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How Customer Experience Drives Growth for Life Insurance Companies | Insurance blog



Customer experience can be a competitive differentiator for life insurers, and many of them are making strategic investments in customer experience across the enterprise to drive business growth. These investments in people and technology give it the 360-degree view of its customers needed to discover new opportunities. At the same time, they enable a better experience for customers and employees, which helps drive business results.

Transform customer portals into digital customer engagement

The customer portal is an insurance product long overdue for an overhaul, especially now that consumers are embracing digital technology. Specifically, it must shift from transactional to experiential and personal if insurance companies are to meet the rising expectations of this next generation of insurance buyers. And whoever is first to meet the needs of these potential and existing policyholders will win their business and perhaps even their loyalty.

One way to quickly transform the portal is by investing in today̵

7;s data-driven, intelligent core insurance platforms. Many of these platforms come with out-of-the-box integrations for best customer experience providers. They offer a powerful way to transform the portal by accelerating time to value for the new and differentiating capabilities their solutions provide, such as faster and easier onboarding for policyholders. But portals alone cannot drive greater digital engagement. Advanced customer engagement requires data and analytics capabilities to deliver the personalized experience consumers expect.

Data analytics: a must-have capability for advanced customer engagement

Data analytics is the driving force behind advanced customer engagement solutions. Look no further than conversational AI to see how data analytics is changing the way we sell and service life insurance. Together, these technologies provide the personalization and seamless experience consumers expect across all channels, whether it’s directly responding to customer inquiries or connecting them to a human agent for assistance.

And core insurance platforms play a key role here as well. These modern digital life and annuity platforms offer a powerful way to leverage your portal to drive more engaging customer experiences and discover new opportunities. They aggregate data and back-office functions such as underwriting, integrating them with ecosystem partner capabilities, to provide more relevant, engaging front-office customer experiences. For example, life insurance companies are increasingly using direct processing and external third-party data in lieu of paramedical examinations to accelerate the issuance of certain life policies in the competitive direct-to-consumer market. They also turn to machine-generated video experiences that bring new policyholders on board in a seamless and engaging way.

These advanced customer experience capabilities make use of data within insurance companies’ data lakes as well as from external sources. Insurers that master this level of data management will be well positioned to improve the customer experience along the entire insurance value chain, especially as even more intelligent technology platforms emerge.

Cognitive platforms: a better experience for human agents and the customers they serve

Cognitive platforms connect portals to advanced customer experience capabilities that combine the following: machine learning, sentiment analysis, natural language processing for speech and text, vision analysis, and human-computer interaction. This mimics the functioning of the human brain and helps improve human decision making. For example, advanced chatbots extend self-service capabilities by freeing up human agents to focus on more complex support issues and proactive next-best actions. We call this “human-machine collaboration.” And we believe it can also help mitigate the impact of talent shortages by directly supporting policyholders or by indirectly helping customer service staff, automatically providing the information they need to support the customer.

Investments in cognitive platforms can significantly promote differentiated customer experiences. Such platforms will be critical in enabling the omnichannel, multi-product experience that customers expect, and do so without placing a heavier administrative burden on short-staffed support teams.

As more intelligence is built into human-machine collaboration, we expect to see product lines blur and organizational silos dissolve, exposing new opportunities to invest strategically in customer experience solutions that benefit the entire enterprise. Harnessing the best of human ingenuity and technology gives insurers greater freedom to reshape the insurance experience into one that is more customer-centric and omnichannel, keeping insurers ahead of customer expectations. Therein lies the competitive advantage – insurers unlock efficiency and value through differentiated experiences that improve both employee and customer satisfaction, driving top-line and bottom-line growth.

Let us have a conversation about how you can use customer experience to drive growth.

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Disclaimer: This content is provided for general information purposes and is not intended to be used as a substitute for consultation with our professional advisors.
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