£80 million is how much the insurance industry could save if it improved its customer service, according to a recent report from Ernst & Young and the Chartered Insurance Institute (CII). The report found a “strong consensus that the insurance industry is not providing good enough customer service to its mid-corporate customers”. The report drives home the difference customer experience can have on not just a business, but an entire industry. Given recent events in the economy, the industry is being pushed to focus on customer retention and improving their customer life time value, rather than concentrate on deploying cost cutting techniques.
Which industry do you think needs to prioritise improving its Customer Experience?
By Colin Shaw | Published: February 11, 2010