The topic of customer experience is ubiquitous. Across industries, businesses are investing in more meaningful engagement with customers and focusing on making their experiences memorable to stay ahead of the game.
It is safe to say that the winds of change have swept the entire insurance ecosystem over the past few years. This change has been refreshing, to say the least, especially with the entry of tech solutions and products that have disrupted traditional insurance practices, in addition to the introduction of insurance technology and other timely propositions such as cyber insurance.
Certainly, the onset of COVID-19 served as a watershed moment on this journey. The pandemic not only demanded insurers to adapt quickly, but it also served as an opportunity to carve out a niche in the market and expand their customer base.
Today, providing a positive customer experience is no longer just about offering a great product. While it’s clear that a big part of the customer experience equation revolves around delivering consistent and personalized experiences that align with customer expectations, the big question is: Where do insurers go from here?
Exceeding customer expectations
Poor customer service is one of the main reasons customers look to switch providers. It is no secret that customers today expect interactions with service providers to be simple, fast and efficient — something that will only amplify over time.
In providing customers with a seamless and satisfying experience, identifying the gaps in the existing operating model and customer expectations is critical. This approach begins with developing a customer-centric brand philosophy and mapping the customer journey. Gathering customer engagement data, assessing their sentiment, tracking customer service performance in real-time and deploying predictive technology can help insurers better serve clients.
Establishing a strong digital infrastructure is another crucial element. Unfortunately, the insurance sector has lagged behind other service providers in giving customers that. Leveraging technology has become ever so important in enhancing the general customer experience and boosting the organization’s operations, productivity and speed to market.
Data-driven customer insights
Data is the life fuel of the insurance industry. These days, forward-thinking insurers are working towards establishing a data-driven insurance model with analytic capabilities at its core.
The shift stems from the need to extend beyond traditional data points and narrow the distance between themselves and their customers.
The real focus is on applying advanced analytics to improve the customer experience and evaluate risk, enhance efficiency, prevent loss and reimagine the underwriting process to deliver substantial value.
Soon, customer insights will offer a more far-reaching view of your customers so that there is an opportunity to hyper-personalize the experience by providing the right products at the right time and, possibly, cross- and up-sell additional relevant insurance solutions.
Adding a human touch
No one can ignore the human element of customer service and the impact a trusted adviser can make on the customer’s purchasing decision and building trust. Life insurance is inherently a human industry that is relationship driven. Insurers need to understand that digital tools must complement human interaction.
Like every business, the insurance business starts and ends with people. In a crowded marketplace, insurers have a unique opportunity to engage with customers personally, providing them with an experience that is cohesive, digitally driven and underpinned by care and compassion.
• Mufazzal Kajiji is the CEO ofZurich International Life (Middle East)
