Insuranceciooutlook

How to Improve the Insurance Customer Experience

Insurance CIO Outlook | Friday, January 08, 2021

By collecting and making more efficient use of customer data, insurers can offer product recommendations based on specific interests, location and browsing history.

FREMONT, CA: By now, insurance executives are well aware of consumers' rapidly rising expectations of high-quality customer experience, what we internally call the 'digital must' era. Digital is no longer a good thing to have, but a 'must-have.'The good news, however, is that, with 74 percent of executives expecting to increase their customer experience budgets, insurers finally have the ability to create these modern customer-facing experiences.

Digitalization of insurance can help to streamline policy management and claims processing,as well as enhance efficient communication – indeed, all customer interaction – through the following technology-related steps:

Ensuring a Personalised Cross-Channel Experience: Make sure that your customers have a positive, unique experience when purchasing something as important as P&C insurance.According to studies, Americans own an average of four devices and work on screens more than 60 hours a week. From mobile apps and social media to iPads and laptops, the goal is to ensure a seamless, positive customer experience across all platforms.

Provide Consumers with Choices about How to Buy and When: Consumers like options, and they often seek advice. Businesses can help customers choose products and services by offering simple, easy-to-understand options; offering targeted solutions; and providing customers with default options.

Use the Chatbots: By using artificial intelligence (AI) and machine learning, chatbots can guide customers through a policy application or claims process that frees them from human intervention in more complicated cases. Chatbots can also save time for the organization—and money.

Offer Mobile Apps: Providing an easy-to-use app means that customers have convenient access literally at their fingertips, especially as consumers spend more than five hours a day on their smartphones. Customers may browse information and insurance options or contact the Customer Service with questions or concerns.

Recommend Products: By collecting and making more efficient use of customer data, insurers can offer product recommendations based on specific interests, location and browsing history.

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