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Customer Experience in the Insurance Sector – Microsoft

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Article Synopsis :

Customers increasingly employ social media and mobile channels to research and buy insurance. Carriers must update traditional business processes to meet evolving customer demands.

 The Digital Insurer reviews Microsoft’s Report on Customer Experience in the Insurance Sector

Positive customer experiences create profitable customers 

In “Customer Experience in the Insurance Sector”, Microsoft explores the state of customer experience management (CEM) in the UK insurance market. The authors contend CEM capabilities are generally under-developed presenting an opportunity to gain competitive advantage in a market defined by the following five characteristics:

  • Rapid rise of comparison sites
  • CEM bland and undistinguished
  • Rising urgency to engage customers digitally
  • Carriers slow to adopt technology
  • Lack of trust and transparency

The report goes in-depth on five obstacles insurers typically encounter on the road to improved CEM:

  • Customer-fixated mindset over a price-fixated mindset
  • Slow rates of change; cultural aversion to transformation
  • Talent pools ill-equipped for social/mobile
  • Lack of multi-channel/customer engagement capabilities
  • Lack of experience formulating customer-centric technology solutions

A growing number of carriers are attempting to leverage technology to deliver new products and services. Adding value through superior customer engagement enables price points, growing revenue and margins concurrently.

Link to Full Article:: click here

Digital Insurer's Comments

Growing premium, pricing policies more effectively, and improving returns on reserves – all in an environment with more complex regulation and aging employees, by and large, skilled for yesterday’s market. It’s not easy being an insurer in the UK today.

Technology, love it or hate it, is transforming the world in which we live and the markets in which we operate. Carriers transforming themselves to adopt customer-obsessed strategies, focusing their efforts, energies and budgets on CEM are more likely to innovate and thrive.  Five things carriers can do today to move CEM in the right direction:

  1. Modernise IT infrastructure
  2. Embrace mobile
  3. Utilize big data for actionable insights
  4. Build omni-channel delivery capabilities
  5. Learn and adopt best practices from outside the insurance industry

Link to Source:: click here

Comments

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