The insurance environment has changed, and so have your customers

In the last 20 years, the world has changed substantially. Thanks to new technologies our personal and business lives have become easier and more connected. The same technologies are allowing us to do more, faster, and are putting increasing pressure on financial services industries, notably insurance.

Insurance customers are becoming increasingly accustomed to ecosystem services. In the past, we just had to select an insurer to cover our vehicle. Now we need to consider whether our driving behaviour and activity levels will result in a meaningful benefit when wrapped up within our health insurance, household and life cover, all while pressing onwards towards the next tier. Ecosystems are driving loyalty by driving behaviour.

Not only is driving loyalty important to ensuring customers stick around, but it also, essentially, grows and ensures a customer’s value to the business. However, the ecosystem services that drive loyalty create complexity, often leading to the opposite result than was intended: customer dissatisfaction.

Customers today navigate multiple products across multiple channels, and traverse a growing assortment of journeys. But the business still needs a single view of customers as individuals in order to serve them effectively. This single view needs to incorporate all journeys, products and channels.

Research shows that the largest group of customers in insurance right now is the one that uses both traditional channels and emerging digital channels simultaneously.

Does your business have a view of customers as they move between traditional and digital channels?

Switching costs have dropped due to the growing role in the market of aggregators, fintech startups and digital channels, all of which make shopping around easier for the customer. But this, combined with the complexity of channels available to customers, creates distance between the insurer and the customer – and this at a time when touch matters more than ever.

Addressing these issues will allow you to address the most important things in your business: acquisition, retention and cross selling.

This can be achieved through proactive management of the customer journey. By ensuring that the actual customer path is visible, that obstacles are identified in real time, that the business is empowered to intervene with a multitude of contextual measures in order to nudge customers back onto their journeys and closer to their goals, Journey Analytics offers a better way to service customers.

So, how is this practically achieved? The process typically starts with a mapping of the conceptual customer journey, based upon experiences and touchpoints. Then business data is added to connect the dots. This will include data from line-of-business and applications such as existing CRM solutions. This is achieved either through file imports or integrations into existing platforms. Connecting the dots between customers and the channels they touch during their experiences will provide the visual reality of their paths as they interact with business, including drop offs and delays. Interventions and assistance can be triggered through existing solutions or through the inQuba solution set. An additional layer on the model would be sentiment-based, either from structured or unstructured feedback. The inQuba tool set and methodology, supported by a consultative approach, provides the CX professional with everything needed to achieve a Journey Analytics implementation that ensures a return on CX.

At every step in their journey, insurers and agents can ensure that customers reach their goals and get the service and support they require. This will not only improve customer experience, but open opportunities to grow that relationship and value of the customer to the business. At every step in their journey, Journey Analytics builds up a single view of the customer with rich, actionable data.

This data provides the foundation for effective acquisition, retention and cross selling, enabling your business to develop long-term, high value relationships with customers. And it’s a mutually beneficial environment, with customers gaining an insurance provider that sees and understands them and their experiences in real time, and reacts to their needs with this appropriate context.

 

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