The “Rethink Your Relationships: Listening to the Voice of the Customer” panel featured a joint appearance from both Life and P&C leaders on the issue of servicing insureds: Claire Burns, the chief customer officer at MetLife; and S. Wayne Peacock, executive vice president of member experience at USAA.

Some Key Points

• The benchmarks for service expectations are being set for insurers by other industries—customers now expect quick, personal, “anytime” service.

• Mobile apps (the development of which has proven to be surprisingly cheap, at least vis-à-vis mainframe investments) are making a big difference in claims, shopping and service—but insurers still need to have an omni-channel approach: a brick-and-mortar storefront; a call center; and a comprehensive digital strategy. And customers expect the conversation to pick up in one channel where it left off in another. “We're changing our business processes to take the effort out” for both customers and employees, said Peacock.

• It's “vitally important” that insurers embrace social media—listening and responding in real time adds value to the brand and often delivers faster and better responses than any other medium. The online voice adopted by the insurer should be authentic and transparent.

• Be proactive in helping personal-lines insureds make good risk-management decisions about their cars and homes.

• The Millennial generation is bringing profound and rapid change to the industry. Insurers will have to lower their cost structures going forward as Millennials are exceptionally price sensitive while also requiring more service. This generation also poses major product implications; for example, they are delaying marriage and are tending toward urban lifestyles—among whose many impacts on insurers could be the growing appeal of using services such as Zipcar instead of owning an automobile.

• P&C carriers may want to consider figuring out a way to imitate MetLife—which is now offering one-year term-life policies at Walmart (starting at $69).

• The ultimate customer-service goal for insurers (where USAA is widely seen as a leader): Create an emotional bond between the insured and carrier—and customers will invite you to walk with them through life's financial journey.

• Final note: Parents of teens love telematics.

Special Reports /

Considering the Consumer: Adjusting to New Realities of Service

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