Let’s jump right back into the thick of this topic. In the first part of this blog series, we discussed why insurers should be empowering their customers to complain in fairly general terms. Check out the link to our Decision Maker’s Guide to Complaint Enablement for more background on this topic.
This post dives deeper into a few key metrics: retention rates, customer lifetime value, and quantity of feedback gathered. To do so, we’ll take a look at the financial impact of non-complainers. While you read, it may also be helpful to consider whether you are currently measuring or utilizing any data to achieve similar goals.
Before getting to specifics, here’s a quick recap of what was covered last time:
J.D. Power’s 2018 research tells us that the industry average score for providing a satisfying purchase experience is 839 out of 1,000.1
By now it should be readily apparent that Chatbots have become the new normal when it comes to must-have technologies for companies. From customer service to retail, Chatbots have been saturating every aspect of our business. One such area that has seen a huge uptick in activity has been in the area of digital advertising.
Companies such as Revlon and Coca-Cola have been tapping into the power of Chatbots in order to help create campaigns around new products. The advantages of this type of campaign are that companies are able to extract much more data from the consumer by utilizing a chat-like interface. This opens the door to a whole new area of analytics with things like keyword extraction and sentiment analysis. In addition, Chatbots are able to pivot the conversation around specific things that the consumer has said and thus…
Here’s an interesting fact from a Forbes article published earlier this year, regarding end-consumers in the insurance industry:
“91% of non-complainers just leave”1
This tells us that there are two types of customers in the insurance world: complainers, and non-complainers. Among non-complainers, more than nine out of ten actively choose to take their business to another company. The insurer they leave behind must deal with the following consequences:
Loss of future revenue streams
Lack of insight into why the customer chose to leave in the first place
The significance these metrics have on bottom line revenue can’t be understated. These are customers that were already paying for a service – that had already gone through a decision-making process, chosen one insurer, and were so dismayed with some aspect of their service that they chose to begin this entire search process again.
But there’s a simple…