NU Online News Service, Feb. 22, 3:08 p.m. EST
Consumers do not want to do all their insurance shopping online, they care about more than just price, and good claims service is something consumers expect, rather than an extra bonus that will help a company’s retention rate, according to the findings of an Ernst & Young survey.
The study addresses other issues, such as whether customers respond to cross selling. While many insurers feel customers resent insurers trying to sell them additional products, E&Y says research shows that insurers who understand customers’ needs and offer the right products can cross-sell, up-sell and repeat-sell effectively.
E&Y also says insurers can influence customer retention more than they may believe. “Our research shows that customers, as a general rule, do not wish to switch product providers in the Americas,” the study says. “Some 65 percent of consumers are either not likely or not at all likely to change insurers in the next five years.”