The Drivers Of Customer Experience Have Changed

Consumer expectations for customer experience have changed as carriers adapted to doing business during the pandemic and look to position themselves going forward. What does all that mean for insurers?

A panel discussion during the 2022 Life Insurance Conference, sponsored by LIMRA, LOMA, Society of Actuaries and the American Council of Life Insurers, will focus on how the drivers of customer experience have changed as well as reviewing the results of LIMRA’s Customer Experience Benchmarking Program.

Todd Silverhart, LIMRA corporate vice president and director, research quality and performance, said LIMRA launched an industry customer experience benchmarking program in 2015. Embedded in the model are what LIMRA refers to as dimensions that drive the customer experience. They include:

• The ease of doing business, which is the extent to which the interaction is hassle free.
• Meeting customer needs, which is the extent to which the customer’s specific needs are understood and treated as a priority.
• Offering peace of mind, which is the extent to which the customer is provided with confidence that they’re dealing with competent professionals who have a true interest in developing a relationship instead of making a sale.
• Providing value, which is the extent to which the customer perceives that the time and effort they spend are worthwhile.
• Meeting expectations, which is the extent to which the brand’s promise is accomplished.

Of those dimensions, Silverhart said, the biggest change that has occurred over time is the constant drop in meeting expectations. Meanwhile, that decline has been offset by an increase in meeting customer needs and offering peace of mind.

Panelists in the session are Lindsay Hanson, vice president and head of behavioral insurance, global strategy and delivery with Manulife and John Hancock, and Elda Macias, senior director of customer insights and experience design with Securian Financial Group. Among the questions they will answer are:

• How have you seen customer expectations change as a result of the pandemic?
• What trends are here to stay for the industry?
• How are you capturing voice of the customer?
• What are you doing differently to help your partners take action on the insights that you’re capturing?
• How are you using your insights and data to personalize the experience, and how has that changed over time?
• How has the voice of the customer changed the way your firm is working?