August 2020 – This report presents the results of a survey of 79 insurers across Novarica’s Research Council and Community concerning attitudes and practices related to customer experience/user experience (CX/UX).
CX/UX is commonly understood as an important part of digital strategy, but approaches, resourcing, measurement, and focus vary widely within the insurance industry. Most insurers agree that CX/UX is about providing agents and policyholders with both short-term and long-term positive experiences, but others have a broader scope that includes internal stakeholders and non-digital channels.
Topics
- Ownership and Resourcing
- Focus Areas: Stakeholders, Channels, and Disciplines
- Measuring Effectiveness
- The Effect of COVID-19 on CX/UX initiatives
- Insurer Size/Sector Differences
Key Points and Findings
Marketing and tech/digital teams are most likely to own CX/UX. Life insurers tend toward marketing, while P/C insurers tend toward tech/digital.
Most insurers measure CX/UX through user satisfaction and Net Promoter Score. Digital traffic and user adoption are also used. Few insurers tie CX/UX directly to revenue or retention.
One-third of insurers have no dedicated CX/UX resources. While only one in ten insurers has no organizational commitment to CX/UX, one in three have no dedicated resources.
About the Author
Datos Insights
We are the advisor of choice to the banking, insurance, securities, and retail technology industries–both the financial institutions and the technology providers who serve them. The Datos Insights mission is to help our clients make better technology decisions so they can protect and grow their customers’ assets.