There’s an excellent article over on Raconteur about why, and how, the customer experience needs to be improved in the insurance industry. Give it a look over here, and read on for our point of view about what insurance providers should do to change for the better.
Raconteur rightly points to the impact of digitization on the industry, saying that “consumers want an unprecedented level of choice; they want price transparency; they want immediate answers to questions.” And by pointing out the truth that many insurers have been slow at meeting “the challenges of this brave new world,” the article also draws attention to the three main sticking points that are limiting development:
- Insurers are being let down by legacy structures
- They’re afraid of cost implications
- They don’t know what digitalization involves
A big mistake that many insurers make is thinking that becoming a digital-first business means mirroring all offline activities, online. And this means a heavy focus on ecommerce. But without using their digital capabilities to understand more about their visitors, they’re missing out on opportunities to enrich the customer experience. Not just that; they’re also at risk of losing sales prospects to competitors who use digitalization to foster deeper customer relationships.
Of the factors that PwC have identified in this chart as being fundamental to improving the customer experience, three relate directly to benefits of digitalization. Customers want better accessibility, they want the experience to be tailored to their specific needs and they want more online access. Insurers need to listen to this feedback, and react.
They need to fight for a better customer experience by being smart with the technology that they invest in.
Artificial Intelligence will be a game changer for insurers. It’s the tool that will allow insurers to understand what anonymous visitors are doing online, in real-time. It’s the tool that will enable insurers to offer the personalized customer journeys that consumers are looking for. And Now Interact’s suite of AI products will tackle the three main issues currently standing in the way of digitalization; they identify and resolve issues with legacy structures, increase profitability and accelerate the digitalization of sales and service with clarity and simplicity.
Read more about our solutions here, and find out how our Artificial Intelligence solutions helped leading Dutch insurer Centraal Beheer to achieve 57% conversion here. And have a read of the full article on Raconteur – might well be an eye-opener if you work in insurance.