Digital Transformation within the insurance industry is reshaping the way in which traditional insurance companies interact with their customers. Making a claim on your insurance can often require several calls, emails or even a face-face visit to resolve. Companies are now reducing the time it takes to process applications from a couple of weeks down to 20 minutes via website questionnaires. For Insurance firms to survive, it is important they understand their consumers service expectations, and leverage the right technology to help them not just meet, but exceed those standards.
Moment of Truth
Many insurers have been concentrating on improving customer satisfaction in the sales and quotation process and often neglect the claims experience. A survey by customer experience consultancy Quadient, last month, found that over half of consumers (52 percent) believe they have more power than they did five years ago. Three-quarters (77 percent) added that they would switch insurers if they did not meet their expectations. Consumers want speedy resolutions, clear communications about status and, as a bonus, a personal touch. In order to understand if you are meeting customer expectations, it is important that you are continually monitoring your reputation on third party websites and acting on customer feedback in order to receive a higher rating, improve your credibility and receive valuable insight into how you can remain competitive.
Choosing the right insurance company is now a fully digitalised process that takes place mostly online, which is why insurers can no longer depend on traditional methods to sell their products. By providing an online service, all the customer has to do is contact the insurance company through their portal, and follow each step of providing their details to receive a quote. The insurance software will register the data and store it on its system. Automatically, the system will look up all the auto-rated quotes from partner insurers. This insurance software will instantly put together price comparisons and deliver them to clients online. Using dedicated insurance software provides important functionality for the consumer. Four functions found in insurance systems are policy management, claims management, rating and underwriting. Dedicated software can improve team communication, process efficiency and regulatory compliance, ultimately reassuring customers of your reliable service.
Keep Consumers Engaged
The insurance industry is becoming increasingly competitive, which is why it has become more important now, than arguably ever before, to ensure that companies centralise their business models around their customers. It is crucial for the industry to learn how to match the ease of service set by big tech giants and move away from the constraints of being judged solely on price. Long waiting times, complex processes, and a lack of transparency are among the top 3 issues among claimants. The use of mobile apps and social network integration enables a greater understanding of a customer while ensuring 24/7 service. Voice analytics assesses customer sentiment during phone calls, with appropriate classification and prioritization of resolution. Customer engagement must focus on a more integrated and multichannel environment. This includes providing customer-focused product offerings based on what a customer needs. Analysis of customer records can identify claimants facing renewal and desirable candidates for purchasing additional products. Artificial intelligence, such as Chatbot’s, allows customer queries to be dealt with quickly. Customers want a company that understands their risks and offers an insurance policy that matches their needs.
All aspects of the insurance industry are affected by the digital experiences that consumers have come to expect from other purchases they make in their lives. Investing in the right technology is vital for today’s insurance industry.