At its core, customer engagement is about encouraging customers to take actions that drive beneficial results for them and your organization. Effective customer engagement incorporates everything from how you initiate contact with customers, to – in the case of online payments – their experience submitting a payment.
There are many ways to measure your organization's customer experience, from quantitative surveys to qualitative interviews and reviews. When it comes to identifying areas for improvement, however, there are a few key metrics your organization should be tracking on a regular basis. Most organizations are familiar with Net Promoter Scores (NPS) and Customer Satisfaction Scores (CSAT). But one of the more overlooked metrics is the Customer Effort Score (CES). Customer effort measures how easy or difficult it is for a customer to interact with your organization. In other words, how much effort does a customer need to expend to accomplish a particular task?
Here at Invoice Cloud, we strive to make life simple for our clients and their customers – something that’s often easier said than done. We help our clients take complex processes and digital interactions and simplify them to drive real results. This isn’t always a straightforward objective and, frankly, we set an incredibly high bar for ourselves.
One of the biggest challenges for insurance organizations today is maintaining a competitive edge in a crowded, fast-moving industry. To keep policyholders happy and customer churn low, insurance carriers must be prepared to meet the changing needs of insureds – a task made more difficult when your organization opts for traditional payment methods over the online payment options true SaaS software applications can provide.
When evaluating potential vendors for your organization – payments-related or otherwise – one important factor to take into consideration is their partner network. By that, we mean: which other software solutions can this vendor easily integrate with?
Losing business to customer churn is a notorious challenge in the insurance space. Part of what makes this loss so difficult is trying to determine why your former policyholders are leaving – an investigation almost as frustrating as the churn itself.
There are a few common reasons for customer turnover, some of which are out of your control as an insurance provider. But, fortunately, one of the primary drivers of churn is something that your organization can actively address and impact: customer frustration.
How important is keeping up with customer preferences? Although the answer to this question may vary by industry, the reality is that most organizations need to meet the changing needs of customers to remain competitive.
The insurance space is a highly competitive one, where the expectations for innovative payment options have been steadily growing for years. Large competitors in the industry recognize that digital payment offerings are now an essential aspect of a positive payment experience, which insures satisfied customers. Part of this is shifting demographics. The Millennial population has officially surpassed the Baby Boomer generation, and Millennials complete payments through their insurance carrier’s website or mobile platform at extremely high rates. However, even the Baby Boomers are turning to digital payments in unprecedented numbers, which just goes to show the universal need for e-payment options.
Have you ever seen someone get their total at the grocery store and go for their phone instead of their wallet to pay? In that case, it’s likely they’re using a mobile wallet – like Apple Pay or Google Pay – to foot the bill.
Mobile wallets (a.k.a. mobile payment apps) arrived with the release of Apple Pay in 2014. Following that launch, this digital payment method has become a staple for both in-store and online purchases over the last six years.
Insurity Connected is an annual client conference that brings together some of insurance’s leading industry analysts and executives to discuss the latest trends, actionable insights, and best practices. This year, the conference took place virtually throughout May. There were a variety of sessions aimed at helping insurance companies effectively meet heightened customer expectations and address changing marketing trends.