Customer Loyalty Is The Holy Grail For Insurance Businesses Today
Everybody today is spouting off about how essential customer service is, saying things like: “Customers are the lifeblood of our organization,” “Our customers come first” and “The customer is always right.”
Do those statements sound familiar?
Its easy to come up with gallant slogans, but is it all just lip service? Is your dedication to customer service changing how you conduct business?
If you want to thrive, you had better be changing how you operate. With the explosion of customer relationship management (CRM), many financial services companies are going through intense reviews of their customer service processes and even their corporate culture regarding their relationships with their customers.
Customers today are more self-reliant, more guarded about time and personal information, and less interested in familiar or unquestioned loyalties. We live in a time that is unprecedented, not so much for the change that is occurring, but for the speed at which change develops. For that reason, we need to focus more than ever on a concept that is time-tested across all industriescustomer loyalty.
Increased customer loyalty is the single most important driver of long-term profitability. Think about this question: How do you make the transition from a company that manages customer interactions in a competent and even superior way to one that does it in a way that builds loyalty?
To do the right things right, you need to look at all aspects of your customer service strategy, paying particular attention to seven components essential to creating a “best-in-class” customer service initiative. The seven components are: strategic vision, benchmarking and measurement, process design, customer loyalty, quality/value, communication and people.
Your strategic vision must be tailored to your organization, but at its heart should be the goal of providing best-in-class customer service. Make that service a reason for people to do business with you. Your overriding goal is to use superior customer service to gain a competitive edge, to be a customer-driven organization. Being customer-driven means that you must look at everything you do from the customers perspective, or from the “outside in.” This may involve a shift in focus for youone that demands significant changes in many of the ways youve delivered service in the past.