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4 Ways Insurance Companies Are Improving Their Customer Experience

The pandemic has caused major shifts across industries and the insurance sector is no exception. With massive changes in consumer demand patterns, most companies have started building their businesses around the customer and their ever-evolving demand landscapes. Similarly, for customers - the experience a company provides is a significant aspect of any transaction between agents and policyholders. However, there is still a huge gap between customer expectations and what most businesses actually deliver.

For many decades, customers viewed insurance as a commodity and purchased from what was available, however, over the past decade, the insurance market has evolved and become more saturated with a variety of products and services creating a sophisticated buyer with a large range of needs & wants. To meet these needs and gain a competitive edge in the marketplace, insurers not only should work faster but also deliver a superior customer experience.

Here are a few positive changes adopted by many insurers in recent years:

Illustrate the value of customer-shared data

Customer experience, in most industries, largely depends on having accurate data to properly address needs and challenges. Insurers gather customer data through client-related processes, such as purchases, renewals, and claims. As a result of timely access to the right information/data, insurers can create personalized policies and offer better experiences even when the interaction is digital. Consequentially, it increases the trust among customers and the possibility of them sharing more data in the future.

In addition, insurers can communicate the benefits of sharing both consumer and insurance-related data while at the same time providing transparency on how the data has been used. This also ensures the availability of in-house data which can be further used in generating insights and analyzing consumer behaviors.

Increase the use of AI

Experts believe that infusing AI throughout the consumer journey increases customer satisfaction and retention. The use of AI-based tools ensures increased speed, accuracy, and efficiency, which further increases productivity and opens up more time for insurers to develop personal connections with customers who are looking for attentiveness when making insurance decisions.

Creating intelligent workflows

Insurance companies and agents have started to recognize the importance of new approaches and redesigning processes while creating intelligent workflows with the help of data, AI, and automation. Integrating functions with exponential technology across organizational boundaries not only empowers employees/agents but also allows customers to feel known as well as be served better. In addition, automated processes may result in the conversion of innovative ideas into business value. Automated claims processing is one of the most viable ways to enhance customer experience while gaining profitability.

Using omnichannel approach

The focus of insurance companies has shifted to integrating systems and platforms for insurers/agents to have seamless and personalized conversations across multiple channels with customers. Developing an omnichannel approach can lead to improved customer engagement and make the processes cost-efficient.

Using customer-shared data, embedding AI throughout the consumer journey, creating intelligent workflows, and approaching customers with personalized messages or content allows insurers to move beyond a transactional relationship with policyholders. Explore more on the subject at the Money 2.0 Conference.

12/16/2021 - 10:17
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Author Name
Vinayak Joshi
Author Bio

Vinayak Joshi is an integral part of the Money 2.0 Conference team who is curious about the world of finance. With a keen interest in cybersecurity, internet financial fraud detection, scam investigation, and digital forensics, his passion lies in helping people traverse the internet securely. A self-declared anti-spam and phishing expert, when Vinayak is not working, he loves to read crime fiction, write, and play basketball.