It is well known that traditional insurance is not one of the most attractive venues to discuss customer engagement and value journey. As a traditional measure of customer satisfaction, the retention rate has always been used, with insurers generally aiming for customer satisfaction if their retention rate exceeds the competitive benchmark.
What do you think, is this good enough? In today’s digital marketing world, is it enough to measure customer engagement by customer retention rate? With declining engagement margins in financial services, consumers want similar experiences regardless of whether they transact with a retail bank account, purchase insurance products, or shop on e-commerce platforms. The consumer is becoming more demanding, more focused on e-transactions, and more impatient for the engagement engine to fulfill their needs.
Here are a few tips for successfully navigating the customer engagement cycle in digital insurance.