Page 168 - India Insurance Report 2023- BIMTECH

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6.2 Customer Satisfaction Surveys : One of the most popular and effective ways to measure the
success of a customer-centric company is to conduct customer satisfaction surveys. These surveys provide
valuable insights into customer expectations, preferences, and perceptions of the company’s products
and services. By analysing the survey results, a company can identify areas where it excels and needs
to improve.

6.3 Repeat Business : A customer-centric company should focus on retaining existing customers
rather than just acquiring new ones. Repeat business is a clear indicator of customer loyalty and
satisfaction. A company can gauge its success in building strong customer relationships by tracking
the percentage of repeat customers.

6.4 Customer Retention Rate : Customer retention rate is another critical metric for measuring
the success of a customer-centric company. It refers to the percentage of customers who continue to
use a company’s products or services over a period of time. A high customer retention rate indicates
that customers are satisfied with the company’s products and services and are likely to remain loyal
in the future.

6.5 Customer Lifetime Value (CLV) : CLV is a measure of the total value a customer brings to a
company over the course of their relationship. It considers the customer’s purchasing history,
frequency of purchases, and the likelihood of future purchases. A high CLV indicates that the
company is excellently meeting customer needs and building long-term relationships.

6.6 Employee Engagement : A customer-centric company must have engaged and motivated
employees committed to delivering exceptional customer service. High employee engagement
strongly indicates a company’s ability to deliver a customer-centric experience. Employee engagement
surveys can be used to measure how well the company is doing in this regard.

7. Conclusion

In short, insurers have to think beyond traditional insurance products and services to add value to
the lives of the customers. They need to create an ecosystem which goes beyond insurance and simplifies
the lives of customers. Gone are the days when customer interaction was limited to only a few instances,
like purchasing the policy, at the time of claims, renewals or endorsements; today the focus is on how to
address the routine worries of the customer and become an everyday insurer. If you truly want to make
a difference, you have to keep the customer at the centre of all your initiatives and find ways to resolve
their worries.