Daily Insurance Industry News
 
 
Daily Insurance Industry News
Sunday 21st of January 2018
September 29, 2010

UK insurers have “long road to travel” on customer retention

by Gill Montia

Story link: UK insurers have “long road to travel” on customer retention

UK insurance companies lack the supporting technologies and systems that can drive consistent customer retention strategies.

So says business process specialist, Pegasystems, which also claims that call centre and customer-facing staff are not always well-equipped to meet individual customer needs.

In a recent survey conducted in the UK and German, only 22% of UK insurers believed their customer-facing staff were well equipped to meet individual customer needs on all occasions.

Most firms (68%) believed their capability was patchy, and 10% did not feel their staff were well-equipped at all.

This compares starkly with Germany, where 70% of companies think their staff can meet all needs.

According to Pegasystems’ senior director of international marketing, Jeremy Payne, customer relationship management (CRM) software can “truly individualised response consistently, irrespective of sales channel and varying client’s requirements”.

However, Mr Payne believes that many UK insurers still have “a long road to travel” to achieve the higher levels of customer retention they desire.

He concludes: “The key to success is to put in place rules-based, intelligent CRM tools which will enable them to move towards a ‘mass personalisation’ approach to service excellence, in a way that is both efficient and cost-effective.”

In other Pegasystems news, the company has this week launched Pega Claims for Property and Casualty Insurers.

According to the firm, the claims handling software can provide greater ease-of-use and faster time to value, through a single platform.

 

News posted:



Related stories to UK insurers have “long road to travel” on customer retention: