How Technologies Help Close the CX Gap

By Insurance CIO Outlook | Thursday, June 18, 2020

Why insurance companies need to close the CX gap and how technology will play a significant role in curbing the gap between customers and insurers 

FREMONT, CA: Smarter and tech-savvy enterprises are raising the bar for Customer Experience (CX) by investing in a variety of digital capabilities such as CRM, Product Information Management, and eCommerce. A recent global research by PwC has depicted that more than 70 percent of customer purchasing decisions are based on the level of service they receive. However, the experience and expectation gap in the insurance industry crosses 18 percent in value, as customers, at present, are seeking faster, convenient, and effortless management of their policy in today’s digitized and fast-paced world. 

Focus on Customers Reviews and Feedbacks

Top 10 Claims Processing and Management Solution Companies - 2020To close the CX gap in the insurance industry, insurers with poor reviews should take steps to mend the brand’s image and any negative references. Customers can be vocal and active; hence it is best to take measures to encourage the customers to share positive experiences. 

Focus on Common Pain Points in Claims

Common pain points in claims exist only when a customer is at loss during a particular situation. They are quickly frustrated with the insurer’s poor visibility, and they do not want to experience the burden of chasing their insurer for updates. These concerns of the customer are further aggravated if they have multiple points of contact and repetitive damage assessments. The insurer can resolve these concerns by being proactive, ensuring the provision of a heightened level of CX, and handling the customer at hand with sensitivity. 

Unlock Better CX with Right Technology Integrations

Insurers, brokers, claims managers, loss adjusters, and general agents can enhance their CX by integrating advanced technologies such as self-service claims, process automation, and real-time updates. 

By building a seamless CX strategy using a claims processing system, insurers can provide a flawless CX throughout the lifecycle of the insurance, from the first notification of loss to settlement. 

Embrace Technology to Refine and Enhance CX Operations

The adoption of the latest technology by insurance firms has never been greater. It is essential to avoid failures related to adoption and leveraging of data analytics, automation, and mobile services in the existing claims operations. This has the potential to lure away customers to more agile competitors who can effectively fulfill their current and future needs. 

Insurers will be able to strengthen the efficiency of their operations only by integrating the latest technologies. This will bridge the gap in the CX in the insurance sector. 

The lack of technology is no longer an excuse. The development of plans to integrate the most effective solutions should be considered the topmost priority for insurers.

See Also: Top Insurtech Companies

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