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Customer experience can be a competitive advantage for life insurers, and many are making strategic investments in customer experience across the enterprise to support business growth. This investment in people and technology provides the 360-degree view their customers need to unlock new opportunities. At the same time, they provide the best conditions for customers and employees, which helps to achieve business results.
Transforming customer portals into a digital customer experience
The customer portal is a key element of insurance that is long overdue for a rethink, especially now that consumers are embracing digital technologies. In particular, there is a need to move from transactional to experiential and personal if insurers are to meet the rising expectations of the next generation of insurance buyers. And the one who first satisfies the needs of these potential and current insurers will win their business and, perhaps, even their loyalty.
One way to quickly transform the portal is to invest in modern, data-driven, intelligent underlying insurance platforms. Many of these platforms come with out-of-the-box integrations with best-in-class customer experience providers. They offer a powerful way to transform the portal by accelerating the payback on new and different features that their solutions provide, such as faster and easier onboarding for policyholders. But portals alone cannot provide greater digital engagement. Improving the customer experience requires powerful data and analytics to deliver the personalized experience consumers expect.
Data Analytics: A Must-Have for Advanced Customer Engagement
Data analytics is the driving force behind advanced customer engagement solutions. You don’t have to look beyond conversational AI to see how data analytics is changing the way we sell and service life insurance. Together, these technologies deliver the personalization and seamless experience consumers expect across all channels, whether it’s direct responses to customer inquiries or connecting them to a human agent for assistance.
And the major insurance platforms also play a key role here. These state-of-the-art digital life and annuity platforms offer a powerful way to use your portal to enhance your customer experience and unlock new opportunities. They combine data and back office functions such as underwriting, integrating them with the capabilities of ecosystem partners to deliver a more relevant and engaging front office customer experience. For example, life insurers are increasingly using end-to-end processing and external third-party data instead of paramedical examinations to expedite the issuance of some insurance policies in a competitive consumer-driven market. They also turn to machine-generated videos that introduce new policyholders in an organic and engaging way.
These advanced customer experiences leverage data from insurance company data lakes as well as external sources. Insurers who master this level of data management will be able to improve the customer experience across the entire insurance value chain, especially as ever smarter technology platforms emerge.
Cognitive platforms: a better experience for the people and the customers they serve
Cognitive platforms connect portals with enhanced customer experiences that combine the following: machine learning, sentiment analysis, natural language processing for speech and text, vision analysis, and human-computer interaction. It mimics how the human brain works and helps improve human decision making. For example, advanced chatbots enhance self-service by freeing up human agents to focus on more complex support issues and proactive actions. We call this “human-machine collaboration”. And we believe it can also help mitigate staffing shortages by directly supporting insurers or indirectly helping customer service staff by automatically providing them with the information they need to support customers.
Investing in cognitive platforms can greatly improve the differentiated customer experience. Such platforms will play an important role in delivering the omnichannel multi-product experience that customers expect, and do so without increasing the administrative burden on understaffed support teams.
In addition, as human-machine interaction becomes more intelligent, we expect product lines to blur and organizational silos to dissolve, opening up new opportunities for strategic investment in customer service solutions that benefit the entire enterprise. Harnessing the best of human ingenuity and technology gives insurers more freedom to reimagine the insurance experience, making it more customer-centric and multi-channel, enabling insurers to stay ahead of customer expectations. This is where competitive advantage lies—insurers unlock efficiency and value through differentiated experiences that improve both employee and customer satisfaction, driving revenue and profit growth.
Let’s talk about how you can use customer experience to drive growth.
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Disclaimer: This content is provided for general informational purposes and is not intended to be used as a substitute for consultation with our professional advisors.
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