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Providing an excellent CX in insurance means that you need to implement digital solutions. Insurance businesses should create an omnichannel environment that enhances customer satisfaction and increases sales.
Ten years ago customers relied on offline channels to purchase their insurance. The technology development has brought changes, which were also fueled by the pandemic.
Today, about 86 percent of the customer journey involves digital technology. Insurers now invest in digital transformation that provides more digital touchpoints in the omnichannel experience.
Understand and track the customer journey
In the evolving digital world, understanding customer behavior is challenging. But still, it is an important step for providing an excellent experience. Insurers can use data analytics to create a map of customer journeys, preferences, pain points, and touchpoints. This is an excellent chance to identify what makes the customer buy or drop off your offers and implement improvements.
Insurers need to understand that customers put a lot of effort into their initial research and final decisions.
Hybrid sales
For customers, digitalization brings a convenient and fast way to purchase insurance. For companies, this means creating a dedicated team to support the online journey. A customer still asks for a human touch during the online purchase process. Communication happens through phone calls, video, or online chats. This way, customers can get guidance but still keep the convenience of online purchasing. Also, don't forget that some products can't be purchased online without proper support because insurers need sensitive information to assess the risk profile.
Online-only purchases are ideal for simple coverage, while a dedicated team is needed to support clients during complex purchases.
Break-up channel silos to improve CX
Creating a streamlined omnichannel experience requires breaking down the channel silos, establishing collaboration, and integrating data. Thanks to data sharing, customers can initiate communication through different channels without having to repeat information.
Customers shouldn't feel like they are obligated to stick with the channel they initially started with. They should be able to switch between offline and online channels, and a CRM or centralized relationship management system should fully support that. It tracks every interaction with a customer regardless of the channel where it happened. With proper data and expertise, the cross-functional channel teams can collaborate easily. They assess the engagement and identify the drop-off points while transferring customers from online to offline teams.
Omnichannel products and prices
Customers find it difficult to understand the policies and coverage offered by various companies. Policies can vary through channels and providers, making it more difficult for customers to find a solution. Insurers need to simplify their products and be clear and transparent about their pricing.
In simple products, offers, prices, and discounts should be consistent across all channels. While the complex products might not be suitable for online sales, the information shared should remain consistent in all channels.
Insurers can use customer data to offer tailored policies to customers’ needs. The insurance policies should be standardized and the individual features will be defined. They will be mixed and matched to fit the customer's specific needs through an automated process.
Omnichannel incentive model
The incentive models should also follow the changes, requiring a redesign of the traditional incentive models to direct the attention on one channel performance. Insurance companies recognize the one that closes the sales and not the salespeople who passed the lead there.
One of the solutions is to provide individual incentives for each stage of the customer's journey, rewarding the advisory, lead generation, and sales closing.