This blog gives tips to insurers on improving insurance customer journeys and insurance customer experiences for the new-age audience
It is widely agreed that the pandemic was a shot in the arm for the rapid digitalization of the insurance industry and in redefining digital insurance experiences. While these have been welcome changes to most insurers and certainly the customers, success in the insurance industry remains strongly hinged on providing superior value-added services and experiences to customers.
Customer behavior and expectations have seen a dramatic shift in the past few years since the share of digital-native generations grew in the active population. The two-year pandemic has further fueled this customer behavior change and older consumers have also grown to appreciate the convenience the technological changes have brought in.
Patrick Van Brussel, research director of the European Financial Insights team and lead of the IDC Worldwide Insurance Digital Transformation Strategies advisory service, in an interview sponsored by Aspire Systems to the IDC, explained how the ways and needs of insurance customer journeys have changed. The way the digital natives interact with service providers, particularly insurers, is vastly different from the earlier generations of customers, said Van Brussel. ”For more than 200 years, the relationships between insurers and their clients have been based mostly, if not exclusively, on personal face-to-face contacts through agents, brokers, local offices, adjusters, doctors, and so on. But these times are waning,” he said.
Omnipresence should be your superpower:
Van Brussel is on point about this one. Gen Y and Z seek more flexibility in terms of accessibility and communication channels. They communicate with their insurers via multiple channels – by visiting the agent’s office, calling the call center, leaving a message on the company’s web portal, e-mail, and through dedicated apps – all on the same day. The users also expect that the information from all these channels is updated in real-time from one stakeholder to the next for a hassle-free Insurance customer experience.
You’ll also need to offer frequent and constant service updates so the customer sees you as transparent. Offering chatbots and voice bots as additional communication channels will help them have a pleasing insurance customer experience. This assistance should be 24×7 and all information and requests should be synced in real-time on your end. This will save the customer the time and hassle it is to explain any issue they may be facing to your agents repeatedly.
Gen Y and Z seek more flexibility in terms of accessibility and communication channels.
Your audience now expects a contactless and independent insurance customer experience – even more so after the pandemic. Enable more self-service options such as fully online claims, policy changes, upgrades and settlement process. Customers should be able to get on your website and raise a claims request, check its status and raise disputes online. It saves them a lot of time and hassle again, when compared to getting in touch with your agents for everything. This relies heavily on digital insurance experience and your overall digital game, so make it strong. This is also extremely useful at moments of crisis, when your customer may not have the time or energy to make a laborious call to your customer care.
Contactless insurance customer journeys and digital insurance experience have taken precedence since the onset of the pandemic.
Personalization is key:
Making a customer feel heard and making them feel special are two different things. While the former can be managed by optimizing your insurance offerings, the latter can be easily done with the help of new-age technologies. Invest in understanding your customers’ behavioral profiles. Use IoT and advanced data analytics to draw actionable insights into what your customer needs, what they may want and what they will need in the future. Send out customized alerts about calamities or weather warnings based on their needs. You can expand your scope by offering them tailor-made policies based on their needs. This extra attention will elevate the insurance customer experience to a whole new level and will also be a key part of the future of Insurance technology solutions. You can use future insights to plan your business roadmap as well.
Invest in understanding your customers’ behavioral profiles.
Keep up with trends, keep innovating:
While the points above are more or less necessary to survive, keeping yourself up to date with industry trends is what will make you thrive. For example, businesses across the globe are exploring the subscription model. See if you can make it work for your insurance business. Customize your offerings to suit customers who are looking for temporary insurance coverage due to pandemics. Keep expanding your scope to include new audience sets such as travelers, students, etc.,. This will show that you are capable of change and are in tune with the times. What could please the new-age audience more than an insurer who understands the current world needs?
Show that you are capable of change and are in tune with the times
You can read more about the analyst’s insights in this Article
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