London, 2 October 2012: The idea that insurers simply need to run a wide variety of communication channels to succeed in reaching consumers is flawed, independent research commissioned by Cable&Wireless Worldwide (CWW) has revealed. The results demonstrate that consumers are driven to seek out a new communication channel only as a way of overcoming poor experience with another.
The research revealed that 90% of consumers express some dissatisfaction with the methods of communications currently on offer from financial services providers. Almost half of respondents would like to have access to a comprehensive website with secure login, online product purchase facility and features such as video based explanations, calculators and illustrations, whilst 17% require a facility to instant message or phone an assistant from a website.
Another interesting finding was that the fact that the communications channels young consumers start with are the ones they stick with as they mature. The increased propensity of younger consumers to use newer, integrated functionality, suggests that providers can’t ignore the need to respond and innovate in order to accommodate these evolving communications requirements or risk alienating their future customers.
Nicola Dicks, Director, General Insurance, Life & Pensions at Cable&Wireless Worldwide comments:
"Running multiple communication channels is simply not good enough if the customer experience is poor and disjointed, that’s why it’s vital for insurance providers to improve existing communication channels before rushing to invest in new ones. To engage with and retain their customers, insurers should be providing the right information and advice at first point of contact, whatever method that is.
"Whilst at the moment technology leadership is strongest amongst younger customers, communications requirements will continue to shift as generations move through different life stages. Insurers therefore need to make sure they get their communication channels right – or they could find themselves restricted to a diminishing segment. Improving communications infrastructure will have a fundamental role to play in delivering the transformation required."
Talking about the key determinants of loyalty to a provider, one in three customers referred to all the communication channels working harmoniously together and insurers’ ability to easily access information about previous interactions as critical.
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About The Research
The research commissioned by Cable&Wireless Worldwide and conducted by YouGov SixthSense, aimed to identify the key issues surrounding customer interaction with protection, pension and long-term savings and investment providers. The survey drew on a nationally representative sample of 2,051 UK adults aged 18+ in May 2012.
Further details on the research findings can be found here:
About Cable&Wireless Worldwide
Cable&Wireless Worldwide (LSE: CW) provides integrated communications and data hosting services to large enterprises and mid-market customers in both the public and private sectors.
With an unrivalled heritage and a globally significant network Cable&Wireless Worldwide can provide robust and resilient connectivity to over 150 countries.
To find out more, visit www.cw.com
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