press release

In search of the Holy Grail – increasing customer satisfaction through digital

Later today, Heather Smith, Digital Director at LV=, is hosting a roundtable discussion at the Post Digital Insurance World event about digital transformation and its impact on customer satisfaction. Here’s a sneak preview of her headline thoughts on the topic.

Traditionally, all customer satisfaction has come from human interaction - people helping people. However, in recent years that has started to shift and we’re now seeing people interact on a more frequent basis with technology and in the next five years it’s expected that consumers will manage 85% of relationships with a company without interacting with a human at all. We know people want the ease and convenience of learning, shopping and servicing themselves but can help via digital services ever really provide the same levels of customer satisfaction?

In my opinion, it absolutely can, albeit a human assisted world will still be important. However, it’s not without its challenges and key to achieving it is collaboration. Two business areas that have previously had very little to do with one another now have to collaborate like never before - namely, Marketing and Technology. In this age of digital transformation, working together they are the ones now responsible for delighting and engaging customers “in the moment” by providing exceptional digital experiences. However, while the mandate to collaborate has been heard and significant progress is being made, there is still much work to be done to move to the next level and put in place technology, processes, and culture to create digital customer experiences in real time and increase satisfaction levels.

Great customer experiences start with empowered employees listening and responding to customers to feed engagement, innovation, and the bottom line. Of firms that are improving customer experience, 53% are focused online. Last year, the research institute Forrester said that improving customer experience was the No. 2 priority of business leaders - second only to growing revenue - and that businesses are investing in digital channels and technologies to engage with their customers. Today, online marketing, content management and analytics are the top investments as firms seek to connect directly with customers, provide relevant content and measure the results. Companies are focused on improving website and mobile experience, transforming their employee culture into one of customer centricity and collecting and analysing data on customers’ digital experience to improve interactions. All this is being done with the aim of increasing satisfaction amongst customers.

One thing is clear – customers aren’t going to stop engaging with companies via digital and investment into these parts of any business is going to go just one way – UP! Customers want things to be simple and efficient - the very things that digital channels deliver - and as companies optimise these channels it only makes sense that the customer satisfaction levels will also go up. Ultimately, investing in digital isn’t optional. It’s just a matter of how much and how quickly.

About LV=

LV= serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and insurance brokers.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

Kaidee Horton
Head of Corporate Communications, General Insurance
07738 274568