customer retention in insurance industry

Improving customer retention can prevent billions of dollars of lost revenue in the insurance industry. Research from CallMiner revealed that avoidable churn costs businesses $136 billion in the U.S. alone. What’s worse than losing billions in revenue is the amount that insurers have to pay to acquire new customers. According to Hubspot, the insurance industry is…

finance customer service

The customer service efforts in any financial business can determine if its current customers will be loyal patrons or eventually leave for better customer service. A study from Qualtrics revealed that poor customer service was one of the top reasons why most consumers left their old bank or credit union. Banks have a chance to…

customer experience banking

Customer experience is growing steadily as a top priority in the banking industry. Computer Services surveyed more than 160 bank executives in 2017 and 55 percent of that group said they planned to put more money into “customer experience initiatives.” A major factor in this shift to customer experience is because of the potential for…

The Importance of Customer Journey in Banking There is so much disruption going on in the world of banking and financial services. After a decade of having to deal with serious trust issues and thin margins, banks today continue to face a mix of challenges. Regulation. Reputation issues. Fickle consumer loyalty and ever-changing preferences. Not…

healthcare consumerism

Diving into healthcare consumerism first requires a concrete definition of the new movement — here’s our take which was inspired by multiple interpretations from NRC Health, McKinsey & Company, and HealthLeaders: The healthcare consumerism model sees the patient as a consumer and empowers them with the information and choices necessary to make better healthcare decisions…

reputation management for doctors

Reputation management for doctors continues to be more important with every passing year. A 2018 PatientPop survey revealed that 80.3 percent of providers are aware of the importance of a strong online reputation, but most of them don’t know how to alter their online reputation in a positive way. This is a massive problem. Without…

hcahps

One of the most important ways for hospitals to gain valuable patient feedback is through the Hospital Consumer Assessment of Healthcare Providers and Systems survey (HCAHPS or CAHPS). The ratings produced by the survey also help patients pick the best hospital or provider to suit their needs, which makes a healthcare organization’s reputation even more…

patient engagement

Before we get to strategies for improving patient engagement, let’s start with a definition: Patient engagement is an all-encompassing healthcare service model that prioritizes effective communication with patients so that they are more knowledgeable and accountable for their own health. The best result from great patient engagement is that every patient is more conscious and…

Strategic Guide to Online Patient Feedback

The Rise of Patient Feedback Consumers today go online to “do their homework” when shopping for — well, literally anything. It can be dinner at a nearby restaurant, an executive suite in a hotel out of town, a fancy new dress or a brand new car… whatever. Modern consumers are combing through all the information…

patient experience

Image courtesy of Yelp Improving patient experience is one of the best ways to attract patients to any healthcare organization. A 2018 report from The Beryl Institute revealed that 91 percent of consumers view the patient experience as “significant to the healthcare decisions they will make.” There are many ways to improve the patient experience,…