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Delivering Exceptional Customer Experience – Accenture Report

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Article Synopsis :

Empowered by digital technology and access to information, hybrid customers are dictating new terms of the insurer’s business. Customers insist on service delivery across multiple channels and they expect insurers to anticipate their needs. Customers no longer hesitate to shift loyalty and broadcast their displeasure on social media instantly leading to negative publicity for insurers.

The Digital Insurer reviews Accenture's Report on Delivering Exceptional Customer Experience

Understanding the customer – the details matter

So in today’s world of technological advancement and prominent social media, can insurance companies risk not being customer-centric?

The report by Accenture titled “Delivering Exceptional Customer Experiences” explains how customer centricity drives customer experience and return on investment. As per the report  customer experience management helps insurers:

• Identify and track prospects and customers across all channels
• Designate them to dynamically evolving segments
• Predict and model optimal interactions and lifetime value
• Create and deliver a continuum of highly relevant experiences

The report discusses a three-pronged customer experience management approach to deliver exceptional customer experience at scale involving:

1. Customer centric operating model
2. Customer experience management hub
3. Customer experience delivery operations

Digital Insurer's Comments

Insurers need to inculcate a customer centric culture in order to beat their competitors by delivering an exceptional customer experience at customer touch points. A customer centric approach can help insurers to differentiate themselves from competitors who do not offer the same customer experience. There is abundance of relevant customer data and its proper use can enable insurers predict and alter customer behaviour and response well in advance.

For a true customer centric approach insurers will have to
1. Redefine their operational model as per customer preference
2. Align IT resources for better customer insight
3. Design a personalized product and services aligning with customer behavioural changes

Link to Source:: click here

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