That’s the amount of annual revenue being moved from one vendor to another as consumers across a range of industries – including P&C insurance – switch brands and relationships because they’re dissatisfied with the service they’re getting.
According to the 2013 Accenture Global Consumer Pulse Survey, which measured the experiences of customers across 10 industries, we’re entrenched in a global switching economy.
Why customers are frustrated
In the multi-channel convenience (and complexity) of the digital world, people want a smooth, efficient, and tailored experience. But in many cases, that’s not what they’re getting. From your own perspective as a customer, no doubt some, if not all, of these consumer complaints will be familiar:
- 91 percent are frustrated by having to contact a company multiple times for the same reason
- 90 percent by being put on hold for too long
- 89 percent by having to repeat their issue to multiple representatives.
- 85 percent by dealing with a company that does not make it easy to do business with them
- 84 percent by companies promising one thing, but delivering another
- 58 percent by inconsistent experiences from channel to channel (phone, email, chat, etc.).
All this dissatisfaction and rampant switching is great news if you’re the challenging agent, looking to win new accounts. On the other hand, if you’re the incumbent agent and want to hold on to your business, you’d better pay attention and take action.
Because your clients and prospective clients now have perpetual access to online information, news, reviews, and offers from competing agents these days more than ever before, the sale is never really over.
Indeed, customers’ assessment of their satisfaction with your agency and services is an ongoing process. But as scary as that might seem, it’s also an endless opportunity to build connections, and deepen your business relationships.
Since all relationships depend on effective two-way communication, agents committed to client satisfaction and new business growth need to energetically and earnestly work to foster positive client experiences.
Clarity, simplicity, and convenience
How is your agency relating to these relationship-building opportunities? Here are seven service areas you need to care about:
- Are you and your agency providing multiple engaging channels for prospects and clients to choose how and when they can interact with you – online and in person?
- Are you actively promoting social media connections with clients and prospects?
- Are you confident that your website gives all visitors clear access to the details and info they need and want?
- When there’s a claim, do you simply provide the carriers’ 800 numbers, or can clients expect support from your staff?
- Are you making clients aware of your expertise in managing risks for their particular industry?
- Do clients feel assured that you’re paying attention to midyear changes to their operation which could influence their coverage needs?
- Is renewal time the only occasion on which clients hear from you?
Tell us what else your agency is doing to make sure your customers are satisfied and loyal. We’d love to find out what’s working in your neck of the woods. Just leave your comments below.