2 October 2012
PROVIDING MULTIPLE COMMUNICATION CHANNELS IS SIMPLY NOT GOOD ENOUGH, NEW RESEARCH FINDS
London, 2 October 2012: The idea that insurers simply need to run a wide variety of communication channels to succeed in reaching consumers is flawed, independent research commissioned by Cable&Wireless Worldwide (CWW) has revealed. The results demonstrate that consumers are driven to seek out a new communication channel only as a way of overcoming poor experience with another.
The research revealed that 90% of consumers express some
dissatisfaction with the methods of communications currently
on offer from financial services providers. Almost half of
respondents would like to have access to a comprehensive
website with secure login, online product purchase facility
and features such as video based explanations, calculators
and illustrations, whilst 17% require a facility to instant
message or phone an assistant from a website.
Another interesting finding was that the fact that the
communications channels young consumers start with are the
ones they stick with as they mature. The increased propensity
of younger consumers to use newer, integrated functionality,
suggests that providers can't ignore the need to respond and
innovate in order to accommodate these evolving
communications requirements or risk alienating their future
customers.
Nicola Dicks, Director, General Insurance, Life & Pensions at
Cable&Wireless Worldwide comments: "Running multiple
communication channels is simply not good enough if the
customer experience is
poor and disjointed, that's why it's vital for insurance
providers to improve existing communication
channels before rushing to invest in new ones. To engage with
and retain their customers, insurers should be providing the
right information and advice at first point of contact,
whatever method that is.
"Whilst at the moment technology leadership is strongest
amongst younger customers, communications requirements will
continue to shift as generations move through different life
stages. Insurers therefore need to make sure they get their
communication channels right - or they could find themselves
restricted to a diminishing segment. Improving communications
infrastructure will have a fundamental role to play in
delivering the transformation required."
Talking about the key determinants of loyalty to a provider,
one in three customers referred to all the communication
channels working harmoniously together and insurers' ability
to easily access information about previous interactions as
critical.
ABOUT THE RESEARCH
The research commissioned by Cable&Wireless Worldwide and
conducted by YouGov SixthSense, aimed to identify the key
issues surrounding customer interaction with protection,
pension and long- term savings and investment providers. The
survey drew on a nationally representative sample of
2,051 UK adults aged 18+ in May 2012.
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Further details on the research findings can be found
here:
http://www.cw.com/services/industry/insurance/communications-the-customer-journey-form/
ABOUT CABLE&WIRELESS WORLDWIDE
Cable&Wireless Worldwide (LSE: CW) provides integrated
communications and data hosting services to large enterprises
and mid-market customers in both the public and private
sectors.
With an unrivalled heritage and a globally significant
network Cable&Wireless Worldwide can provide robust and
resilient connectivity to over 150 countries.
To find out more, visit www.cw.com
CONTACTS
For more information please contact: Will Cameron,
Cable&Wireless Worldwide,
+44 (0)7822 803 889
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