Actively Communicate During the Consultation Phase

Insurance isn’t a nice to have, and consumers seek out coverage out of necessity rather than desire. Changes in someone’s personal situation trigger consumers to enter the consultation phase and start requesting information from insurers. Instead of insurers looking to create demand, customer communication in large part only begins when the need is already acute. Traditionally, interactions between insurers and customers are “accident-driven” instead of being initiated by insurance companies. So, how do you proactively improve the customer experience?

Many insurance companies are failing to actively promote new products or services to customers. Too often customer interactions are based on need and without cause, occurring haphazardly. Globally, 44% of customers have had no interactions with their insurers in the last 18 months. Instead of being passive in the relationship and relying on customers to communicate, insurers should take more control and ownership by making their customers aware of comprehensive risks and the need to protect against them.

Personalize Across Channels in the Purchase Decision Phase

As customers enter the purchase decision phase, the customer experience becomes even more integral to the relationship. With the growth of digital channels, there are several options for a customer to purchase a policy, such as personal sales, an intermediary, your website or comparison portals. With 80% of customers willing to use digital and remote channel options to complete tasks and transactions, it is critical to meet customers on diverse channels with a highly personalized approach regardless of the purchase platform.

Customers place a high value on an easy process and individualized options and want to buy from insurance companies that serve up comprehensive policy information that is tailored to their specific situation. Across all purchase options, the human factor (or personal contact) is a crucial component of converting a prospect into a customer. Personal consultations still remain important, but consumers now also expect to quickly reach you through intermediaries, service centers or digital channels. To offer both detailed and personalized communications, insurance companies need to offer personal consultation services that are supported by other channels to communicate the value of products and services.

Balance Humans and Technology During the Support and Service Phases

When customers reach out for support, they want the experience to be three things: personal, fast and easy. To fulfil this expectation, insurers must integrate trusted, familiar contact channels with digital options. While customers still want quick and stress-free access to friendly and accommodating insurers over the phone, there is also a desire to communicate via digital contact options like email, chat and even self-service. For customers, both analog and digital channels are equally importance when they are looking for insurance support.

When submitting a claim, customers also want a seamless, rapid and individualized process. During the service phase, speed becomes a larger priority during claim settlements and payment processing. Despite the immediacy of digital services, these solutions are often under-utilized in this area. Although customers are used to leveraging the service center for direct exchanges with insurers, digital and mobile processing can increase efficiency by solving claims quickly and providing tracking for customers, driving improvements in customer satisfaction.

Some final thoughts….

In the insurance industry, the insurer-customer relationship is a valuable competitive differentiator throughout the entire customer journey from the initial consultation through to support and claims. To put customers front and center every step of the way, insurers need to proactively communication during the information phase, focus on personalizing interactions with customers on diverse channels during the purchase phase and create a blend between personal contact and digital tools to elevate support and claims services. To attract and retain customers, insurers must actively seek out opportunities to innovate their customer service approach to address customers’ needs and drive positive customer experiences during every touchpoint along the customer journey.