Are you an insurer making baby steps with personalizing your customer journeys? Quite a few insurers have already moved on to hyper-personalization, so will your efforts matter? We’re here to tell you baby steps are still strides when it’s in the right direction. Here’s why: A lot has changed with the insurance industry and even legacy insurers are embracing insurance technology solutions, but customer experiences continue to rule the roost.  

This blog will give you the necessary outlook on personalized insurance customer experiences and its basics you need to master. 

Now, first, putting any argument about the need to focus on insurance customer experience to rest, we present to you a study by Watermark Consulting that proved the impact of CX on insurance ROI.  

The customer experience consultant based in the US ran an analysis to study the dominating influence of a strong and poor insurance customer experience on long-term business. The results of the 14-year study, given below, were pretty conclusive without the need for interpretation.  

  • Auto insurance customer experience leaders earned a total cumulative return that was more than three times higher than the insurance customer experience laggards. 
  • Home insurance customer experience leaders earned a total cumulative return that was more than seven times higher than the insurance customer experience laggards. 

Now, what can your baby steps towards offering a personalized insurance customer experience look like? Here are some pointers. 

1. Ditch the one yardstick rule for customer interactions 

The one yardstick standard is good to govern policies and other business needs, but your customers for sure zone out when they see your standard “interaction” messages. Interactions have to be personal to stand out of the marketing cacophony. You can get here by upgrading your customer portal with a customised dashboard for every customer – with all their policy details, personalised offers, claims status, premium dates. Make sure it is updated real-time or it will be counter-intuitive.  

2. Be available at their beck and call 

Omni-channel customer experiences are how you can hammer-in your brand name while reassuring your customers that you’re there for them. Bring your A-game here with the help of new-age tech. Use the power of automation and AI to offer chatbots and voice bots. Enable ENOL (electronic notification of loss) options to make filing a claim request hassle-free and possible by sending out a simple text message or through virtual chats. 

Check out how ACIA – our exclusive accelerator – can help you personalize insurance customer journeys.

3. Use analytics & behavioural data 

Insurers by nature of business have huge amounts of data to deal with, but modern data analytic trackers and tools have brought in better data usage prospects. Track behavioral patterns of your customers to be proactive in recommending products to them. For example, if a customer is looking at residential properties online or for school districts, there is a good chance that they are planning to move and you have a better chance of selling home insurance to them. A lot of this data can be bought too. This can also help you understand where future business is. 

Check out how you can personalize your data & analytics journey with a tool such as Imagyn.ai. Talk to domain experts now.

4. Plan in advance with telematics, wearables & IoT 

While data from website visits can help you be one step ahead, IoT, telematics can help make your overall profile of a customer stronger and tailor your offerings down to a policy-level, based on their level of risks and personal needs. Data such as activity levels, heart rate etc., can help you do this.  

Advanced machine learning tools, when combined with a strong data bank, can take the level of personalised insurance offerings to a new peak.  

Not sure where to start your insurance digital transformation journey? Schedule a consultation with our experts now