September 30, 2020

Technology Key for Insurers Wanting to Improve CX

Straight talk? Insurance companies have never been on the forefront of technology or customer experience (CX). In fact, they’ve been accused of the opposite. The industry as a whole is actually considered a slow adopter, relying heavily on paper documents, manual processes, and outdated, unconnected systems. Not an ideal scenario when you consider that customer expectations are continually rising along with the desire for speedy, but also personalized, service. While the digitization of a mature industry like insurance feels intimidating, there is a great deal of upside for insurers. On top of happier customers, it can lead to an easier and more efficient claims and policy administration process–music to the ears of both insurers and their policyholders! 

Below we outline some tips on how insurers can use technology to improve customer satisfaction and shine with their customers. 

  1. Ditch the generic ‘Dear valued policyholder’ communications. Instead, create a personalized experience across all channels. By doing so, insurers provide a seamless experience for each of their customers no matter which platform they’re using.
  2. Fortify your walls. Insurance companies handle highly sensitive and personal information. In order to gain and maintain customer confidence, insurers need to not only leverage the most up-to-date security tools and implement best practices for secure data management, they must also effectively communicate what’s in place to customers to help keep their information safe.
  3. Provide choice so customers choose you. There are more than 10 different non-dairy milk options on shelves today. If this doesn’t emphasize consumers’ need for options, we don’t know what does! Offer targeted solutions and product recommendations in a way that’s easy for policyholders to understand so that they can choose the options that work best for them.
  4. Build connections. Gone are the days when price and product solely dictate customer behavior and satisfaction with research revealing that 66% of consumers care more about the experience than price. These days customer experience is irrevocably intertwined with a customer’s journey. By ensuring a connected journey across all touchpoints, insurers increase the likelihood of being able to compete on more than just the products and services they offer.
  5. Embrace chatbots. Leveraging the power of AI and machine learning allows you to mobilize an effective army of chatbots that can help customers with policy applications or straightforward claims inquiries, which frees up your customer service representatives to deal with more complicated issues.
  6. Recognize that mobile apps are where it’s at. By offering easy-to-use mobile apps, you give your policyholders the convenience they’re looking for. Today’s consumers are used to an on-demand lifestyle (especially Millennials), increasingly preferring to be able to pay bills, check account balances, and get questions answered on-the-go.
  7. Take advantage of customer data. The ability to collect and quickly analyze customer data has never been easier. Insurers that have the technology to effectively evaluate this data are able to identify and make personalized product recommendations and more effectively address common pain points with individual customers.
  8. Ask Alexa: When is my next insurance payment due? Forward-thinking insurers are beginning to take advantage of the opportunities that voice-activated devices like Siri and Alexa bring. Artificial Intelligence is allowing customers to use their smart speakers to access policy information, check the status of a claim, and make payments using voice-activated commands.

Making large-scale changes to an industry that’s known for being set in its ways sounds challenging. Maybe so challenging that some will decide they can live with how things are. For those insurers looking to keep pace with customer expectations, they need to start putting the solutions in place to make that possible. 

For more information on how KUBRA can help insurance companies improve CX, stay in touch with policyholders (and the times!) click here.