Digital Transformation

Why transform the customer experience this 2022?

Digitally transforming companies, especially in customer service, makes it possible to generate both cost savings and increased revenue by improving the customer experience.

From this premise, we want to make a complete exploration of customer experience, benefits, milestones, how to improve it, success stories and how to reinforce it in insurance.

Let’s get started!

Did you know that according to Mckinsey data we were able to learn that customer-centric Digital Transformation initiatives can generate a 20-30% increase in customer satisfaction and economic gains of 20-50%? 

That’s pretty significant, don’t you think?

This is why organizations strive to incorporate new technologies into their products and services.

EIn the case of the Insurance Industry, it is well known that it is one of the most traditional industries and that it is just beginning to become more immersed in the Digital Transformation. However, today’s customers have new needs and new ways of feeling satisfied.

Therefore, it is important for the insurance industry to understand that the customer experience today is nothing like it was at least 10 years ago. It will have to look for all avenues to be competitive and improve itself.

Why should insurers prioritize customer experience in Digital Transformation projects?

Increasingly, companies are prioritizing customer experience, and this is also supported by findings that show how important it is to the success of a business.

Customer experience is increasingly the key factor for a company to differentiate itself from its competitors.

According to a 2019 BCG study, companies with higher customer experience scores doubled shareholder value. While many companies benefited from improving their customer experience during the pandemic, the research suggests that these 2022 companies will need to make their efforts more deliberate.

To give you a better idea of the previous point, here are some facts:

A fully satisfied customer brings 2.6 times more revenue than a somewhat satisfied customer and 14 times more revenue than a somewhat dissatisfied customer.

Customer acquisition is more costly than customer retention in an industry where 32% of customers would stop interacting with a brand they loved after a bad experience.

25% of customers are willing to pay more for a personalized experience.

Now then… You’re probably wondering how you can improve the customer experience.

But in order not to make a testament to this topic, we have divided it in two. Stay tuned, we will be publishing it in the next few days!

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