Tag Archives: life insurance

Find out ‘What matters most to protection customers’ – poll and survey results

Thanks to all who voted in this poll. We asked professionals in the protection world to rank what they felt was most important to customers when dealing with a protection company. Whilst we accept that a CI is different to a whole of life product which in turn is different to a home insurance policy, we were looking for an overall response.

I attended the PROTECT AGM last week and posed the same question to that audience. So I now have three lists of customer expectations for us to compare:

1. The Linked In poll professionals

2. The PROTECT AGM audience professionals

3. The customers (purchasing professionals)*

Nunwood’s CEE study, provides the third list for us. They interview 7,500 Respondents and have ascertained circa 130,000 Ratings. It highlights what matters most. The UK, US and Australian study has found that consumers typically measure experience against these 6 customer attribute criteria. Here are the results….

protect pollIt highlights that those in the know, know less about what their customers believe is important than perhaps they hoped they did. Of course every company’s customers are different. But on the whole these criteria will be common. And this is not to say any of these aren’t important. In fact, if an organisation’s customer experience team has highlighted these six criteria over all others, they are ahead of the curve.

We have found some of the individual company attendees from the esteemed membership of the PROTECT AGM, artfully chaired by Steve Devine, did in fact get a much closer match than the group or the LinkedIn pollsters.

What can we conclude from this?

Well I think there are four outcomes to consider which for commercial, competitor and consumer benefit reasons should be looked at by any of the companies involved in this poll.

1) Is your company measuring its customer experience performance against these attributes? The Nunwood study’s top ten performers also outperform the FTSE 500 by over 950%! Setting up a CSAT study or even VoC feedback loop or panel discussions about these areas will yield a wealth of insight to inform how to fix broken processes and build a brighter customer experience.

2) If you customers are comparing the quality of experience across these 6 attributes, to the best performers, have you set your own benchmark high enough or against the right competitors (customers think about the consistency of Amazon when they order from others online, regardless of the product or sector they are purchasing from)?

3) These could be crucial areas of opportunity to differentiate your brand from others. Understanding what matters is important. Knowing how to exploit it to the advantage of your brand is another level.

4) If you are investing in areas which aren’t on this list, the chances are that investment in customer experience wont pay off, or if it does it wont have an ROI near initiatives that deliver against these 6. Customer Experience is a challenge to research. You need to learn from customers rather than listen.  

So much to take from this small poll.

We shared these points on customer experience and many others with the PROTECT audience. If you would like a copy of the presentation please email me christopherbrooks@lexdengroup.com.

Lexden provide a range of strategic customer services; customer insight interpretation, customer value proposition development, customer experience programme design and delivery and brand enrichment. Our expert team has experience providing these services to brands like Barclaycard, npower, Virgin Active, American Express, Visa, Tesco Bank, SSE and the University of Surrey. 

We can next be seen at Cross Media 2013.

Posted by Christopher Brooks.

Lexden | We work with brands to attract and retain happy customers | We achieve this by helping them to understand what makes their customers tick, building memorable customer experience strategies and creating engaging customer value propositions.

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