In this series of posts, I’ve talked about why personal lines and small commercial insurance companies need to focus on reinventing the customer experience from end to end, and four different aspects of that experience that can help them drive growth – new products, a marketing transformation, embrace of digital channels and improved customer service.
Technology to enable your reworked customer experience
Behind each of these growth factors are two technology opportunities. If you want to increase your market share and remain relevant to customers with changing expectations, you need to build your capabilities in these two areas:
- A platform for engagement. To support a reworked customer experience, you need a cloud-based, AI-infused system for engagement with automated workflows. It should provide a 360-degree view of your customers across all product lines and be integrated with registry systems, so that everything is connected and works together across the entire value chain, from marketing to sales to guarantees to service to complaints.
- Data-driven analysis and deep customer insights. Analysis based on first- and third-party data can help you define revenue levers and better understand your customers. These deeper customer insights allow you to define your customer needs through segments or personas to build truly customer-centric experiences across channels, enhancing the value your customers receive. If you do not use predictive and prescriptive analytics, you will miss out on an opportunity to provide more relevant and personalized digital insurance experiences.
Our research indicates that 75% of customer service organizations across industries plans to invest in AI or process automation. If you are one of the 25% who do not yet have a plan to do so, now is a good time to reconsider your strategy, perhaps with the help of a partner. We helped a multinational insurer to implement one cloud-based solution to improve its old CRM system, with a single view of brokers and customer transactions and interactions, plus case and workflow management.
Insurance companies take the customer experience to new levels
Regardless of older systems, insurtechs is moving fast to fill the gaps in current customer experiences.
- Waffle. This insurtech has improved the customer experience from start to finish by building an all-in-one platform that lets customers choose cyber, tenant, pet and travel insurance from different partners, and an app for managing policies on the go. Appearance on the website is a list of core values that many customers will adhere to – values such as creating a positive impact in the world, the importance of earned trust and the belief in equality and inclusion.
- Sprout.ai. Another insurance technology, this company offers an AI automation, natural language processing and OCR solution to help global insurers resolve claims within 24 hours, allowing insurance companies to focus on the customers in their needs.
Personal lines and small commercial insurance companies will need to take a versatile approach to transform the customer experience. They will need to develop innovative new products to meet currently unmet human needs, engage in a continuous marketing transformation that positions them as relevant in their customers’ lives, expand the use of digital channels to meet customers where they are and improve customer service to keep the conversation fluently.
If you are interested in increasing revenue and increasing your margins by transforming customer experiences throughout the customer journey, do not hesitate to reach out to me.
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Disclaimer: This content is provided for general information purposes only and is not intended to be used in consultation with our professional advisors.