Customers buy experiences, not products. This statement has never been more relevant than today because to compete in this fast changing digital world, organizations should do more than just selling a product. Accept it or not digital age consumers relate customer engagement to amazon and the likes, not without a reason, the world’s biggest online retailer has set the standard by combining customer experience and product selling that makes people wanting more of it. In an age of instant gratification we live, customers are seeking to buy products in a short period of time and gain access to information about existing policies. But the legacy processes in use by the insurance organizations come in the way, slowing them down.
Digitization has set its foot across various industries like retail, banking and changing the way they engage with their customers. Amidst all these digital chaos, are few industries like insurance that somehow remained away from the radar of digital advances and access to many technological disruptions that it brings along with it. Like it or not, insurance industry has maintained a distance when it comes to engaging customers. While other industries redefined the way they interact with customers, insurance industry didn’t go beyond interactions with their customers. Their interactions were largely confined to renewal notices, mail notifications, bills and intimations. Those were the days, where a customer used to engage with an insurance provider only on a reactive basis, either reacting to a renewal of policy or apply to the insurance provider to get claim settled. The engagement was such that, insurance provider almost remained non-existent for most customers until they receive payment reminders.
Customer interactions and buying journeys in business is the new challenge facing healthcare organizations. Managing customer interactions and buying journeys is increasingly becoming complex and difficult. Many companies face these challenges because they may have deployed outdated legacy systems. As a result, insurance businesses are often seen as being too late when it comes to adapting to technology and responding to quickly changing market conditions.
As if that is not enough, the technology landscape is witnessing a digital upheaval that is changing the rules of the game. The traditional players are in for a surprise to see non-traditional players such as InsurTech startups entering the already fiercely competitive battlefield. The quality in customer experience is all about providing effective service, easy in delivery and emotional engagement. Goes without saying technology and human interaction, go hand in hand.
Insurance companies have been sitting on a mine of information and in today’s data-driven world; the ability to gather and analyze data and using them wisely is what differentiates successful insurance organizations from those that are less successful. The ability to better predict customer demands and business outcomes has never been this easier, thanks to technologies like artificial intelligence that have changed the way data is collected, stored, processed and analyzed before leveraged for insurance management services.
If you’re betting your future on digital transformation initiatives to increase the loyalty of a changing customer base, don’t overlook the state of your existing processes. It’s not only customer expectations and demographics that are changing, but how you reach customers is in a perpetual state of flux.
Are you looking to redefine your customer engagement? Let us lead you through the every step of the way through the digital landscape. For many carriers in insurance, profitable growth within the digital landscape remains the number one priority. Leveraging innovative technologies has been seen as an effective way to stimulate growth. Prime helps global insurers by transforming operational efficiencies, specifically in insurance software. Prime insurance solutions offer comprehensive leading-edge proprietary analytics. Our expertise has proven effective by streamlining legacy business processes such as enrolments, underwriting, claims, and customer services.