Most successful businesses today keep customer satisfaction at the core of their business operations. In fact, as per The State of Connected Customer report, nearly 84% of customers believe that the experience they get after connecting with a company is as crucial as its product or services.

And that’s what you’ll witness with modern insurance companies. There was a time when insurance customers viewed insurance as a commodity they had to purchase to protect their rights and get additional security. But, now, with the advent of digital transformations and the latest technological advances, the market has become saturated with different types of insurance products.

This has left customers with a large range of services. Now, to meet these changing needs & demands, insurers must make the superior customer experience their top priority. And what could be better than utilizing technology?

In this blog post, we will be discussing how insurance firms can double up their CX. Continue reading.

1 – Increase the Use of AI Throughout the Processes

One of the effective ways insurance companies can enhance policyholder experiences is by making use of AI, says the IBV report. Utilizing industry expertise with the right AI-based tools, companies will witness increased speed in their operations, accuracy, and efficiency.

For this, insurers can partner up with a managed service provider or MSP that makes use of AI-powered automation to improve customer satisfaction and gain profitability. These companies provide managed IT services to their customers, from cybersecurity to delivering support services like troubleshooting. And cybersecurity is a necessity for businesses as they have sensitive and valuable data stored.

Thus, collaborating with MSPs allows companies to improve their operational efficiency, which in turn, improves customer satisfaction. Particularly, companies will be able to provide a better experience to those customers who report not being satisfied with their claim assessments. Besides, this leads to a productivity boost, and you get enough to develop connections with customers.

2 – Utilize the Value of Customer-shared Data

Levelling up insurance CX via technology majorly depends on collecting accurate data. As a part of CX initiatives, companies should ensure to gather all the relevant data through client-related processes, such as purchasing, renewals, and claims. For this, companies use data-gathering tools which include data collection apps, general data collection software, and surveys.

All of these are used to collect and store essential customer data. Besides, they also make use of website tracking through cookies and web beacons which allows companies to browse the customer’s search history and figure out what they’ve been searching.

When you have access to accurate and real-time data, you can personalize insurance policies and experiences as per your customer’s needs. This further creates a positive influence on the policyholders, and they voluntarily share more information in the future.

Besides, insurers should also leverage research methodologies to offer feedback options throughout the insurance journey. So, make sure your operations are integrated in such a way that automatically collects important customer data.

3 – Use an Omnichannel Approach for Communication

Most insurance companies rely on Telephone or traditional mail to communicate with their customers. That’s precisely an outdated approach, considering today’s modern world, where everything has become digital. Thus, companies should create integrated systems and platforms for agents to have seamless communication with their customers across multiple channels.

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For instance, if you’re on a call with your customer and they have a query or a request to be made for their life insurance policy, that request should be notified to the agent within minutes through a platform. This will allow the agent to provide the customer with possible options and finalize things on call.

Thus, by providing an omnichannel approach, insurance firms can prioritize customer engagement while opting for a cost-effective alternative. That being said, there should be proper regulation among the different communication channels, which otherwise could cause unintended effects.

4 – Streamline Internal Process

Again, thanks to the digital advancements in the insurance sector, companies are now shifting their focus on redesigning their systems and processes. Insurers are creating intelligent workflows that pair data with AI that not only considers the CX factor but also helps businesses streamline their internal process. For this, insurance companies adopt workflow automation software that enables companies to replace traditional paperwork with digital documentation.

These apps and software help you find redundant tasks, spot potential areas of improvement, automate work processes, and enhance efficiency levels. Besides, they help you to create custom policies, reduce the need for manual handling and identify performance trends.

Moreover, integrating functions across multiple processes encourages agents to create refined policies and allows customers to feel appreciated, be served faster, and get instant solutions, be it policy refunds or claim payouts. In addition, automating and integrating various tasks streamline the internal process improves workflow efficiency, and might also result in innovative ideas that bring some value to your business.

The Bottom Line

In today’s digital era, businesses have changed their approach to dealing with customers. Insurance companies are moving beyond just a transactional relationship with the policyholders and are personalizing experiences to retain clients.

Use of AI throughout the customer journey, developing seamless workflows, and providing the right channels for communication, are a lot of ways insurers can improve operational efficiency and drive customer loyalty.