blog

6 tips on how to improve customer experience in insurance industry

Post ID=3113
INSIGHTS
Get in touch

Today's most successful businesses put the customer first. Customer experience in the insurance industry is the most important factor in determining loyalty. According to Clearly rated, insurance brokers in the United States and Canada had an NPS of roughly 34. The Net Promoter Score (NPS) is a measure of customer satisfaction and loyalty that is calculated by asking consumers to estimate their likelihood of recommending your product or service to others on a scale of 0 to 10. On the other hand, according to the Customer Experience Update report, the average NPS across the industry was 57. As indicated by this low score, customers are still dissatisfied with the level of service provided by their insurers.

Any carrier, agency, or brokerage will benefit greatly from building a base of satisfied and engaged policyholders. Your clients expect a terrific customer experience in insurance, not a nice-to-have.

When it comes to cost, retaining existing customers is significantly less expensive than acquiring new ones. Insurance spends five times as much to acquire a new customer as they do to keep an existing one. So, why aren't more insurance companies putting a strong emphasis on providing a great customer experience?


In this blog, we'll go over six tips for improving customer experience in the insurance industry. It should be a major goal for you to improve your policyholders' experience.

Here are six methods to improve customer experience in insurance with the Live platform:

1. Reduce the complexity of the customer experience

What stumbling blocks do you face as a policyholder? Examine how simple your quotation procedure is for your customers to use. These are the instances in the customer journey where there is an excessive amount of complexity, causing frustration.

Simplicity is the foundation of a great customer experience. With the Live platform solution, claim processing may be as simple as never before. However with digital self-service tools for the insurance, Live can help you enhance insurance agent productivity by assisting them in closing opportunities faster.

2. Customize the Customer Experience

Policyholders want to work with an insurer who understands them. Nobody likes filling out lengthy insurance forms, so don't force it on your consumers. According to Institute for business value report, 64% of customers want their insurers to understand them well.

If it was that simple, you'd think everyone would do it. However, demonstrating what you know about the customer and creating a tailored experience might put you ahead of the pack. Make sure your systems are connected. Don’t ask for information you already have, and pre-fill forms for your policyholders whenever possible. Live can assist you in gathering consumer preferences so that you may customize customer engagement across all channels.

3. You Should Be Where Your Customers Are

If you want to really improve the customer experience in insurance then consider increasing the number of service channels available to you. 

While traditional phone-based contact centers will continue to exist, policyholders desire more methods to engage with. As a result, having more ways to contact you will be important to them when they have questions about coverage, claims, or other service requests.

Chat and text channels are growing in popularity. Live chat or chatbot technology can help with call deflection. Also can help you with replies to simple customer requests like payment date, claim status, and document requests. In addition to providing more opportunities for your customers to get their questions resolved, consider employing SMS or push notifications. With the implementation of the Live omnichannel platform, you can digitize all parts of communication from sales to customer support within insurance companies.

4. Efficiency and Transparency in Claims

According to the PWC report, 41% of policyholders who were displeased say they are likely to switch providers due to a lack of digital capabilities. On the other hand, according to Invesp study 89% of businesses see customer experience as a key factor in driving customer loyalty and retention.

While most policyholders are wary of receiving digital First Notices of Loss (FNOL), they embrace and expect it at other times in the claims process. Allowing your customers to check the progress of their claims, ask questions, and submit documents. Also allowing them to send photographs via an app or portal is one method to improve their claim experience.

5. Make an investment in your employees' experience

The customer experience in insurance relies heavily on your employees.

Since so many insurance service situations are emotional, some customers prefer to speak in a relaxing tone. Many of your mid and back-office operations rely on happy employees who can complete tasks quickly. Despite the fact that you've invested heavily in straight-through processing, robotic process automation, and underwriting algorithms.

They want to be able to move through their process without having to re-key data or swivel-chair' between platforms. As a result, they are able to provide the level of service that your policyholders expect.

6. Use AI to provide round-the-clock customer service

Thanks to keyword-based chatbots and smart ones capable of sentiment analysis. Insurance can not only automate their customer support but also give it 24/7 on their policyholders' preferred channel. Live platform offers a feature chatbot that understands insurance. This means creating seamless customer experiences in the insurance industry, using AI-powered interactions and security.  Also offers omnichannel insurance bots to help you sell 24/7.

Conclusion

When it comes to creating new technology and capabilities, investing in the customer experience in insurance is a sure bet.

Insurance companies may be able to move beyond a transactional relationship with their customers by using data to create personalized experiences for them. Embedding AI throughout the customer journey, putting in place intelligent workflows, and communicating with customers. Use personalized messages or content at the right time and on the right channels to accomplish this. By designing products and services around the customer experience in insurance, insurers can become trusted advisors. Client loyalty and, eventually, purchase options will improve as a result of this.

Integrating a customer-centric approach to provide connected customer journeys can help insurers build stronger policyholder relationships. And Lives’ omnichannel platform help connect with customers throughout the customer journey.


Find out more information on how Live product family can support and enhance your CX strategy.

Related posts

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram