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How to deliver a seamless customer experience in insurance

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How to deliver a seamless customer experience in insurance

4 key must-haves to ensure you deliver a seamless customer experience

The digital revolution is driving up customer expectations around service – investments in innovative technology by retail conglomerates such as Amazon have changed the game in terms of the customer experience. Gone are the days when a minimal effort approach by customer service providers prevailed. Now, customers expect 24/7, instant service, omnichannel communication and the ability to change providers at will. New technologies such as the cloud, advanced data analytics, AI and machine learning are being used across all industries to improve the customer journey.

The life, health and protection insurance sector is undergoing its own digital transformation. Technologies such as wearables, analytics and telemedicine are being adopted by providers to retain their competitive advantage in an increasingly competitive market.

So what steps should insurers take to deliver a seamless experience to expectant customers?

Business before technology

Before thinking about technology solutions, it’s critical that the business challenges are identified and prioritised. Having a clear understanding of where your customer journey is failing is the foundations upon which you can start to find solutions…which may of may not be a piece of technology.

How you approach this is a subject for another blog…if not essay! In this piece we are exploring the technologies available and the skills and capabilities you’ll need to deliver them – so let’s drive straight in.


Identifying the right technology to drive up the customer experience

Once the problems are clearly identified the start of your digital journey begins with identifying which technologies will address the business challenges and benefit your customers. Faced with increasing healthcare costs, insurers are moving towards a preventative model of care, utilising technologies such as:

Wearable devices: used to encourage healthy lifestyles and monitor customers’ activity and health in real-time. The data from these devices is then used to set premiums and offer discounts and rewards based on positive behaviours.

Online self-service portals and virtual assistants: allow customers to deal with health concerns and insurance-related admin when and where they like. For insurance providers, this kind of automation improves productivity and reduces the time spent on routine tasks.

Health apps: an area of significant growth, health apps let customers manage conditions, contact health care professionals and oversee their own lifestyle management. 

They provide insurers with data for underwriting and service improvement purposes.

Build capabilities for successful integration

If you introduce new technology into your organisation, you must build the capabilities required to integrate it successfully into your business. There are several areas to consider.

Digital skills: do you have the talent and competencies in-house to install and maintain your new systems? Will you need to introduce different skill sets following its introduction? For example, data analysts, instead of admin staff as AI and machine learning automate routine tasks, and analytical skills are needed to interpret data effectively.

Operating model: does your operating model need to change to adapt to the new technology and the transformation it will bring? For example, will you need to take an agile approach to digital projects and restructure your business departments to embrace agile methodology?

Third-party providers: will you need to review or terminate contracts with some third parties as your needs change? Can legacy systems be integrated with your new technology and provide the same speed of service? It may be prudent to carry out a supplier review at this point to assess capability and fit with your business going forward.

 

Get the best use out of your data

To improve your customer experience, it’s crucial you maximise the use of the data you have gathered from different touchpoints along your customer journey. Organisations are using predictive data analysis to help understand customer behaviour, engage with customers at appropriate times and offer them suitable products and services. Customers can get access to up-to-date, relevant information to help them make decisions about treatments on their mobile devices. This meets customer demand for convenience and reduces pressure on healthcare services.

Data analysis is also being used for predictive diagnosis and personalised care. Leveraging analytics allows insurers to make predictions about the kind of conditions their clients may get and provide timely care interventions. It can also identify the most effective treatment to offer patients.

Improve your sales process

When you’re selling life, health and protection insurance, a data-driven sales approach is likely to get you the best results. Ensure you have a management system in place which gives you a unified view of the entire customer journey. It should also provide a central repository for all customer data. Analysing the data allows you to identify cross-selling opportunities and ensure your customer has the protection they need. You can also use real-time customer insights to offer a more personalised service and customise your products offerings.

For phone and face-to-face sales opportunities, digital tools can help you create a guided and defined sales process. Staff can be advised to communicate certain pieces of information to customers at pivotal points along the journey. This will ensure the customer is purchasing a suitable product and increase the likelihood of a successful sale.

Online sales processes need to be backed up by omnichannel communication capabilities. Customers need to be able to switch from one channel to another and continue on a consistent customer journey regardless of point of entry. The sales process should be intuitive and straightforward to give an excellent customer experience. The same goes for customer retention strategies.

 

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To find out more about new technologies and their impact on the life, health and protection sector, join us at TINtech Life & Health. Enjoy keynote presentations from Aviva and AIG Life and take part in workshops and a roundtable discussion with your peers. Book your place now for 3rd of December at Etc., Fenchurch Street.

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