Excelling at Customer Centricity in Today’s Insurance Industry
I recently authored a series of articles for Property Casualty 360° on utilizing data and technology solutions in the insurance industry to decrease customer churn, increase revenues, and lower costs. Employing an omni-channel solution to become more customer-centric as well as efficiently and fully leveraging data to drive customer excellence will be key differentiators for insurance companies this year.
Going the Extra Mile to Make Customers Feel Special
Customers need to believe that insurance companies are looking after their best interests – being offered the best product for them at the right price … not products that are just offered to give insurance professionals hefty commissions. Many also fear that their insurance companies will not fairly pay insurance claims.
Insurance companies can bestow confidence by providing an exceptional online experience, including instant quotes, externally certified product comparisons, and one-click processing of claims. An omni-channel solution can manage the flow of information delivered digitally to the customer and associate client phone numbers, emails, chat, and social media accounts. This enables the processing of payments, product portfolio reviews, enhanced policy details and personalized offers. By meeting customer needs, companies can reduce customer churn, create opportunities to increase revenue from existing customers, and attract new customers who expect only the latest technology solutions from their insurance provider.
Choosing a Distribution Model
In addition to the customer demands of transparency and personalization, the distribution model a company selects critically impacts how customers interact with the organization. Distribution models include traditional legacy with infield representatives; on-demand models that go directly to consumers; or a hybrid of these two models. Determining which model to go with requires looking at each option’s benefits and drawbacks.
However, it is also important to understand what customers want and adapt to meet those needs. Working with a partner that has experience rapidly reengineering business processes to enhance business agility, upgrade customer service, and improve operational efficiency is key to distribution model selection and optimal implementation.
Bringing Data into the 21st Century
At the very foundation, companies are missing opportunities because their data infrastructure is not fully up to date. A company must consider if it’s the right time to overhaul its data warehouse by considering if all the essential information is being captured and determining how many issues any data duplication is causing.
Overhauling the data warehouse can provide the singular truth about a customer. This in turn makes it more effective to leverage the latest technology for analytics or data mining. Data analysis can provide the detail companies need to ensure the right customer gets the right offer at the right time.
In addition, with data analytics, companies can identify the likelihood that a customer will leave. Being able to predict customer churn is so critical because acquiring a new customer is much more expensive than retaining a current one.
With the right technology, updating data warehouses and applying predictive data analytics, your business processes can improve operations and provide customers with the customized service they demand.
Learn how NIIT Technologies helps insurance companies modernize their systems and employ predictive analytics to enhance the customer experience across all channels to increase revenue and reduce costs.