Boosting the customer experience within the insurance industry

The most successful businesses distinguish themselves by placing customers at the core of their operations, recognising that exceptional customer experience is paramount to fostering enduring loyalty. Salesforce highlights that 80% of customers consider the experience provided by a company as crucial as its products and services. Yet, there's a notable discrepancy between customer expectations and the experiences many companies deliver.

This disparity is particularly evident in the insurance sector. Traditionally, insurance was viewed merely as a necessary formality, with consumers selecting from a limited range of options. However, the past decade has witnessed a surge in innovative products and choices within the insurance industry, giving rise to a new breed of discerning consumers with varied needs and preferences. Today's insurers are tasked with the challenge of remaining adaptable, responding swiftly, and prioritising exceptional customer experiences to meet these changing demands.

Read more about the four strategies:

  1. Importance of data sharing
  2. AI integration
  3. Develop beneficial, smart workflows
  4. Employ a multi-channel strategy

Becoming more customer-centric

The insurance industry is undergoing a transformative shift towards a more customer-centric model, emphasising the enhancement of customer experience (CX). In an effort to forge deeper connections with their clientele, numerous insurers have implemented laudable initiatives:

  • They have diversified their communication channels, simplifying the process for customers to seek information on policies or submit claims.
  • They are demystifying the complex jargon often found in insurance documents and interactions, making information more accessible.
  • They are innovating by integrating the personal touch of human interaction with the efficiency of AI and combining in-person services with the convenience of digital platforms. This hybrid approach caters to a broad spectrum of preferences, from those favouring direct engagement to individuals who prefer intermediary agents.
  • They are proactively engaging with customers beyond the traditional renewal interactions, aiming to cultivate stronger, more meaningful relationships.

Despite these strides, a recent survey revealed that 44% of consumers harbour scepticism towards insurance companies, doubting their commitment to act in the best interests of their customers. So what can be done to regain this trust?

Showcase the importance of data shared by customers

Improving insurance CX relies on using precise, real-time data across all interactions, from purchases to claims, to customise policies and digital experiences, building trust and encouraging more data sharing. Insurers need to highlight the benefits of data sharing with transparency and streamline the process to avoid repetitive data requests. Leveraging existing data with analytics can provide valuable insights into customer behaviours and preferences. Incorporating feedback mechanisms and research into CX design is crucial for effective data collection and understanding customer needs, ultimately elevating the insurance experience.

Expand the integration of AI across the entire process from start to finish

Integrating AI across the entire insurance customer journey has the potential to dramatically enhance customer satisfaction and loyalty. Leveraging AI-driven tools, grounded in profound industry knowledge, can lead to remarkable gains in speed, precision, and overall operational efficiency. This boost in productivity allows insurers more time to cultivate the personal relationships that customers value when navigating insurance choices, ultimately fostering a more engaging and trusted customer experience.

Develop smart workflows that benefit both the agent and the policyholder

Insurance companies are beginning to see the transformative power of reimagining their systems and processes by creating intelligent workflows. These workflows integrate data with advanced technologies like AI, straight-through processing, and automation, infusing cutting-edge tech at every phase. By breaking down silos and fostering cross-functional collaboration, these innovations empower employees and enhance customer experiences, making interactions faster and more personalised with immediate policy adjustments or claim settlements. This synergy of automation and integration not only fosters innovation but also translates into tangible business value.

An exemplary innovation in this space is touchless claims processing, which revolutionises the way claims are handled from initial report to settlement, minimising human intervention. This approach is particularly impactful in commercial auto insurance, where the high volume of claims and losses presents a unique opportunity. By streamlining operations and connecting the entire ecosystem of services (from repair shops to tow trucks), insurers can significantly improve profitability and offer a smoother experience for their customers.

Employ a multi-channel strategy to engage with customers

Insurers need to streamline their systems and platforms to enable agents to engage in fluid, multi-channel conversations with customers. Imagine a scenario where a customer service agent, while on a call, is instantly aware that the customer had just sought a life insurance quote online moments before. The agent can then effortlessly adjust the quote, tailor it with personalised options, and swiftly send it back via text. This allows the customer to review and finalise the details on their mobile device, all while receiving expert guidance from the agent in real time.

According to Mendix, digital experiences are popular across generations. Among customers 55 and older, 71% want to process claims through digital platforms, like voice or chat, instead of in person, on top of that 81% of customers remain with an insurance company if they offer personalised services. By embracing digital transformation in the front office and adopting an omnichannel strategy, insurers can enhance customer engagement and achieve cost savings.

Leveraging data for personalised interactions, integrating AI across the customer journey, implementing intelligent workflows, and engaging customers with tailored messages on their preferred channels enables insurance companies to transcend mere transactional relationships with their policyholders. By centring their offerings around the customer experience, insurers transform into trusted advisors, fostering loyalty and influencing purchasing decisions. This customer-first approach not only enhances satisfaction but also positions insurers as pivotal partners in their customers' lives.

Britannic stands at the forefront of consultative technology integration, specialising in elevating customer experiences and driving digital transformation within the insurance industry. With our extensive expertise and a comprehensive suite of customisable business process and communications technologies, we partner with businesses to architect solutions that resonate with their unique needs. Whether it's enhancing customer engagement, streamlining processes, or leveraging innovative tech, Britannic is dedicated to empowering your business's journey into the future.