In today’s competitive insurance market, providing excellent customer service is essential for standing out.
Insurers are well aware of this. Our research into the UK’s top 20 insurers’ values reveals a strong commitment to surpassing customer expectations at all stages. Phrases like “We go the extra mile to ensure excellence at every touch point” and “We truly listen to see beyond the policyholder to a person with plans and dreams” reflect the industry’s acknowledgment of the need for exceptional service and the prioritisation of customer needs.
However, the gap between commitment, customer expectations and actual service delivered can be wide, underscoring an urgent need for insurers to enhance their claims processing experience.
One in 5 customers want claims to be settled in hours and 100% of 18-24 year-olds surveyed expected a claim to be settled within a week, according to our research.
However, the reality falls short, with average processing times extending beyond 30 days. Nearly half of customers (43%) wait over two weeks for their claims to be resolved.
Download the full report
Responding to rising customer expectations in insurance
Despite insurers’ evident commitment to customer satisfaction, a disconnect persists in the claims handling process that could jeopardise customer retention and loyalty.
This discrepancy not only affects customer satisfaction but also impacts insurers’ reputations and customer loyalty. An overwhelming majority (89%) of customers would not renew policies with insurers that fail to meet their service expectations, indicating a clear risk to customer retention strategies. When customers categorise their experience as “bad” or “very bad,” a substantial 81% would leave their provider.
To stand out in today’s competitive insurance market, insurers need to not only articulate a commitment to customer satisfaction but also implement tangible measures that deliver it. This involves adopting innovative solutions that expedite claims processing and ensure customer service remains a top priority. By doing so, insurers can strengthen customer loyalty, improve retention, and ultimately, secure a competitive advantage in the market.
Bridging the gap with Sprout.ai
Sprout.ai bridges the gap between insurers’ aspirations and the practicality of delivering exceptional service. By automating claims processing, it not only accelerates the settlement time to meet the rapid resolution customers desire but also ensures accuracy and fairness in every decision.
With Sprout.ai, insurers can automate up to 90% of claims document processing, settle 50% of claims in seconds, and achieve a 98% accuracy rate.
At a time when customers are expecting ever faster resolutions, Sprout.ai equips insurers to meet these expectations. One insurer saw their tNPS score go up by 100 points when they started using it.
Customer-first values
Insurers commitments, sourced directly from their websites, reflect a broad yet unified approach towards prioritising customer needs and expectations.
Here’s a detailed look at what they say:
Ageas sets the tone with a straightforward promise: “We fulfill our promises, make things happen and do what we say we will.” This value underscores a commitment to reliability and action, directly impacting customer trust and satisfaction.
Allianz aims to exceed customer expectations through proactive engagement and innovation. “We go the extra mile to ensure excellence at every touch point. We seek customer feedback and anticipate market trends to continuously improve our products and solutions. Our ambition is to set the industry benchmark.”
Aviva focuses on the human aspect: “We understand the positive difference we make in our customers’ lives every day. We truly listen to see beyond the policyholder to a person with plans and dreams. We solve problems for our customers, and for each other. We build relationships that no-one else can.”
AXA takes a customer-first approach, saying, “All our thinking starts with the customer – We always consider the way they live today and tomorrow so that we continue to be relevant and impactful.”
BUPA highlights the value of empathy. “Act with empathy and respect.” This concise commitment points to the foundational role of understanding and respecting customers’ needs and circumstances in delivering effective service.
Direct Line focuses on teamwork and collaboration: “Nobody has all the answers. Think, act and win as one team to deliver great outcomes for our customers each and every day.”
LV emphasises integrity. “Doing the right thing for our customers, colleagues and communities is at the forefront of everything we do.”
RSA (Royal & Sun Alliance Insurance Limited) commits to reliability: “We follow through on our promise to do what we say, to support our customers, communities, brokers, shareholders, and each other.”
Vitality emphasises customer obsession: “We’re obsessed with our customers – your clients. After all, where would we be without them? So, we use every interaction with them to understand and improve their experience.”
NFU Mutual places customer needs at their core. “Our customers’ needs are at the heart of everything we do. Always have been, always will be.”
Beazley and esure both emphasise doing right by the customer, with esure saying, “We truly care about our customers. They are at the heart of every decision we make.”
Legal and General, AON, and Hastings Direct all commit to improving lives, delivering distinctive value, and creating a positive culture that benefits customers, colleagues, and the wider community. For instance, Hastings Direct believes in the power of culture: “We believe that if we create the right culture for our colleagues, and give them the right tools to do their job, there will naturally be positive results for our customers, company, and community.”
Davies Group and QBE focus on being dynamic and customer-focused, with QBE saying, “We are customer-focused,” reflecting a dedication to aligning their operations and decisions with the needs and expectations of their customers.
Exceed customer expectations with Sprout.ai
Sprout.ai is essential for insurers looking to deliver on their commitments and surpass customer expectations. It not only streamlines the claims process but also ensures that insurers can deliver on their promises of prioritising customer needs, making it an indispensable tool for insurers aiming to enhance customer satisfaction and loyalty.
