Insurance is a relationship business where customer experience separates the players from the pretenders.
The link between customer experience and business performance is well documented:
of companies who are considered leaders in customer experience perform better financially than their competitors.1
of customers say customer service is important in their choice of loyalty to a brand.2
of companies that believe it’s important to make customers happy also experience growing revenue.3
Insurance is no different. And today’s insurance consumers demand a brilliant digital experience as a base expectation, fostered by experiencing digital excellence in other aspects of their lives.
61% of boomers, 58% of millennials, and 54% of Gen Xers make insurance purchasing decisions using online research.4
One-third of P&C insurance customers in Canada would consider alternative, digital-native providers such as Amazon or Google.5
A customized, digital-first strategy can help your company give customers what they want, and help improve efficiency, marketing capabilities, and profitability.
Amazon, Uber, and other major digital-first companies have set a standard for seamlessness that customers want to see across the digital landscape. Our BDO team can help you build a strategy that highlights your strengths, mitigates your weaknesses, and makes life easier for your customers.
Mergers and acquisitions often bring disparate systems with them, creating data silos—which can cause major operational issues for your business. We can anticipate and account for whatever you might inherit in an acquisition as well as find solutions to help you connect fragmented legacy systems.
An optimized digital platform gives you a real-time, 360˚ look at your operations, your client base, and your portfolio. It can help you understand your company’s current position compared to where you want to be. Having this information can help you understand trends, plan for market shifts and disruptions, and make more informed business decisions.
What to expect from a BDO digital-first strategy:
A clear path to achieving your goals, whether they involve growth, optimization, or cost-savings.
A comprehensive strategy that identifies barriers, benchmarks, and a place to begin.
The capacity to leverage data and analytics for modelling risk, creating products, and engaging and retaining customers.
The BDO team can help you develop and execute a strategy to enhance your insurance company’s digital presence and customer experience.
We provide guidance at every step—from assessing your digital footprint to implementing initiatives that translate engagement into interest and action by your customers.
XM Institute, The State of Customer Experience Management, 2019 (August 2019)
Microsoft, State of global customer service report (March 2019)
Forbes, 50 Stats That Prove The Value Of Customer Experience (September 2019)
Canadian Underwriter, How has online shopping affected insurance? (May 2020)
J.D. Power, Canadian Insurance Companies Fall Short of Customers’ Digital Expectations, J.D. Power Finds (June 2019)