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Customer Expectations – Signaling Major Shifts for P&C Insurance Industry

Dec 5, 2022

If there’s one thing the insurance industry has really struggled with, it’s customer experience. The “now” generation expects much more from Insurance today – wide choices, efficiency, flexibility, and speed of delivery.

Insurance businesses traditionally had limited direct customer interactions – an occasional ad mailer or renewal notice, with several emails dropping in. But today, insurance companies must harness new CX standards to meet consumer expectations – especially during underwriting and claims process.

The Impact of Customer Experience!

Insurance businesses have started to address many of their core operations, out of which claims processing is the most complex and vital process to reimagine. You may have already automated quote generation, premium payments and policy renewals. But what about the claims process – have you considered digitizing it too? With the advent of automation, the claims process can be reinvented entirely. Digitization and automation shift the focus from manual to consumer-focused, digital processes.

Automating the entire claims process have clear benefits for insurers and insurance businesses. Insurers can manage their policies, file & check the status of their claims, and make decisions about their file easily. Similarly, insurance players can ensure claims are accurately filled. Moreover, carry-on workflows can be conducted without manual intervention, and speed up payment cycles. Lowering the heavy costs associated with manual workflows is a clear win for insurance businesses.

Here are a few Insurance CX interventions insurance businesses should capitalize on today.

  1. Move from paper to digital documentation

Digital workflows, including reviewing quotes, document completion, and eSignatures can reduce the transaction costs of policies. Using a digital collaboration toolset, including built-in automation and workflows, agents can spend more time with customers and less time managing back-office paperwork.

  1. Eliminate errors with eForms

With preconfigured intelligent eForms and guided eSignatures, errors can be eliminated to a great extent. It is important to have the customer review information and input their details, without the clutter of PDFs.

  1. Increase customer satisfaction

It is crucial to take advantage of the agent-customer time by guiding the customer through the required paperwork. Customers are demanding ease of transacting from their mobile phones. With the use of in-call tools that allow for eSignatures and documentation, a lot of work can be simplified. Agents see improved retention and referrals by providing solutions that exceed customer expectations.

Today’s digitally savvy customers associate tech tools with a better experience; hence insurance companies should invest in digital tools that customers want and, in many cases, expect.

  1. Chatbots

Rather than waiting for a long to speak with a representative, customers can leverage chatbots to address simple queries. Chatbots are available 24/7 and can check billing information and transactions. Not only it saves customers time, but also streamlines the paths toward the initial purchase and improves customer service.

  1. Automated Quotes

Today’s customers don’t want to spend hours speaking with agents and sifting through documentation to receive a quote. Hence, it is of utmost importance for insurance players to invest in technologies that simplify these early interactions and promote easy purchase of P&C insurance. Automating tasks and workflows improve customer experience, decrease workload and results in innovative ideas that convert into business value.

  1. Automated Claims Processing

Automation boosts the claims process and eliminates frustrating interactions, improving the customer’s perception of the company and enhancing the overall customer experience.

  1. Omnichannel Consistency

Regardless of the channel they’re using, today’s customers expect easy access to information. By ensuring a consistent experience on all mediums — the company’s website, mobile, social media, etc. — insurers can prepare for this inevitability, thus improving customer experience.

  1. Telematics

Telematics offers “personalization at scale” by sending diagnostic data directly from a connected device to the insurer, developing a direct contact between the insurer and the customer. Ultimately, this personalized engagement allows insurance players to form a deeper relationship with the customer.

The Future is Digital!

Customer service and CX are now considered crucial competitive differentiators in the insurance landscape. To establish a successful relationship with the customers, insurance players must focus on meeting consumer demands during each phase of the customer journey. Digital transformation represents a new opportunity for P&C insurance to connect with their clients and grow. Insurance companies ensure longevity by investing in digital tools that improve the customer experience.

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