April 29, 2008

Customer Relationship Snapshot: Insurers

How Relationships Differ Across Generations Of US Consumers

This is the seventh document in the "Value Of Customer Relationships" series.

by Bruce D. Temkin

with Steven Geller

Executive Summary (This is a document excerpt)

Forrester asked nearly 5,000 US consumers about many aspects of their relationships with insurers. We examined their feedback on overall customer experience; their satisfaction with Web, branch, and phone interactions; and their plans to stay loyal to their current providers. To understand the dynamics of these relationships, we analyzed the data across five generations of consumers: Gen Y, Gen X, Younger Boomers, Older Boomers, and Seniors. For most of the areas we examined, Seniors gave insurers the highest marks and Gen Yers gave insurers the lowest marks. The gap is particularly significant when it comes to the likelihood of switching providers.

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