Question

1. A quality service should provide at least meet the quality that the customer expects. An insurance company may aim to respond to a claim advice within a specified timeframe in line, this is known as 'threshold quality' and is fundamental to any quality programme. Without knowledge of these customer expectations, a company may waste resources. To maintain a competitive edge in an increasingly complex environment, insurers must know what customers expect and provide services and products that meet or exceed those expectations.

How do insurance companies achieve this?                                              [25 marks]

Answer 1

Customers across the globe don’t have any different needs. They just want to choose the best insurance policy at reasonable cost with transparent information system and hassle-free claim settlement . They also want some additional support , such as assistance and documentation of claim settlement , cash free transaction and wide coverage.

The quality of service delivery can depend of experience of customer after service delivered . The Customer experience depend on the six pillars , Personalization or customization of product , time and efforts,Resolution of problem ,fulfill the expectation , Integrity and empathy.

Insurance companies can use digital world and use the techniques of digitizing the customer experience.

Insurance companies can focus on customer's journey in every aspects of the value chain.

Insurance companies can focus on product designing as per need of customer with minimum addition of fee.

Insurance companies can focus on engagement of customer with every aspect of product delivery process.