Customers want to more personalized products and services.
In an exclusive interview with Fintech Innovation, GoBear’s CEO, Andre Hesselink recounts his experience looking for car insurance in Singapore. His misadventures in the process has led to the formation of GoBear – a website, he claims, is the only one in the market that offers unbiased listing of select financial products, including insurance, credit cards and loans in select markets in Asia.
The J.D. Power 2015 Insurance Website Evaluation Study in the US revealed that insurers are struggling to keep pace with demand as website visits by insurance shoppers and customers servicing their accounts via smartphones and tablets have become more prevalent.
Despite this trend, Hesselink believes that insurers have yet to make it convenient for their customers to find and buy their products online.
The KPMG Nunwood’s Customer Experience Excellence Centre study revealed that “for the average Big 4 bank [in the UK], a top 100 ranking for customer experience excellence would equate to £3.7bn in revenues over three years. And many banks and insurers in Asia Pacific remain oblivious to the needs of a growing customer segment that prioritize experience over product diversity.
The KPMG Nunwood study has identified Six Pillars (see Figure 1) that underpin excellent customer experience and define the long-term customer relationship needed to drive growth and shareholder value: Personalization, Integrity, Time and Effort, Expectations, Resolution and Empathy, with personalization alone accounting for 23% of the overall experience.
Hesselink is hopeful. He says insurers and banks, alike, see the need for technology to make shopping for financial products simple. Recalling a KPMG study, he says customers shopping for financial products online want products that are easy to understand, they also want to more personalized products and services, and they want an easier way to navigate website.