Life insurance companies in the U.S. are in trouble. Premiums have fallen at an annual rate of 4%, operating costs are high, and productivity of agents is low. Although they are trying to trim expenses, they have been slow to make any improvements. The average NPS for life insurers is 4.5% which means they are not pleasing their customers.
Insurers are trying to rectify the situation, but they are definitely lagging behind. They are using digital channels and data analytics but are slow to make progress. Legacy systems are getting older and older and haven't been updated like other systems within the company. This makes them difficult to manage and maintain.
Insurers are investing less on IT than other industries such as banking, and it shows with the lower Net Provider Scores.
With the advanced multi-dimensional sampling functionality of CRUX, insurers can now have better control of the sampling process and are able to select a sample survey that reflects the distribution of their entire population. CRUX uses text analytics to draw insights from textual feedback provided by customers and then correlates it with the NPS score.
This provides the customer service team a much better understanding of the customer sentiment across segments. CRUX can generate in-depth and comprehensive insights by combining interaction data with customer survey data. Furthermore, the customer service team can compare the NPS analysis across multiple time periods to analyze scores and track performances.
CRUX provides insurers with the capability to run advanced analytics across multiple segments such as products, geographies, customer segments, and more.
By leveraging all its data sources across formats and structures, insurers are now provided with actionable insights at the point of decision.