Cx for Life: Industry Benchmarking for Customer Experience

• Published in: LIMRA's MarketFacts Quarterly 2018-07 (3), p.48-55
• Main Author: Silverhart, Todd A
• Format: Article
• Language: English
• Subjects: Access to information; Competition; Competitive advantage; Consumer behavior; Consumers; Customer relationship management; Financial services; Insurance industry; Life insurance; Marketing
• ISSN: 1535-4040

Customer-centricity clearly has become a driving force in today's business environment, due to a number of factors: * Business evolution - Today's businesses are transitioning from a sales mindset (with the product as center) to a marketing paradigm (focused on the consumer) as a means to pursue growth. * Changing consumers - Today's consumers have instant access to unlimited information, tremendous product choice, and heightened expectations of how, when, and where they do business. By providing the correct information, advice, and products, by thoroughly answering questions, and by giving appropriate guidance through the process. * Offers peace of mind - The extent of customer confidence in the company's competence, knowledge, and individuals who exhibit true interest in developing a relationship rather than making a sale. Participating companies receive a detailed report including the following: * The company's scores * A comparison of their scores with the industry benchmarks (e.g., Figure 2) * A comparison of their scores with a peer group (selected by the company) * A ranking showing the company relative to other companies (e.g., Figure 3) * Ratings received on the drivers of experience (relative to benchmarks and peers- e.g., Figure 4) In addition, companies receive an analytic dashboard that allows them to filter the data by variables such as age and gender of insured, policy type, and policy size. Todd Silverhart Ph.D., LLIF, is responsible for directing LIMRA's insurance research program, which takes a holistic view of product, market, and consumer issues related to individual and group life, health, disability, and long-term care insurance.