Disconnecting Consumers

By | July 2, 2018

Is the insurance industry meeting customers’ expectations when it comes to connectivity? One new survey says maybe not.

According to a survey by MuleSoft, a provider of technology for application networks, customer loyalty is at risk for organizations unable to provide seamless experiences across all channels and timely access to information.

Globally, more than four out of five (81 percent) consumers believe that organizations in at least one of the four sectors surveyed (banking, insurance, retail, government) provide a disconnected experience.

Government services was viewed as the worst performer (66 percent) while banks were the best performers. However, even in banking, still more than half (55 percent) of consumers said they have been at the receiving end of disconnected experiences.

As a result of disconnected experiences, more than two-thirds (69 percent) of global consumers would consider changing a service provider. Consumers were most likely to consider changing retailers (57 percent), closely followed by insurance providers (56 percent), and banks (51 percent).

Younger consumers (18-34 years old) reported the least tolerance, with 76 percent saying a disconnected experience would make them consider changing a provider.

“Technology has fueled an on-demand culture and created a world in which consumers expect connected experiences across all channels,” said Ross Mason, founder and vice president of product strategy at MuleSoft, which conducted the survey of more than 8,000 consumers globally to analyze whether organizations are meeting customer expectations for a connected, personalized experience.

“Millennials especially are increasing the pressure on organizations to provide a connected experience, yet it is clear many organizations are still falling short,” Mason said. For example, nearly half of consumers say they gave up on an activity or request when information sharing with an organization was too difficult.

Sixty percent of global consumers said they would prefer to shop by having an Amazon Go experience (aka: “just walk out shopping” in which consumers can purchase goods in-store without using a cashier or checkout machine). The younger generation (18-34-year-olds) were particularly keen on this concept, with 77 percent saying they would be in favor of shopping this way.

Nearly two-thirds (65 percent) of global consumers would like to use popular messaging services such as WhatsApp, Viber, Facebook Messenger or iMessage to securely interact with organizations. That number was higher (78 percent) among 18-34-year-olds.

MuleSoft says the survey shows how organizations are already struggling to provide a connected experience and the demands on IT will only continue to increase as consumers’ expectations of technology continue to evolve.

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Insurance Journal West July 2, 2018
July 2, 2018
Insurance Journal West Magazine

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