Our research shows that 73% of all 18–24 year olds and 69% of all 25–34 year olds are likely or very likely to switch insurers if all services aren’t available through all access points. 71% of all 18–24 year olds and 25–34 year olds are likely or very likely to switch insurers if they cannot start a transaction via one access point and pursue it using one or more other access points. Many insurance executives are under the mistaken impression that multichannel is only an issue for younger customers, who are probably not target markets. However, our research shows that 47% of 45–54 year olds and 41% of 55+ year olds are likely or very likely to switch insurers if all services are not available on all access points. These are not inconsequential numbers, and a majority of firms (80% in all) are responding to these expectations by expanding the number of services available on existing channels (65%), or by adding new channels customers to their existing portfolio of customer interactions (15%).
A successful multichannel execution plan has many moving parts and can appear to be overwhelming. Regardless of whether your organization is focusing just on multichannel sales, multichannel service, or both, there is commonality of technology requirements. An important additional consideration is the impact of multi-channel requirements in contact center operations. Given tight budgets and business-side demand for immediate value, having a well-defined plan is critical.
CEB TowerGroup will be sharing its most recent insights on this topic at ACORD/LOMA in Las Vegas on May 6 – 8. Attend our ACORD/LOMA conference session and explore what development and innovation elements are critical, according to shifting insurance customer channel preference.
- Understand the business drivers behind the multichannel imperative through consumer and distributor survey results.
- Gain in-sight and best practices emanating from primary insurance company research on the topic of multichannel sales/service
- Learn what technology elements generate success particularly customer communications and mobility.
For additional details on this conference session, email us.