Insurance trails behind banking, retail on customer experience

Our take: When it comes to delivering superior customer experience, the insurance industry is placed third behind retail (consumer products) and banking... |

A report on a cross-industry customer experience assessment by Capgemini and Efma—World Insurance Report 2018—revealed that while insurance is performing better than average, increased customer engagement efforts may lead to parity with front runners such as retail.

With a score of 72.3 percent, the insurance industry trailed retail (consumer products) and banking, which garnered ratings of 75.7 percent and 74.5 percent, respectively.

Within financial services, insurance trails banking across various parameters such as overall customer experience, customer satisfaction, and being proactive.

While 32.6 percent of Gen Y (individuals aged 18 to 34) and 34.8 percent of tech-savvy customers had a positive experience with their bank, only 25.7 percent of Gen Y and 28.6 percent of tech-savvy customers said their insurance experience was positive.

In short, insurers must adopt emerging technology to leverage its customers and expand their business by breaking traditional customer-interaction limitations.

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