By: Karna Trautman, Head of Strategy & Transformation
Customer experience is a deal-breaker for many policyholders. Approaching insurance as a proactive service with coverage recommendations is quickly becoming a table stake. Thanks to an increase in the visibility of data, customization is something customers want. According to a J.D. Power survey, 63 percent of respondents said it’s reasonable for an insurer to use alternate data (social media, for example) to tailor coverage. With data at their fingertips, insurance companies would be wise to parse this information for life changes to reach out and position new products or services.
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COVID-19 brought disruption to the insurance world as customers grappled with financial security questions and new and existing policy changes. Many insurance call centers and employees were taxed with inquiries, leaving customers dissatisfied as they sought customer service. Maintaining One-to-One relationships, where financial advisors and brokers partnered carefully with clients, helped avoid these last-minute calls and emails. Advanced self-service options, coupled with white-glove treatment for customers that require additional guidance and support, can help avoid future potential customer experience issues.
In addition, customers practicing social distancing now require contactless transactions, creating new opportunities that traditionally involved in-person meetings. To maintain a high level of customer service and comfort for policyholders, companies need to proactively seek to service policyholders from each touchpoint, from the application process (offering virtual exams) through claims processing (providing direct deposit).
COVID-19 brought a wave of sudden, jarring change to insurance companies, their processes, and the customer base they serve. Those able to deliver high-quality customer service and adjust strategic digital plans will be the ones to succeed in this new environment.