The digital transformation in most industries had a moderate pace until the pandemic. Ever since the pandemic, the power of digital transcended so did the transformation in the insurance sector.
The value of UX, customer satisfaction, and design of the product is rising in the insurance sector. This is making insurance firms customer-centric.
In this article, we have reviewed the radical changes that brought to customer-centricity in this sector, and how insurance industry solutions drive operational efficiency.
How Insurance Industry Trends Are Evolving?
The professional landscape is divided into two sections: Industries adopting digital distribution channels and industries averting from it.
The insurance industry has always adopted physical distribution channels to sell out products and insurance solutions to customers. However, the landscape has evolved.
We are now starting to use IT enablement and advanced automation tools to drastically transform the insurance landscape. This includes data-driven decisions, marketing and sales automation, customer relationship management, etc.
What Does Insurance Sector need?
To understand the needs of the insurance sector, let’s consider an example of life insurance. It is truly the most selling and valuable insurance industry solution. In this case, both the customer as well as the provider invest in a long-term relationship gaining the best profits out of the arrangement.
However, since the relationship with the customer in the case stretches for the long term, it is necessary to keep users’ needs first. We need insurance industry solutions that drive customers’ trust and grow business efficiency slowly.
Here are some key ingredients for the process:
- Simpler insurance industry solutions
- Streamlined processes
- Transparent documents and communications
These three factors offer value for money, and we can clearly understand that many other factors arise from these. For example, price of the product, features, riders, delivery of services, response time, support, etc.
If you look at it, then all these experiences and key pointers can be provisioned using technology, such as Salesforce Insurance Solutions.
How Insurance Companies Are Becoming Customer-Centric?
As discussed, we need to keep in mind the needs of the insurance sector (its customers) and bring a shift; digital transformation. How can we achieve that?
The first part of implementing the above is to listen to your users. In insurance industry solutions, customers’ requirements are rarely included. There are so many broken links and basic issues that never get resolved. This includes even something as tiny as not receiving a call back for payout for 3 weeks.
Listening to your customers leads to a higher customer experience and better user satisfaction.
The second implementation is selling what your customers require. When we listen to the customer, we are able to know their needs. Using this data to transform our solutions, repurpose them, and re-market them can help us improve revenue and operational efficiency.
There would be fewer queries, challenges, or issues, and more number of satisfied customers.
Unite Insurance data for 360 customer insight
How Technology Transformation Is Required?
To truly gain a competitive edge, insurance leaders need to create an ‘Ah-Ha’ experience. This means a moment where the customer understands your offerings and immediately wants to make a purchase. The goal is to move users from an unimpressed or unhappy stage to a satisfying stage.
An agile method of working paired with the right technology can help us bring this transformation. Understand how:
1. Data-Driven Approach
The first step is to improve the customer experience with accurate data and insights.
- We face difficulties offering accurate data to customers.
- We are unable to use gathered data for reporting and insights.
Creating a unified, centralized system, such as through Insurance CRM Solutions, can help mitigate the first problem. With a CRM capturing accurate data of purchasing, claims, renewals, survival benefits, etc., we can offer correct details to users.
To personalize the above communications, we can again use Insurance CRM Solutions to capture and process data. With visualizations and insights, we can understand the customer better, which helps personalize user journeys.
For example, something as small as pre-filing acquired information in the form. This reduces the hassle for the customer and improves their experience.
2. Accessible Touchpoints
Insurance industry software solutions can allow creating of accessible touchpoints. This means from the moment a customer enters the lead generation pipeline till they purchase an insurance industry solution, their experiences can be optimized and revolutionized.
This includes the manner in which we gather user preferences, deliver information, fill out details, convey rider benefits, ensure maximum profits to users, etc.
3. Omni-Channel Experiences
Omni-channel experience includes every channel from where you communicate with customers. In an insurance firm, there are multiple platforms that are used for seamless conversations. For example, a customer may message you, drop a DM on Facebook, and also call. How do you know it is the same customer?
Here too, using Salesforce for Insurance Companies can help integrate different communication touchpoints for an omnichannel experience. If a customer is sending an email to change policy premium and then calling you, you should know about all the injuries.
4. Automation Support
Lastly, Insurance CRM Solutions play a critical role for agents, representatives, and customers. A CRM connects these stakeholders and offers exactly what they need.
For example, automatically sending an email and message 15 days before the premium due date. This automation helps you assist customers, prioritize what’s important, and respond to claims quickly.
The only way insurance companies can become customer-centric is through technologies like Salesforce insurance solutions.
If you are an insurance provider, AIMDek Technologies can help find the right omnichannel experience. Our team has helped a range of clients in the insurance sector with Salesforce implementations. Connect with us, get a quote, and streamline your customer experience with Salesforce consulting and customized solutions.