In previous blogs, I argued that advice held the key to customer loyalty and growth in the insurance industry, and suggested that it could be used to close the advisory loop by creating touch points valued by customers.
One of the primary channels for this approach could be a smartphone app. Let’s conclude by looking at how such an app might look. In all instances, it will be clear how the use of artificial intelligence that uses natural language would render the solution much more effective.
It would probably be best to see these touch points as a pyramid, beginning with simple and working one’s way up. The obvious place to start would be to provide the customer with a personalized portal through which to access policy information and manage personal profiles. From there, it would be a short step to providing the ability to prompt the annual assessment and renewal process. This would naturally include a comparison with peer group products, as well as identification of risks and gaps in cover.
The next stage could be offer of personal advice via a digital channel. This could be a way to offer tailored products and provide an online chat line to connect with an insurance expert. Building on this, a real-world personal call could follow.
To deepen the relationship, the app could be a primary channel for pushing valuable, pertinent information to the customer: courses in personal protection or advanced driving, new research on investment trends and so on. This would have to be carefully tailored to the customer’s personal circumstances and time of life, and could also include app-driven or sms-driven messages providing client sensitive alerts and advice on a vast array of issues (weather alerts, coverage, health claims, investment alteration triggers and so on).
Another valuable service would be online tracking via the app of any claims that happened to be in process, along with pertinent information on risk mitigation.
A final service would be a personalized customer payback program that would reward clients for taking advantage of these services, and bonuses based on the claims record.
It’s all about using data intelligently to deliver advice that the customer values, and that will build loyalty and increased business. The spearhead of this approach, given the way that its reach is expanding, will be the mobile device which is increasingly the focus of a customer’s personal and business life.