Why Insurers Put Customers at the Center of Their Business
The most successful organizations of today often build their businesses around consumers. And for most customers, the experience matters when it comes to building loyalty and trust. According to reports, over 80 percent say that their experience with a company is as crucial to them as the services and products offered, yet, there remains a significant divide between what enterprises deliver and audience expectations.
This is the case for insurance industry – for decades, they’ve been considered commodity products that necessitated availability-based purchases. But in the last few years, its market has seen growth in different options and an increase in insurance products, creating more sophisticated buyers with a much greater range of wants and needs than ever before. For this reason, insurers now put customers at the center of their businesses, becoming nimbler, working quicker, and delivering a better experience as their priority. And below are some examples of how carriers prioritize their customers.
Demonstrating customer-shared data’s value
In today’s modern world, successful insurers understand that using technology to improve customer experience generally depends on having accurate and real-time data to address challenges and needs appropriately. Therefore, insurance companies need to concentrate on gathering relevant data throughout their client-related processes like claims and renewals to strengthen their CX initiatives. By having actionable data, carriers can create personalized experiences and policies that strengthen customer trust and loyalty, encouraging the voluntary sharing of data.
Smart workflows for policyholders and carriers
Insurance carriers recognize the importance of redesigning processes and systems and creating smart workflows pairing artificial intelligence with data, automation, etcetera, to embed the exponential technology throughout the entire process. The integration of functions across the organization’s boundaries not only empowers employees but also helps customers feel known, served quicker, and get immediate claim payouts and policy refunds. Furthermore, integrating and automating tasks can convert innovative ideas into business value.
One example of handling claims from the first notice to settlement is the touchless processing of claims. The bottom line of automating claims with minimal human interference is valuable, as it improves operational efficiencies and can help insurers streamline the customer experience while gaining profitability.
Opt for an omnichannel approach for customer interaction
More and more insurers are focusing on integrating their platforms and systems, as it enables them to interact better with their customers across different channels. For example, customer service representatives speaking to customers over the phone can be notified if the person they’re communicating with has requested quotes on specific policies via the website and can modify the quote seamlessly. They can then send it via a message with some personalized options for them to look into using their smartphone or tablet as they receive advice from the agent.
From leveraging data to deliver personalized experiences to adopting omnichannel strategies for customer support, insurers are increasingly focusing more on their customers, and it isn’t hard to see why. After all, consumer experience is integral to the success of an insurance company, and by prioritizing the satisfaction of your customers, you’ll be able to get more business for your company.