The average lifespan of top insurance companies in S&P 500 is getting shorter and shorter every year.
Traditional business models that focus on agents and distributors are getting battered with disruptive end to end digital journeys. And rightly so. Anyone, meeting pre-requisites, can buy a tailored insurance with a few clicks. With a lower premium thrown in too.
How can insurers stay relevant and more importantly, lead in digital transformation, engagement, and experience?
Build robust customer journeys
Every company worth its nickel is boasting about their digital presence. But they tend to forget one critical point. Digital touch points matter, but not more than customer experience. A great customer experience will cement relationships with your customers. An insurance company that builds a great digital channel, but ignores the headaches of filing and redeeming claims will probably won’t do well.
The solution doesn’t mean adding more touch points. That will only make it complex. Instead, simplify the on boarding process and strive to deliver value at every engagement. Be it in the form of convenience, empathy or instant fulfillment.
Bring in Robotic Automation
Innovation in insurance today refers to digital process automation. That means designing robotic journeys for effective on boarding, underwriting, risk analysis, approvals etc. This enables the firms to deliver relevant at speeds never seen before. Robotic process automation transforms workforce to deliver every task without fatigue, errors and is highly scalable.
A leading insurance provider in Asia realized this early on and worked on rethinking its customer call center through CRM solutions. After a comprehensive audit of its customer engagement processes, the company decided to automate much of its contact center operations. This meant integrated multiple systems to offer a comprehensive 360-degree view of its customer profile, policies, issues, interaction and transactional histories etc.
Empower customers with self-service channels
Customers are flocking towards insurance providers that offer and deliver policies online. However, almost 72% of them will connect to an agent, when the online platform isn’t engaging enough. There is still ample of scope in insurance to offer a true and end to end digital self-service channel that delivers instant fulfillment. Deploying virtual assistants that leverage the amazing power of AI to deliver accurate responses within 0.4 secs is an integral part of a robust self-service channel.
Self-service can play out at branches as well. A leading insurance specialist in Asia has a robotic assistant that greets customers, display services, gives visitors options for instant fulfillment and if necessary, accompanies them to the relevant human assistant.
Play with Visual Designers
For far too long, customers had to wait for a workforce that was grappling with emails, manual processes, paperwork etc. Today, the focus has shifted from cost reduction to taking strides in improving processes for a true end to end customer experiences.
Insurance digital journey builders help you to design business processes across channels with defined user roles and access. Rich UI with customized CSS aid firms in creating specific templates for specific journeys, across channels. Some examples insurance customer journeys can include e-KYC, capturing demographic and medical records, calculating proposals etc.
Insurance firms need to understand how relationships are formed with regards to the four Ps of Insurance: Prospects, Policyholders, Partners and Providers. Taking the lead in digital transformation can help insurance firms recognize the vital role digital CRM plays to create, orchestrate, manage, and deliver communications.