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Insurance Customers Most Likely To Switch After Bad Service – Only Loan Providers Ranked Lower For Customer Service Standards

Call centre technology provider Aspect’s Consumer Satisfaction Benchmarking Report 2013 revealed that customers were more likely to switch their insurance provider than any other service provider, with 26% making the switch.

The report also showed that customers were more likely to change their insurance coverage after one bad experience than other products they were buying (see graph below).

However, despite this, only 4% of respondents lodged a complaint about their insurance coverage after receiving bad customer service.

In its report, Aspect highlighted the particular difficulties insurers faced when interacting with customers: “Other than renewing policies once a year or buying a new one, the main reason that people need to interact with them is to claim, which is often a period of stress and worry. Emotions are heightened, and customer service should be handled carefully.”

The survey also asked respondents to say which providers gave the highest quality of customer service. Insurance companies only received 3% of the votes, with only loan providers faring worse, receiving 0% of the votes (see graph below).

Despite this, 64% of insurance customers surveyed said they were either satisfied or extremely satisfied with the customer service they received – the third highest in the study behind online retailers and mobile network providers. Only 2% said they were dissatisfied or extremely dissatisfied with the customer service provided by their insurer.

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