Why Insurers Today Need To Focus On Improving Customer Experience
To succeed, insurers need to shift their focus away from cost savings and instead look at improving customer experience (CX). Fortunately, innovative digital technology is available that allows providers to streamline their many complex processes, improve customer communications and ultimately, enhance customer experience.
An example of such innovation is Customer Communication Management (CCM) in insurance, as it enables the creation and delivery of business-critical documents and omnichannel personalized communications, engaging customers throughout the entire lifecycle with the insurance provider. This enhances customer experience, which helps ensure business success in this increasingly competitive digital era.
We have selected articles that uncover both the customer experience and digital challenges insurers are facing today. Also read how digital technologies, as well as innovative products and processes can help insurers improve customer experience.
To conclude, Elizabeth Stephen discusses how Customer Communication Management in insurance can boost customer experience.
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3 Customer Experience Challenges Within The Insurance Industry
Customer experience has become a key competitive differentiator and thus determines the success of organizations in today’s digital landscape. As a result, the insurance industry is now relying on digital services to help navigate members easily and seamlessly through the many insurance processes.
“A recent survey conducted by Accenture revealed that more than 50% of the insurance customers have a preference for using digital channels when looking for product information or updating personal information with their insurer.”
This article highlights three “customer experience challenges that insurance companies must overcome to succeed in today’s competitive market.” They are:
- Developing an omnichannel sales process
- Building apps and websites that enable customers to manage their policies
- Using IoT (Internet of Things) to improve personalization and business decisions
Four Issues Face By P& C Insurance In Digital Transformation
Digital transformation entails company transformation and the benefits noted in this article range from an increase in agility creativity, employee engagement and eventually, revenue. There is no doubt that the adoption of digital technology also offers many benefits to the insurance industry – from cost savings, to an enhanced customer experience, and it is a key driver of business growth and success.
This article notes however that P & C insurance firms face many digital transformation challenges, most of which are due to their current legacy systems, which are not easily integrated with modern digital technology.
The four challenges highlighted are:
- Change management
- Data management
- Inadequate IT expertise
- Legacy systems
Customer Experience Is the Driver of Insurance Success, But Automation Is the Engine (Video)
In this article, we read about the value of AI-driven automation in the insurance industry. It is noted that, not only will this innovative technology help insurers mitigate risks and costs, but it also enhances customer experience.
The intelligent use of data is vital if insurers want to succeed in the current digital era. It is noted however that the industry is still plagued by disparate, inefficient legacy systems and processes – many of which are still manual. The result is unreliable, unstructured data which derails the insurer’s goal to deliver the experience insurance customers expect.
We learn how AI-automation technologies not only helps speed up processing times, but also ensures fewer errors and provides more reliable, accurate data. Read further to learn more on how automated document processing and data extraction is helping a leading insurance organization save costs and streamline processes.
Investing in CCM in insurance will boost customer experience
With insurance being all about assessing and minimizing risk, it should hardly be surprising that the industry has traditionally been slow to adopt new technologies, outside of process improvement. It’s clear that customer experience has not been a priority.
But, in a world where customer adoption of technological change is happening faster than ever, insurers simply cannot afford to maintain that position. Doing so, means the risk of not meeting customer expectations, who want the experience they’ve become accustomed to with other service providers.
Insurance customers want to hear from and be able to interact with their insurer, using their preferred communication channel. Whether the communication customers receive from their insurer is marketing or service-based, they expect it to be highly personalized – from content to pricing, and easy to respond to. Additionally, it should be seamless across channels and consistent in its message.
Investing in a reliable customer communication management (CCM) platform is therefore an essential part of providing the kind of omnichannel experience that insurance customers now expect. It helps provide a great customer experience, builds rich relationships, which in turn results in customers for life and a competitive advantage in the current marketplace.