Customer retention is one of those bits of jargon which doesn’t excite many people in the insurance industry. But it should, because it can cost millions to keep advertising and marketing to win new customers, to replace the old ones that are leaving in droves. Price is always an issue of course, but often it’s the experience – especially when things go wrong – that matters most to consumers.
One company, Medallia, today announced it has been appointed by leading insurer Zurich to expand the use of Medallia Experience Cloud across its UK insurance business.
This means that the insurer is now implementing Medallia Experience across its General Insurance business for the first time, to track customer experience amongst Zurich’s retail life customers. Medallia provides the insurer with sophisticated customer data in real-time, giving Zurich employees another mechanism to help them understand and act on customer feedback to complement existing systems already in place. It allows an insurer to monitor and react to feedback on social media for example, which can often head off a negative media story at the pass.
The technology also provides Zurich with valuable customer insights to help the insurer shape its customer retention strategy. An insurer can build up a database of reasons why customers stay, or leave, and that is worth a great deal in terms of long term marketing plans and budgets.
“We are delighted to be working with Medallia and using their customer data analysis tools across our UK business for the first time,” Tulsi Naidu, CEO, Zurich UK. “This is an exciting development for us which will help us better understand the customer experience and shape our strategy to ensure we continue to deliver a first class service for all our customers.”
In addition to Medallia’s desktop technology being deployed across its UK business, the insurer is also using the Medallia mobile app to track real-time comments from its customers.
“We work closely with our clients to help them anticipate customer needs and adapt their organisations to meet them,” said Borge Hald, CEO and Co-Founder, Medallia. “By using Medallia Experience Cloud across the company, Zurich can engage everyone in the company with the customer feedback that is relevant to their job.”