Human Vs Machine: Customer Engagement Preferences in Insurance

by | Jun 28, 2021

Human Vs Machine: How Insurance Customers Want to Engage with Their Insurer

Digital transformation in the insurance industry accelerated dramatically in 2020. Restrictions on physical interactions required an almost overnight switch to digital channels for consistent customer engagement. But now that restrictions are easing, it’s time to determine actual customer engagement preferences in insurance, and plan accordingly.

It’s evident that customer engagement preferences in insurance are not going to return to pre-pandemic ways.  Insurers recognize that the digitalization of certain processes not only reduces costs and increases efficiencies but will continue to be the preference for certain segments of their customer base.

However, not all insurance customers are likely to want a fully digital relationship with their insurer.  An Accenture report found that, despite customers wanting to engage digitally, there is still a need for human interaction. Customers are mostly happy to get facts and information from a machine in the form of an IVR or chatbot, but when it comes to advice, they are more likely to trust a human.

So, how should insurance organizations approach customer engagement preferences?

The answer is to become a digitally enabled organization that offers customers the choice of how and when they interact. The customer engagement strategy in insurance must be to have a selection of interaction channels and provide customers with the option to use their preferred channel, at the point they wish to engage.

Which raises the question of whether to focus investment on physical or digital engagement channels.  The answer is both. 

How a customer communications management (CCM) platform enables customer engagement in insurance

The goal of having a comprehensive customer communications management strategy is to service customers quickly and efficiently via both digital channels and human teams. A CCM platform supports this by recording every communication with a customer, including their personal documents.

Doxim’s omnichannel CCM platform can generate insurance policies, bills, statements, and any other customer documents, and distribute these communications through multiple channels (via print, PDF, HTML, email, text, and online interactive experiences).

Documents are stored securely online and made available for customers to self-serve via an online portal or mobile app; as well as supporting customer service teams by providing the information they need, at their fingertips.

The omnichannel capabilities of the platform are such that when a customer calls in to speak to a service representative or engages with a chatbot, both human and machine can provide immediate assistance by calling up the communication or document that the customer received.

When it comes to providing a great customer experience in insurance, allowing customers to select the preferred channel on which to engage is vital. Doxim CCM enables this through both digital channels and digitally-enabled humans.

Find out more about how Doxim CCM can enhance customer engagement in insurance. BOOK A DEMO

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

Our Bloggers

Erin Romo headshot
Erin Romo

CCM in Utilities

James Hall headshot
James Hall

CCM in Europe

Jason Pothen headshot
Jason Pothen

CCM in Utilities and Healthcare

Josh Noble headshot
Josh Noble

CCM for Banks and Credit Unions

Olga Zakharenkava headshot
Olga Zakharenkava

CCM Strategy

Scott Biel headshot
Scott Biel

CCM in Wealth & Insurance

Sean Kennelly headshot
Sean Kennelly

CEM and Payments

Guest Bloggers

Keypoint Intelligence logo
Keypoint Intelligence

CCM Industry Experts

Matt Chester headshot
Matt Chester

Utility Technology

Schedule My Demo