Promoters spend 27% more than detractors and are 5x less likely to leave
The general insurance market is one of the most competitive in the world, given the ease with which customers can switch providers. Zurich Insurance—the biggest player in the space—wanted to find ways to build retention and loyalty among its customers. The first step in this process? A customer experience management (CEM) system to measure, understand, and take action to improve its customer experiences.
Zurich previously relied on a market research solution but it wasn’t driving action across the organization. Instead, the company wanted to empower its employees with real-time information to make improvements—requiring a system that offers both aggregated reporting and the ability to drill down to the individual level.
A Fortune 100 enterprise with distinct local market needs but still requiring a unified view, Zurich chose Medallia as its partner to build a global customer experience program.
The Medallia program spans multiple business lines, brands, and across its global reach, enabling a worldwide view and benchmarking at an aggregate level. At the same time, each of its 20+ markets builds and manages its own program according to its specific business needs, collection channels, customer journey, key touchpoints, organizational structure, and local language.
And the results? Zurich has found that happier customers spend more and churn less: Zurich’s promoters spend 27% more, are 5x less likely to leave, and even bring in new business.