For consumers, there are two key insurance moments: when coverage is bought and then when it’s used, with hopefully a long span of time between the two. And if there is a claim, then it’s up to the insurer to react to help the claimant recover. But too often, the claims experience spurs policyholders to consider changing insurers, especially among policyholders who’ve been customers longer (and have been paying premiums longer).[i] What else happens when there’s a policyholder unhappy about a claim? Claimants readily take to social bully pulpits with their claims grievances, effectively using Twitter and Facebook to “regulate” insurers into action.
In addition, they also file complaints with state insurance regulators, an activity that about 34,000 US consumers did in 2013.What’s their biggest gripe? A look at the National Association of Insurance Commissioners (NAIC) stats reveals that 56% of consumer complaints filed in 2013 were issues related to claims handling, with the biggest chunk, 24%, because of perceived delays. And that’s not counting delays associated with getting referrals, pre-authorizations, and finding willing providers.[ii]
Over the past year, I’ve been involved in a variety of client advisories focused on the claims experience for both consumers as well as insurer work teams responsible for getting claims paid. Why is the claim experience so easy to go off track? For starters:
Despite a recent lackluster earnings call, there’s a bright spot on the horizon for Yahoo CEO Marissa Mayer. Forrester’s latest TRUE brand compass research shows a reservoir of consumer goodwill for the struggling brand.
In August 2013, Forrester conducted Consumer Technographics® research with 4,551 US online adults to uncover the drivers of a successful 21st-century media brand. This research is part of Forrester’s TRUE brand compass framework, designed to identify which brands are winning the battle for consumer mindshare and to help marketers build a brand that is trusted, remarkable, unmistakable, and essential (TRUE). This framework has two core components: 1) An overall TRUE brand compass ranking gives a snapshot of a brand’s resonance — the emotional connection a customer has with a brand, and 2) the TRUE brand compass scorecard reveals a brand’s progress along each of the four TRUE dimensions.
The results showed a tale of two digital media eras and the importance of brand building in the digital world:
1990s digital media brands reap the rewards of brand building investment. Established digital media brands from the late 1990s recognized the importance of building their brands with consumers. Yahoo was a TV ad mainstay for many years — “Do you Yahoo!” anyone? This early investment continues to pay off as, despite corporate turmoil, the Yahoo brand retains a reservoir of brand resonance with consumers. And the mighty Google, which was the only media brand surveyed to achieve trailblazer status, continues to invest in TV brand building ads.