New TeleTech Research Uncovers the Secret to Customer Satisfaction During the Claims Process

Omnichannel Consistency Can Make or Break the Customer Relationship When Policyholders File a Property and Casualty Insurance Claim

Nov 30, 2015, 16:30 ET from TeleTech Holdings, Inc.

DENVER, Nov. 30, 2015 /PRNewswire/ -- TeleTech Holdings, Inc. (NASDAQ: TTEC), a leading provider of customer experience, engagement and growth solutions, has published research on what matters most to customers when they file a property and casualty (P&C) insurance claim. The research is based on results from the 2015 TeleTech P&C Customer Satisfaction Survey.

New home and auto insurance customers make up less than five percent of the entire market, according to Bain.1 As a result, growth comes from either retaining policyholders or stealing them from competitors. Many variables work together to make up the claims experience—understanding and focusing on the right levers to drive customer satisfaction is key to staying competitive.

The 2015 TeleTech P&C Customer Satisfaction Survey asked more than 300 consumers about how the claims process influences customer satisfaction. The results showed that multiple factors are involved from how policyholders were treated to the claims process and channel interactions. As the claims process can be complex, it requires advanced analytics to determine what variables are most impactful to driving improved customer satisfaction.

TeleTech's research confirmed that channel-specific satisfaction is important to overall satisfaction and that a cohesive omnichannel experience is critical:

  • The most used channel was phone with eighty-nine percent of respondents stating that they talked to a representative over the phone or in person for their last claim.
  • The phone channel had the highest channel satisfaction rate and impact on overall satisfaction, followed by speaking to a rep in person, and then using the website, mobile app, and self-service.
  • Respondents who used chat all used some other form of communication along with it. They were less likely to use the phone, but more likely to use all other channel options when compared to respondents who did not use chat.
  • There was a slight increase in satisfaction when policyholders went from using one to two channels. Then there was a substantial drop in overall satisfaction for the claims process when a customer used three or more channels.
  • It can be inferred that if people did not resolve their issues through the first two channels, they had to find other ways of getting information, which negatively impacted their satisfaction level.

"Because the claims process is such a critical event in the life of a P&C insurance customer, it's paramount that insurance providers get it right," said Weston McDonald, senior vice president, TeleTech Financial Services Business Unit. "They need to use new methods of analyzing policyholder data to understand not only what has the most impact in driving satisfaction, but also where to focus to improve customer satisfaction. By truly understanding key drivers, providers can be more effective at improving the customer experience and increasing customer retention."

To learn more about what really satisfies policyholders and the best practices to optimize the customer experience throughout the claims process, download the full TeleTech research report.

1 Bain, 2015

ABOUT TELETECH
TeleTech is a leading global provider of customer experience, engagement and growth solutions. Founded in 1982, the Company helps its clients acquire, retain and grow profitable customer relationships. Using customer-centric strategy, technology, processes and operations, TeleTech partners with business leadership across marketing, sales and customer care to design and deliver a simple, more human customer experience across every interaction channel. Servicing over 80 countries, TeleTech's 41,000 employees live by a set of customer-focused values that guide relationships with clients, their customers, and each other. To learn more about how TeleTech is bringing humanity to the customer experience, visit TeleTech.com.

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SOURCE TeleTech Holdings, Inc.



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