What Do Your Customers Really Think?

Insurance Journal Podcast

Do you truly understand your policyholders, distribution partners and employees? Do you have a clear lens into what competitors are doing? If your organization attempts to get feedback all by itself or relies on ad-hoc, anecdotal feedback from key stakeholders, you will miss opportunities to evolve and innovative. On this recording, research whiz Mackenzie Wilson unpacks best practices. Customer experience work “is the foundation of any business,” she says. “It doesn’t matter how big or small you are.” Yet, only about 30% of firms in any industry—and even lower in insurance—have a formalized program for voice-of-client experience. As much as they talk about it, they don’t really invest today as they should.” They also are missing the employee perspective with surveys that don’t generate authentic and actionable insights. Often, the initial corporate reaction to research “is very tactical and one-off. Everyone is so excited to get feedback. But they don’t understand how it can be operationalized instead of being a single transactional movement.” Firms should implement a standard, ongoing protocol for capturing the voice of key business partners, Mackenzie says. In this way, they’ll be more proactive and reach out to diagnose problems. “Why do people build products or services? They want to solve a problem. Any new initiative started with a problem.” She also reveals a few tricks to get customers to spill a little extra “tea” during interviews.

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