There are a number of challenges facing modern insurance organizations, but one key area of focus deals with reducing customer churn by improving overall policyholder satisfaction levels. Policyholder satisfaction, however, can be impacted by so many different factors that it's often difficult for organizations to know where to start. That's why we encourage insurance organizations to start with their most important and frequent customer touchpoint: premium payments.
Recently, Invoice Cloud conducted an online survey aimed at understanding how policyholders felt about their recent insurance payment experiences. Conducted in June 2020, this survey polled just over 1,000 respondents throughout the United States to ask questions about how they paid their most recent insurance bill, the importance of omni-channel offerings, and whether or not they were in the market for a new insurance carrier. What we learned was that the online payment experience is a critical factor that impacts overall policyholder satisfaction levels -- and may hold the key to reducing customer churn.
Check out the infographic below for our key takeaways from this new research: