31 Customer Experience Statistics to Help You Navigate Customer Conversations in 2024

By Smart Communications

In a recent Benchmark report, we compiled comprehensive research that exposes the gaps between customer and business’s perception of customer interactions, trends impacting customer communications, and the shifting customer expectations/behaviors that your company will need to account for.  

In this article, we share pertinent information and statistics that impact how organizations like yours can respond to these changes as well as how you communicate with your customers. 

Statistics on Customer Churn Across the Financial Services, Healthcare, and Insurance Industries 

1. Over 50% of customers would be likely to switch from a company if their communications did not meet expectations.

2. At 63%, Millennials are the demographic cohort with the highest likelihood to leave a company if its communications lead to a poor experience.  

3. Generationally, these demographics are very or somewhat likely to switch insurance providers due to poor communications: 

• Millennials (62%) 

• Gen Xers (53%) 

• Gen Zers (50%) 

4. Geographically, these regions are very or somewhat likely to switch insurance providers due to poor communications: 

• APAC (56%) 

• US (49%) 

• UK (46%) 

Statistics on How Generational Demographics Inform Customer Expectations 

FYI: When customers abandon digital interactions, they often turn to a higher-cost channel, such as voice, for help, driving up operational costs and reducing process efficiency for insurers. That’s why it’s important to create a personalized, high quality customer experience across all channels. 

Customer Communications 

1. 48% of Gen Z customers are likely to switch away from a company if its communications don’t meet expectations. 

2. 63% of Millennial customers are likely to switch away from a company if its communications don’t meet expectations. 

3. 53% of Gen X customers are likely to switch away from a company if its communications don’t meet expectations. 

4. 42% of Baby Boomer customers are likely to switch away from a company if its communications don’t meet expectations. 

5. 32% of Silent Generation customers are likely to switch away from a company if itsa communications don’t meet expectations. 

6. The top causes of customer frustration in healthcare communications are:  

• Lack of sensitivity (58%) 

• Irrelevant messages (56%) 

• Contact frequency too high (53%) 

• Not provided on preferred channel (49%) 

Forms Processes/Data Collection 

1. 48% of Gen Z customers are likely to end an interaction with a company if the way they collect information is too difficult. 

2. 61% of Millennial customers are likely to end an interaction with a company if the way they collect information is too difficult. 

3. 53% of Gen X customers are likely to end an interaction with a company if the way they collect information is too difficult. 

4. 49% of Baby Boomer customers are likely to end an interaction with a company if the way they collect information is too difficult. 

5. 47% of Silent Generation customers are likely to end an interaction with a company if the way they collect information is too difficult. 

Statistics Based on Industry: Financial Services, Healthcare, and Insurance

The statistics in the sections below touch on data capture/forms processes and customer communications, and they span across the highly regulated financial services, healthcare, and insurance industries. 

Financial Services 

1. 70% of banking/financial service professionals rate the effectiveness of the customer communications their company sends as very good or excellent. Only 48% of consumers feel the same. 

2. 53% of customers are somewhat or very likely to abandon an interaction with their bank/financial services company if the way they collect information is too difficult. 

1. Asia-Pacific customers are most likely to abandon an interaction at 58%, followed by US customers at 53%, and UK customers at 52%. 

3. 63% of Millennials are somewhat or very likely to end an interaction with their bank/financial services company if the process is difficult. 

4. When establishing trust with a bank or financial services company, customers find these factors most important: 

• Data security (62%) 

• Ease of contacting the company (53%) 

• Transparent communications (46%) 

• Empathy (40%) 

5. Only 36% of banks/financial services companies are very confident that their company’s processes and customer communications are aligned with current government and industry regulations. 

Insurance 

1. 44% of insurance customers rate the effectiveness of communications as very good or excellent while 60% of insurers rate the same data point. 

2. 27% of customers stated that the effectiveness of communications was getting better, with 72% saying they are. 

3. When asked how they prefer to receive insurance communications, here’s how customers answered: 

• Email (72%) 

• Mail (42%)  

• Text/SMS (31%) 

• In-App (23%) 

4. For a further breakdown, here’s how insurance customers prefer the following types of communications: 

• Policy renewals: Email 65%, Mail 37%, Text/SMS 20%, In-App 19% 

• Claims forms: Email 66%, Mail 37%, Text/SMS 25%, In-App 19% 

• Payment reminders: Email 63%, Mail 26%, Text/SMS 36%, In-App 19% 

• Onboarding documents: Email 65%, Mail 37%, Text/SMS 20%, In-App 18% 

5. 54% of insurance customers are somewhat or very likely to end an interaction with a company if the way they collect information (like filling out a form) is too difficult. 

Healthcare 

1. Overall, 53% of healthcare customers would switch away from their healthcare payer or provider if communications did not meet expectations. Based on regional data, here are the numbers: 

• US: 51% 

• UK: 51% 

• APAC: 66% 

2. 41% of consumers say they wish their health insurer would do more to help them understand their health benefits. 

3. 78% of consumers agree that healthcare costs should be simpler and more transparent. 

4. Channel preferences in healthcare, based on how customers prefer to receive outbound communications like statements and explanation of benefits (EOBs): 

• Email (73%) 

• Mail (41%) 

• Text/SMS (37%) 

• In-App (24%) 

5. Customer perception of the communications they receive from healthcare companies: 

• Getting better (32%) 

• Staying the same (56%) 

• Getting worse (13%) 

6. Healthcare company perception of the communications they send to their customers: 

• Getting better (68%) 

• Staying the same (25%) 

• Getting worse (7%) 

Read the blog for more about the perception gap and how to account for the discrepancies. ‘Customer Communications: Exploring the Huge Gap Between Customer Perception Versus Company Perception’ 

To learn more about how your company can create a winning customer communications strategy, access a complimentary copy of the Benchmark report today.