Insurance has been an essential commodity as it promises financial support in the time of crisis like accidents, unemployment etc. There are several insurance providers in the UK and to gauge which one is the best performer of all is an interesting task.
Details were revealed by the Institute of Customer Service through its UK Customer Satisfaction Index (UKCSI).
According to the index, there was an improvement of 0.7 points in the customer satisfaction levels when compared to January 2016. The collective figure was 79.4 out of 100 and LV= General Insurance grabbed the first place by outshining the performance of all insurance providers. 12 out of 27 insurance companies improved by a marginal 1% over their own performance in January 2016. M&S showed highest improvement amongst all the 12 and Virgin Money stands at the same score as it was in the previous year.
Even thoughInsurance sector shows little improvement on customer satisfaction levels, LV= tops the insurers brigade there was a minor improvement, the insurance sector slipped by a 9.9 point in the Net Promoter Score. This suggests that insurance companies have to strive really hard to stand on the eyes of their customers. Also, the percentage of customer complaints has increased by around 9% when compares against the previous year.
62% of customers agreed that they had to put more effort to get in contact with their insurers which essentially means it takes longer to fix up a problem as they cannot contact their insurers easily. This would surely hamper the customer service ratings, suggest Jo Causen, CEO of the Institute of Customer Service.
She stated that “Generally speaking, it’s been a great year for customer service in the insurance sector, with consumers telling us that businesses are improving overall experiences by getting things right first time and dealing with complaints faster and more efficiently. However, these factors do not necessarily translate into customer loyalty and recommendation. Just being ‘good’ is no longer good enough, and organisations should think about how they can deliver outstanding service at all times.”
Therefore, it is clear that experts as well as customers want the insurance providers to be more empathetic and approachable. To improve customer service, the insurance providers should be ready for in-person consultation rather than communicating through emails, texts and apps. This will help in winning the customer’s trust more easily and they would be able to share issues with ease. Also it helps the companies to sort out the problems without any delays. Let us check few things which help to reduce customer complaints on a human level.
How insurance providers can improve their services?
Through clear cut communication: Most of the times, people do not understand what’s written in the policy. The jargons, the heavy legal terminologies and the official language cannot be understood by around 34% people. If the insurer inculcates a more transparent attitude towards making their clients understand the technicalities of the policy then they would contribute to the satisfaction levels of their clients. Like Aviva is offering a voice controlled assistance which explains the common insurance terms. This proves very effective for making the customers understand their policy and invest in it. So, being clear in communication with the policy holder is the key to increasing their trust in you.
Easily approachable: The latest problem faced by 62% of all customers is that they cannot contact their insurer especially when it is about fixing an issue. If they have to make more than one attempt to reach out to the insurer then that is a sign of poor service. If all UK insurers focus on the approachability factor then it would be far easier to win the customers vote.
Explain the coverage of the policy: Insurance providers need to explain the coverage of a particular policy in order to give a precise idea to the customer that the policy would support them in particular events and they will not receive any support in cases other than these. Like many do not know that outdoor spaces are not covered by their policy and would end up feeling frustrated while making the claim for damage to their property. Therefore, insurers should ensure that the customers do not feel helpless when they are in the ardent need for support.
Discounted premiums: Well, every industry thrives on competition and the insurance sector is not an exception. When you want more customers then you need to give them the best services along with the most affordable deals. If insurance companies do not provide the cheapest deals then offering discounts and perks would help customers manage their finances without feeling the burden of the premiums.
To conclude, the insurance sector has shown little improvement on the levels of customer satisfaction in January 2017. However, the companies can do much more to keep a big smile on the policy holders. It can be anything from offering discounts to sending representatives that explain the policy for the better understanding of the policy holders. This would minimise loss of customers as well as spread the goodwill of the company which in turn would grab them some more customers.
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