“You don’t earn loyalty in a day. You earn loyalty day by day.” Sales pro and business trainer Jeffrey Gitomer’s words, in his book ‘Customer Satisfaction is Worthless, Customer Loyalty is Priceless’ seem to be tailored for the insurance business. And how do you build customer loyalty? – by nurturing customer experiences.
Need to constantly elevate insurance customer experiences
Customer experience has been at the core of the insurance industry since its origin and insurers worldwide have seen themselves evolve with time, by meeting customer needs. Some insurers have tried to challenge the notion by transforming other aspects of their business – such as their offerings, sales channels, partner rapport, and through insurance digital transformation. What they fail to see or acknowledge is that insurance customer experience has been the hidden (or not) core driver of all these aspects and has prevailed as the one fool-proof way to protect an insurer’s future.
The prevailing effect of customer experience on the success of an insurance business addresses once and for all any qualms about constantly elevating insurance customer experiences.
But this constant need for updating raises further questions. For example, how do insurers with a decent customer loyalty base and positive customer experiences take it up a notch? Why rock the boat when tides are smooth, one might even ask. The need to thrive over your competition makes growth a necessity and the answer to the puzzle lies in a multi-factorial approach – elevating insurance customer experiences from various individual business standpoints. Focus on your customer’s experience at every step of the way – starting from your offerings, and customer onboarding to having a claims & settlement process. Having positive overall customer satisfaction will elevate the insurance customer experience and is what will increase your chance of customer loyalty.
Now on to our solution to this puzzle, ACIA. ACIA – Aspire Connected Insurance Accelerator – will help you work towards your insurance digital transformation and insurance customer experience goals in one go. Here’s how it can help you with every step of the journey we just discussed.
First, engineered with best-in-class AI tools, ACIA offers digital onboarding and can easily be integrated into your in-house onboarding platform. The upsides it brings: Swift customer data vetting, quick quotes & smart data capture from images and documents
- AI tools engineered into the accelerator offer insurance underwriting automation and customer credentials are vetted super-fast
- The accelerator can take customers from quote to payment interfaces in under 5 minutes with its automated approval and instant quote generation features. Your customer’s time isn’t wasted
- Deep learning models extract data smartly from uploaded documents and verify them for underwriting accuracy. The mostly-private information is also more secure with machines than men.
Despite being able to produce positive insurance customer experiences today, if you don’t chart your business growth plan based on the data in hand, you will become stagnant. This is where our accelerator comes full circle. Again, with the power of AI, it brings you: Streamlined customer data, insights & predictive analytics
- All your customer data, from the files being processed across teams, is consolidated and saved for future use and reference.
- The accelerator goes the extra mile in offering you insights on end-user behavior and usage so you can optimize your offerings.
- The superior in-built analytics tools will take your customer retention game to another level by giving you estimates for renewal, claims probability, and burning cost.
Real-time is the real deal
It’s the aspect of this accelerator that’ll ensure your omnipresence to customers. On offer are 24×7 chatbot & voice bot assistance, personalized end-user dashboards & customized alerts.
- Keep interactions personal with real-time chatbot and voice bot assistance that’s available 24×7 and can assist with onboarding, quote generation, mid-term policy adjustments, claims notification, and FAQs. This offers instant validation and resolution to customers while drastically cutting down on the man-hours you’ll need to lend to customer care calls.
- A dashboard that acts as a one-stop information point for the end-user to access all their policy details & updates. Saves the time & energy spent on raising queries & resolving them.
- The accelerator enables telematics integration which helps you send out individual alerts to customers about calamities or accidents. This goes a long way in enhancing customer safety and in turn, customer reassurance.
These tools together will help you orchestrate the best-possible insurance customer experience and push you ahead in terms of your digital offerings and insurance digital transformation game.
Schedule a consultation now to find out how we can help you.
Read our other Blogs:
- Personalized insurance customer experience: A guide for insurers catching up - December 2, 2022
- AI in insurance: Subject experts tell us what’s the fuss about - November 2, 2022
- Top P&C insurance, life insurance trends and priorities you need to know - October 14, 2022