5 Ways to Achieve Excellence in CX for Insurance

In a survey of more than 8,500 insurance customers in the US, McKinsey found that CX leaders outperformed their peers in both revenue growth and employee satisfaction. Clearly, CX for insurance providers matters.

Digital adoption has dramatically changed the way insurers operate – and no more so in the way they interact with their customers. Digital self-service has become the norm in the personal market with customers creating and renewing policies online, as well as making payments. While this shift has made things easier for insurers, it has been driven by customers seeking faster, simpler interactions. For business customers, there is still a blended need. While small business owners want the simplicity of doing it online, they still need to be able to talk to an expert who can advise on the right policy, especially in specialist markets.

To compete effectively in the highly competitive insurance market, insurers and brokers must strive to offer a frictionless, superior experience to customers. The latest CX solutions allow them to do that by helping insurers to reduce processing times, simplify paperwork, and provide a range of self-service options.

Compared to other industries, such as banking where there might be many interactions over the course of the year, insurance customers typical only contact their provider once or twice per year. It’s vital that insurers get those transactions right in order to avoid losing business. ‘Getting it right’ today means that customers must be able to interact with their insurers when and where they want – through multiple channels with self-service options and, when needed, access to a real person who can offer expert guidance for more complex issues.

Insurers work with many different types of customers, from personal customers to commercial customers, through to niche businesses and enterprises. This can mean very different types of application processes, forms and policies. CX solutions for insurers must be able to be customised to make this as seamless as possible.

But when it comes to CX for insurance, the latest tools can do much more. New AI solutions are able to collate and analyse large volumes of data to understand customer needs and behaviours. These insights can then be used to personalise messaging, offers and even pricing for customers.

While AI has revolutionised CX through the provisions of chatbots and other self-service options, agents and brokers are still highly rated channels for insurers when it comes to customer satisfaction. Insurance firms must be able to anticipate when customers might need human interaction and ensure that customers are routed to an agent with the expertise to help.

One-to-one human interactions are proven to deepen customer relationships and boost loyalty. Proactively contacting customers when it comes to a policy renewal, for instance, could prevent a customer seeking out a deal elsewhere

AI can do a lot, but insurers must identify where it can bring the most benefits to their own operations, whether that’s in auto-filling forms, vetting applications, or reducing errors. Much of this will depend on business need. For instance, some insurers may find a competitive edge by using AI to decrease underwriting turnaround time, while another might find greater benefits in accelerating claims processing rates. A good CX solutions provider, such as DigitalWell, will take the time to understand your business and the ways you can best put AI to work for it.

Traditionally, insurers have had issues with trust and transparency. At a time, when insurance customers are more concerned than ever about the security and privacy of their personal data, insurers and brokers must seek out CX tools that prioritise security and allay concerns for customers.

According to an IBM report, 66% of insurance customers expect real-time communication for claims processing. Timely status updates, as provided by the latest CX tools could make all the difference when fostering trust and improving customer relationships.

Customer expectations have soared across all industry sectors. Why should customers expect any less from insurers? The reason many insurers struggle is simply because they don’t have the tools they need to succeed. The latest CX solutions can help insurers not only improve customer experience but deliver insights that lead to operational efficiencies and drive revenue.

To discover how DigitalWell can help your insurance firm make the most of the latest CX technology and thrive in your marketplace, contact a representative.