Insurance can be an intimidating topic for many consumers. Further, it’s a concern that they have to deal with at least annually as policies come up for renewal or, occasionally, when new assets are acquired. In many cases insurance decisions become an onerous chore which consumers look forward to striking from their to-do lists.
But the nature of how customers receive and digest information is changing, and, as my colleague Scott Laiken noted in a recent Canadian Underwriter article, this represents a phenomenal opportunity for innovative insurers. Imagine what would occur if an insurer made the entire process simple. Think of the connection an insurer could build with a customer if the company, the brand, was seen as a helpful advisor. Not just an advisor at the time of purchase or at renewal, but one that provides value to the customer on a regular basis.
Technology is enabling just this sort of experience. The amount and variety of data available to insurers is expanding rapidly. From social media comments to behavior insights generated by telematics, insurers can evaluate risks and get to know their customers—and their prospects—on a more granular level. This holistic view of each customer can be used to drive the content and the timing of regular touch points. If those touchpoints are personalized and meet customer needs, insurers can put themselves on a path to building a trusted, long-term connection with the consumer.
Creating a long-term connection with today’s consumers requires integrated, omni-channel capabilities. Regardless of the device or channel the consumer prefers in the moment, successful insurers will consistently deliver a superior customer experience with every interaction. This requires both business and technology professionals to work together to design platforms that are capable of tapping into the most current customer insights in real-time to drive customer engagement activities through channels of the customer’s own choosing.
Insurers that deliver exceptional customer experience on an integrated, omni-channel level are likely to find a significant advantage the next time one of their targeted consumers makes critical insurance decisions. Instead of rushing through the process to get an intimidating task off of their plate, that consumer will be able to draw from a wealth of customer-friendly knowledge and insights provided by a trusted company. That company will be well-positioned to be the one that the consumer turns to when deciding who they want to protect their most valuable assets.