Carriers can lift growth and improve profitability by shifting their operational viewpoint from products to customers. Last week I discussed how poor customer experience could have a significant financial impact on your business. This week, I’ll discuss how centering marketing and operations on the customer’s needs and wants can create a profit-enhancing stance for insurers.
Customer-centric businesses ensure that customers perceive their interactions with their company as one exceptional experience across lines of business and channels. They also take an “outside-in” approach to ensure service is viewed through the customer’s lens.
The key to consistent customer experience
To deliver exceptional service across channels, it’s critical that customer experience management becomes a formal business process. To accomplish this, insurers need to take steps including:
- Use big data and analytics to effectively segment customers and deliver tailored services and solutions.
- Adopt an organization model that integrates digital channels with more traditional channels in a manner that is focused on meeting customer needs
- Simplify and automate processes to improve operational excellence.
What does success look like?
Successful customer experiences begin with the mastery of customer service basics before progressing up the value chain to deliver exceptional experiences to increasingly engaged and loyal customers (Figure 4).
Insurers that create a successful customer-centric business process find that they can better track customers across all channels, designate them to dynamically evolving segments, predict and model optimal interactions and lifetime value, and create a continuum of highly relevant experiences.
Next week, I’ll recommend an approach for delivering exceptional customer service at scale.
To learn more, download: Delivering Exceptional Customer Experience