Revealed! 4 Ways That Help Insurance Companies To Better Their Customer Experience

help insurance companies

Customers are at the centre of any business. And one of the most significant factors that influence a customer’s loyalty is their experience. According to the State of Connected Customer survey, 84% of customers believe that a company’s customer experience is just as important as its goods or services. Despite this, there is a huge gap between what customers want and what most companies actually give.

Modern insurance businesses operate in a similar manner. Insurers for long years perceived insurance as a commodity that is readily available for buying in the market. A more intelligent consumer with a wide range of demands and wants is now the talk amongst the insurance brokers in Adelaide that can open more insurance products and possibilities. In order to adapt to these new demands, they now have to be more agile and have an idea of better customer experiences (CX).

4 ways insurance companies can use technology to improve CX-

Demonstrate the value of customer-shared data

Accurate data must be available (in as near to real-time as possible) in order to adequately address demands and obstacles if insurance CX is to be improved through technology. Insurers should concentrate on data collection throughout all client-related operations, such as purchasing, renewals, and claims, as the foundation of their CX initiatives. Even when the engagement is digital, insurers may build more individualised insurance policies and experiences with access to the correct data at the right time. Customers are then more likely to trust businesses and provide more information voluntarily in the future as a result.

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Insurers should specifically ask customers to share data across all interactions and make it as simple as possible for them to do so, in addition to articulating the advantages of sharing both consumer and insurance-related data and giving transparency for how the data is utilised. For instance, if customers aren’t asked to repeat information they’ve already given, they’re more willing to supply new details. By pre-filling information that has previously been collected, you can concentrate on asking for new data to learn more about your customer.

Higher AI use throughout the process 

According to the IBV research, integrating AI into the insurance customer journey can considerably raise customer happiness and retention. Companies will gain from greater speed, accuracy, and efficiency if they can implement the AI-based technologies. Additionally, the increased efficiency gives insurers more time to build the personal relationships that clients seek when choosing an insurance plan.

The IFFCO Tokio General Insurance Company is a prime example, which had to enhance its claim procedures after learning that up to 30% of its clients were dissatisfied with the evaluation of their claims. The insurance set up an AI-based Claim Damage Assessment Tool (CDAT) that evaluates vehicle damage from photographs users upload via an app using cutting-edge computer vision and deep neural network techniques. Customer claims for IFFCO Tokio General were resolved from start to finish in 15 minutes as opposed to 3 to 4 hours, and processing expenses were reduced by 30%.

Create intelligent workflows 

In today’s time, insurers are ready to invest and understand the importance of combining AI with data that can create smarter workflow. Integrating functions across organisational boundaries empowers staff, makes clients feel known, expedites service, and provides them with quick insurance refunds or claim settlements. A cutting-edge method of handling a claim from the first notice of loss (FNOL) to settlement with little to no human intervention is touchless claims processing.

Use an omnichannel method to reach out to the customers

Insurance companies should focus on joining their platforms and systems to allow agents to conduct better interactions with consumers. Additionally, according to the IBV report, insurers should give attention to individualised digital communications, which just 17% of insurers reported utilising but which 50% of clients identified as a high priority. At the moment, about 51% of insurers mostly use the phone and around 50% of them are dependent on conventional mail (50%) to contact customers.