5 Experience Predictions for Retail in 2019
In the retail industry, one that’s known for its ability to continually reinvent itself and find new ways to connect with consumers, the huge shift in consumer behavior from physical...
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Like it or loathe it, Amazon has had a significant impact on the business world. Its creation of an e-commerce service which is easy, accessible, affordable and fast, clearly works. Its recent ‘Prime Day’ – though dogged by controversy – delivered record sales figures with 100 million products sold. In fact, its model is such a success that Amazon has moved into sales of groceries and opened convenience stores with aplomb. With this in mind, it’s with great interest that we’ve heard rumblings of a move by Amazon into the insurance world, something my colleague Alex touched on in his last blog.
An entry into the insurance sector would be a bold move for the e-commerce giant. It is a unique industry with a rich heritage that works with customers during critical life events (in the aftermath of a car crash, death, disasters etc.) – something which Amazon has no experience in. Whilst undoubtedly Amazon would call on the services of a third-party specialist to create any offering, one thing is abundantly clear: insurance, like any other industry, is operating in a new marketplace, where sector is irrelevant, but customer experience is king. Amazon, alongside other customer experience leaders, has set the benchmarks that customers judge other brands by, and therefore it is arguable that it should be the one to break down the doors on any number of new markets, including insurance.
Standing up to the competition
So what can the insurance sector do to stay competitive in a potentially changing landscape? Just like other sectors, our advice would be to relentlessly focus on the needs of customers through a robust customer experience (CX) program. Some top tips to follow include:
If done well, this will allow insurers to gain market share, increase retention rates, and improve their business across all key performance indicators.
CX solutions in practice
Medallia’s Best Practice Package for Insurance Claims does just this, and has received a series of award nods across the UK insurance industry in recognition of its innovation in the field. Indeed, over the last couple of months, Medallia has been named a finalist in The Claims Awards, The British Insurance Awards, and The Insurance Times Tech & Innovation Awards. It’s work with insurer Generali has also seen it named a finalist in two categories at the forthcoming CX Awards. We are hugely proud of these achievements but even more so of the work that we carry out every day with our clients to create cutting edge customer experience programs that deliver results.
CX in the age of the customer
The business world will either fear the likes of Amazon or stand in awe at its achievements. Irrespective of which camp you sit in, the message is the same – put the customer first and you will succeed. This is the ‘age of the customer’ and those who listen to their customers, engage with them, understand their desires and make positive improvements to their offering, will succeed. Sure it’s a jungle out there, but keep your eyes and ears open to your customers and you will thrive.
Learn more about Medallia for Insurance.