UK General insurers have most to gain from “simplicity”| Siegel+Gale [report]


Einstein simplezFew would argue that Albert Einstein wasn’t a very clever man! As I read this report I was reminded of this famous quote: “I wouldn’t give a nickel for the simplicity on this side of complexity, but I would give my life for the simplicity on the other side of complexity.” 

Even a smart guy like Einstein didn’t know how much he knew about insurance and customer service!

There is a delicious irony that serves to emphasise the counter-intuitive nature of complex [business] systems – and explain why we are so bad at managing them!: a self-serving Corporate culture, whose relentless pursuit of growth and ambiguity, generates excessive complexity, that hurts efficiency and profitability.

The simplicity of providing sustainable, transparent, value to customers’ should only be as complex as it needs, to be BOTH effective and profitable!

…health insurance and general insurance industries also struggled, finishing last in this year’s survey, at 23th and 25th place, respectively. The insurance industry’s complex processes and lack of clarity regarding coverage continue to frustrate consumers. Respondents voiced displeasure with insurers’ failures to offer clearly written policy documents and answer questions promptly and unambiguously.

UK brands have much to gain if they can effectively streamline their communications and experiences for their consumers. UK respondents said they would pay over £2.75bn a year for simpler communications and experiences represented in the Index, and 87.7 percent are more likely to recommend a brand because it makes their customer experience simpler. Some of the least simple industries have the most to gain: utilities (£419m), banks (£460m) and general insurers (£506m).

 

Online Brands Help UK Consumers Simplify Their Lives | Siegel+Gale.

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