distribute each merchant’s goods across multiple ships. Of course, the downside was, if a ship went down, it […]

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Random Thoughts: Some More Watching (BRICS)

Last week, I discussed some data details for the IBV customer retention study, “Capturing hearts, minds and market share“, looking at the countries with an English cultural background. To compare, today the same data for another group of countries with shared traits, type 2, i.e. high growth and low maturity, namely the BRICS countries.[1] Unfortunately, […]

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Random Thoughts: Watching the English (and Americans, and Australians…)

Today we will take another look at the most recent IBM Institute for Business Value (IBV) study on insurance customer retention, “Capturing hearts, minds and market share“. I’ll be focusing on some country level information, specifically the Anglo-Saxon countries in the study, i.e. the U.K., the U.S., Canada and Australia. [1]   I’ve pointed out […]

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Random thoughts: new entrants and adjacent spaces

Last week, we launched the new IBM Institute for Business Value study on insurance retention – I blogged about it on this site.[1] One of the recurring themes in the study is the threat of new entrants – today, some random thoughts around this topic: Customers are open to buying insurance from non-insurers. When we […]

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3 actions to help you retain your customers

After 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 […]

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Another Sneak Peek at Retention Factors

After giving a first peek last week, let’s take a look at the switching behavior and some factors that might cause or not cause it. For the past three surveys, we’ve been asking “How often did you switch your insurer in the past two years?” [1] Per country these numbers vary quite a bit, see […]

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Want a Sneak Peek at the IBV Customer Retention Study?

The new insurance study – to be published in June – is coming along nicely. So it’s time for a sneak peek or three over the coming few weeks. Today I’ll start slow by talking about some background etc. We surveyed a bit more than 12k insurance customers in our usual 24 countries, i.e. 500 […]

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Are customers less loyal? And why?

One trend that we have seen of the past few IBV insurance studies that look into consumer behavior (from “Powerful interaction points” through “Insurers, intermediaries and interactions” to “Digital Reinvention for Insurers”) is that insurance customers seem be becoming less loyal: The question behind the chart is “How often did you switch your insurance provider […]

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