Satisfaction does not guarantee loyalty

A satisfied insurance customer isn’t necessarily a loyal one, according to the first World Insurance Report, an international study of over 10,000 insurance customers, insurers and distributors by the consulting, technology and outsourcing service provider, Capgemini and the European Financial Management & Marketing Association (EFMA). Bertrand Lavayssière, managing director, Capgemini Global Financial Services and John Mullen, vice president, Capgemini Insurance, says the report’s findings indicate that customer satisfaction does not equate with customer loyalty. Very few customers surveyed in the report expressed outright dissatisfaction over either the type or quantity of interactions they have with insurers or agents, while almost 40% of non-life insurance customers switched providers in the last five years.