Two key enablers for insurers seeking long-term growth

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In this article series, I talked about why personal and small commercial insurers should focus on reimagining the customer experience from start to finish, and four different aspects of that experience that can help them drive growth: new products, marketing transformation, use of digital channels and improvement of customer service. 

Technologies to reimagine the customer experience 

At the heart of each of these growth factors are two technological factors. If you want to increase your market share and stay relevant to customers with changing expectations, you need to expand your capabilities in the following two areas: 

Interaction system platform. To support a reimagined customer experience, you need a cloud-based interaction system with artificial intelligence and automated workflows. It should provide a 360-degree view of your customers across all product lines and integrate with accounting systems to keep everything connected and working together across the entire value chain, from marketing to sales, underwriting, service and claims. 
Data-driven analytics and deep customer insights. Analytics based on your own and third-party data can help you determine profitability and better understand your customers. This deeper understanding of customers will allow you to identify your customers’ needs by segment or personality to create a truly customer-focused experience across all channels, adding value to your customers. If you don’t use predictive and prescriptive analytics, you’re missing out on delivering more relevant and personalized digital insurance services.

Our research shows that 75% of customer service organizations across industries plan to invest in artificial intelligence or process automation. If you’re in the 25% who don’t already have a plan, now is the time to rethink your strategy, perhaps with the help of a partner. We helped an international insurance company implement cloud solution enhance its legacy CRM system with a unified view of transactions and broker-client interactions, as well as case and workflow management. 

Insurance companies take customer service to the next level 

Unencumbered by legacy systems, insurance companies are quickly filling in the gaps in the current customer experience.

wafer. This insurance technology has improved the customer experience from end to end by creating a single platform that allows customers to choose between cyber, renter, pet and travel insurance from various partners, as well as an application to manage policies on the go. Its website provides a list of core values that many clients will associate with, such as making a positive impact on the world, the importance of building trust, and believing in equality and inclusion. 
Sprout.ai. Another insurance technology. The company offers a solution for automating artificial intelligence, natural language processing, and optical character recognition to help insurers around the world resolve claims within 24 hours, allowing insurers to focus on customers when needed.

Personal and small commercial line insurers will need to take a multi-pronged approach to reimagine the customer experience. They will need to develop innovative new products to meet people’s currently unmet needs, engage in ongoing marketing transformations that will make them important in their customers’ lives, expand their use of digital channels to satisfy customers where they are, and improve customer service. to keep talking. 

If you are interested in driving revenue growth and increasing profits by reimagining the customer experience throughout the customer journey, feel free to contact me. 

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