In my concluding post in this blog series about customer-centricity in the insurance industry, I will briefly outline some moves that insurers should make to position themselves for a new world of customer-centricity.
These may include:
- Enhancement of digital foundations such as enterprise networks, unified communication and collaboration tools, multi-channel contact centers and real-time features.
- Investment in data quality and enrichment, and advanced analytics to provide a sound quantitative basis for any future customer-centric development.
- Modular product innovation on a stand-alone basis and through partnerships and ecosystems. Examples are personalized coverage options, bundled products, loyalty schemes, and new service options.
- Campaign management based on advanced analytics and micro-segmentation.
- Listening to the voices of customers through social-media sites and online research.
- The deployment of mobility tools to sales forces; of integrated and consistent portals for customers to access via their PCs, smartphones and tablets; and of effective, end-to-end digital processes to all parties involved – including third-party distributors and ecosystem partners.
It’s important to understand that the journey to customer-centricity should never stop, but instead should be regarded as a path of incremental and continuous improvements. The Ten Commandments of the new insurance customer (see post 2 in this series) are a dependable way for carriers to check whether they are making the desired progress toward customer-centricity.
Of all the endeavors that make up the journey, the most important one is likely to be the customer experience. This demands incessant research into how the value propositions and experiences of individual customers or micro-segments can be enhanced, holistically as well as for each and every product and service.
However, it will be the entrepreneurial intuition to intercept customers’ stated and tacit needs, and the ability to transform them into compelling value propositions, which will separate the leaders and the followers of tomorrow.
If they are to survive, all insurers will soon need to be digitally enabled. At that point, it is the customer experience that will make the real difference.