Customer experience is the key differentiator in the digital economy. One size ‘solution, service or communication’ does not go well with the modern generation of customers. Millennials reject irrelevant product or service information and communication. If they receive repetitive calls, emails, or promotional message of a product that they are not interested in, most likely the brand would lose its credibility.
To cater to this generation of customers, insurers would need to optimize product and communication strategy tailored to the customer based on the knowledge of that customer. Insurers will also need be mindful of the fact that millennials are not alike. For each customer interaction, the experience you provide needs to be tailored to that persona, place, time, and message.
What experiences do customers expect from the insurance providers today?
Customers expect insurance providers to know them, remember them and their preferences. They desire memorable experiences and seek instant gratification. Personalized, contextual and consistent experience is the key in providing sophisticated customer experience.
Insurers visualizing each customer touchpoint within a buying journey as a separate event comes in the way of providing rich customer experiences. For a customer, each touchpoint is a step in completing a single buying journey. Customer would be unwilling to provide repetitive information whenever they come in contact with a touchpoint in their buying journey. Therefore, insurers would need to build each touchpoint to support the other.
How does insurer suppose to meet modern customer expectations?
Offer products and services personalized to customers’ shopping preferences. The likes of Google and Amazon provides relevant information to users based on what users are searching. Netflix provides relevant streaming services to customers based on customers’ viewing pattern. Insurers who are understanding and adopting this approach can reap huge advantages in attracting, delighting and retaining customers.
Create an omni-channel environment to provide coherent experiences
Omni-channel experiences are built around customer centricity to provide seamless, coherent communications across a variety of channels through all stages of interactions without losing any context. In a nutshell, omnichannel unifies all types of touchpoints into one coherent experience.
Alarmingly, these days, customers are using a myriad of channels/devices to interact while expecting contextual experiences in return. To tackle this, insurers would need to abandon their existing multichannel fragmented communication strategy where each channel, portal or application functions in silo. Moreover, there is a cost issue involved managing technology for each. It will be too expensive and difficult to unify these disparate applications, systems by rebuilding them.
However, it is possible to solve this puzzle and create an omnichannel environment reusing the existing systems. This approach would be much less expensive to build and maintain, simpler to use, where the resources can be shared and getting a new capability into the market would be much easier within a limited time frame.
Below are the goals of an omni-channel strategy:
- Be reachable from any device
- Be reachable from anywhere
- Provide easy-to-use modern interfaces
Data driven insights to deliver personalized customer experience
Gaining more insights into your customer data is key to provide a personalized and engaging experiences. Use customer data and analytical tools to build a single view of the customer. By gathering data across customer touchpoints, insurers can build a 360-degree view of individual customer to offer tailored products and services.
The challenge, here, for insurers is to pull all the data together residing in the disparate legacy systems. Insurers also work with partner agencies and other intermediaries who use different systems/platforms. Data these would be required in creating a 360-degree customer view. Often, insurers cannot afford to rebuild legacy systems as they have already invested heavily in those.
A viable option would be to partner with insurance IT service providers who can offer technology to reuse the core systems. This would help insurers to reuse the core systems by establishing connections to leverage core systems' data, transactions and functional capabilities.
View On-Demand Webinar
Click below to view the webinar Are P/C insurers willing to be left behind in the era of Digital Natives? on-demand, which features Novarica, NSM Insurance and ValueMomentum to understand the rationale of why P/C insurers must adopt digital technologies today and the key factors to consider when building a digital strategy.