Increasing Customer Engagement and Experience in Insurance

The value of customer experience in the insurance industry

How can insurers better engage their customers? Customers have grown to anticipate a certain standard of service due to their encounters with online retailers, streaming services, and food delivery services – how can insurers match that expectation?

The key here is creating a superb customer journey and focusing on the big picture. A carrier will develop a true competitive advantage when they can design a customer journey that takes into account every interaction a customer has with the company and works to build confidence and trust every step of the way?across all channels.

Client engagement challenges faced by carriers

The pandemic has accelerated the speed of digital transformation within the insurance industry. Previously, companies weren’t able to realize the full benefits of digital transformation because the majority had been cherry-picking their modernization projects instead of focusing on the big picture.

Operating in silos and opting for quick wins results in incremental improvements but fails to generate an overall increase in engagement. For example, a modern illustration tool may help improve the sales part of the process, but not the entire course of the policy life cycle. A holistic approach is needed in order to engage clients.

Carriers need to reimagine how they are communicating with clients across the full insurance policy lifecycle rather than introducing unrelated solutions. What is the overarching narrative that carriers and customers are going through? How does each interaction affect the journey as a whole?

Overcoming CX challenges and choosing the right modernization strategy

It may require a significant amount of time and money to integrate legacy systems or?replace them with contemporary ones . In order to create a seamless customer journey, carriers are faced with the difficulty of deciding what technology their company will require in three to five years. They will need to take into account how the carrier can overcome its growing technological debt and the shortcomings of its old technology.

When the correct strategy for customer engagement and technology is established early on, carriers will discover that the investments made today will pave the way for customer success in the years to come.??