Crafting Superior Customer Experiences in the Insurance Industry

Sep 23, 2017

Claims Predictive Analysis

With the recent increase in the level of competition in the insurance industry, companies have started directing their efforts towards improving customer experiences and personalizing  customer journeys. The consumers are digitally proficient, tech-savvy, and have higher expectations in terms of service and product offerings. This poses another challenge for the companies in the insurance industry: How do we retain them and drive customer loyalty?

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Insurance Industry – Balancing the Old and New

First, to meet the growing consumer demands, the insurance companies must find a balance between the traditional buyers and modern-day customers. The new customers are the untapped market potential, the most powerful slice in the insurance industry that can generate revenue and unlock several growth opportunities. The modern-day consumers expect personalized products and emphasize on seamless customer experiences. On the other hand, the traditional customers still seek high value for money and expect only basic service quality. These factors make it essential for the insurance companies to strike a balance between the varying demands of different consumer groups by providing customized journeys and enhancing customer experiences.

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Bridging the Gap Between Insurance Companies and Consumers

Traditionally, the insurance industry had operated at an arm’s length when it came to interacting and engaging with their customers. Moreover, the presence of intermediaries between the insurance companies and their customer magnified the prevalent gap and lack of communication. The customer perception about the companies in the insurance industry was that it lacked any product differentiation with inconsistent customer experiences. As a result, the insurance service providers must identify the factors that drive customer experiences and accordingly craft the ultimate customer journey that offers an Omnichannel experience.

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