Customer relationship management and insurance companies

According to the consulting firm Bain & Company, almost 40% of insurance customers have thought about switching providers. They learned from their experiences with phone and energy companies that switching providers can save them real money. Insurance companies cannot afford to lose these customers. This is why they need to become more flexible, innovative and connected with their customers.

This trend of dealing with more knowledgeable customers who are willing to switch providers will continue into the future and this is why new and non-traditional insurance providers have been actively pursuing the possibilities afforded by digital technologies. To address these challenges, what do existing insurance companies need to do to increase customers‘ trust, retain customers and increase revenue and profit in the process?

This article sheds light on how insurers can achieve increased customer retention by focussing on three key dimensions:
• Know your customers better.
• Offer real customer value.
• Interact with customers.