Loyalty and retention are key priorities for insurance companies—and especially in the competitive general insurance market, in which customers can easily switch providers. Competing in traditionally high-churn markets, Zurich Insurance decided to invest in improving customer experiences to build retention and loyalty. To focus on retention, the company needed a customer experience management (CEM) system in place to measure, understand, and take action to improve customer experiences.
In the words of Gabor Dani, Customer Centricity Leader at Zurich Insurance, Medallia has brought the following to the customer experience table for Zurich:
Zurich is already showing the ﬁnancial impacts of improved experiences. When compared to detractors:
Through Medallia’s alerting system, Zurich closes the loop with every customer that reported a negative experience. For example, within its American B2B market, even the CEO and executive team personally call back customers to repair and build relationships.
At the operational level, Zurich uses this feedback loop to identify problem areas and take action to make improvements. In Turkey, for example, the customer experience team found that customers complained about the automatic renewal process, which was administered by local banks and not by Zurich itself. The team worked with each of those banks to better alert customers about upcoming renewals. As a result, NPS shot up 20 points within a few months of making the change.
Source: Case Study, Global Meets Local: How a Global Insurance Company Builds Loyalty at the Local Level
“Medallia is built from the user’s point-of-view.”
Gabor Dani Customer Centricity Leader Zurich Insurance