Shopping for insurance tends to be one of life’s less enjoyable moments – it’s difficult, time-consuming, and simply stressful. Data from our Most Engaged Customer study shows that the average Insurance engagement (ignoring the outlier that is USAA) is 42%, 9 points below the Engagement average across industries, as seen in the chart below.
Archive for the ‘Retaining Customers’ Category
Improving the Customer Experience in the Insurance Industry
Tuesday, December 13th, 2011Taking Action on Customer Feedback
Wednesday, May 25th, 2011“Well done is better than well said,” advised Ben Franklin. As Franklin appreciated, follow-through is a challenge for most members of our species, and it’s certainly a stumbling block for businesses as far as customer feedback is concerned. According to the Temkin Group, six out of ten companies have a Voice of the Customer program in place, but very few of them actually take action based on the customer feedback they receive.
Keeping Customer Relationships Fresh: Long-Term Customer Engagement
Wednesday, April 13th, 2011
- Keep the Customer Love Flowing!
The human brain is wired for newness. Novelty triggers the release of the neurotransmitter dopamine, a “happiness hormone” which is associated with reward and pleasure. The same chemical is “released in large doses when we are in love” (Seidenfaden & Draiby 2011). As lovers become used to each other, they experience a sort of tolerance. After some time together, lovers no longer get the “dopamine buzz” from being together. In other words, it often takes significant effort to keep a relationship fresh—friendships, romantic relationships, and work partnerships require attention in order to keep growing along with the people in them.
Silent but Deadly: How to learn from Quietly Disgruntled Customers
Thursday, March 31st, 2011
There’s a certain type of customer lurking in every company’s sales records. This customer is influential on your future business. She’s mindful enough to pay attention to her purchasing experience, and articulate enough to pass on any dissatisfaction to her friends and family. However, she doesn’t provide feedback to you when she experiences a problem; she just walks away.
Creating Brand Ambassadors through Recognize Alerts
Tuesday, September 28th, 2010
The human brain is wired for empathy. As Daniel Goleman explains in his book Social Intelligence, mirror neurons allow us to feel what the people around us are feeling. FMRI studies have shown that when we perceive emotions in others, our brains light up like theirs. For example, when you see a facial expression of disgust, the area of your brain that registers disgust is activated. To quote from Social Intelligence, mirror neurons “allow us to grasp the minds of others not through conceptual reasoning but through direct simulation, by feeling, not by thinking.” Why should mirror neurons matter to your business? Because your customers’ mirror neurons pick up on the emotional output of your employees. PeopleMetrics’ research verifies that enthusiastic, passionate employees rub off on customers. Employee Engagement breeds Customer Engagement. And companies with higher Customer Engagement also enjoy higher profits, ROI, and share-of-market. Therefore, Employee Engagement is a key component in any Customer Engagement strategy. Highly engaged employees act as ambassadors for your brand, advocating for your company to customers and fellow employees alike. That’s why PeopleMetrics has created a Brand Ambassador program to help you discover and “clone” your organization’s most engaged employees.