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Innovation in the Insurance Customer Experience – SMA

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Article Synopsis :

Emerging digital megatrends are forcing insurers to relentlessly innovate around touch points with two sets of customers – policyholders and distribution partners. The traditional business and communication model is growing less sustainable by the day. Digital differentiation through innovation is an imperative.

 The Digital Insurer reviews SMA’s Report on Innovation in the Insurance Customer Experience - Examples and Guiding Principles

One box is no longer sufficient.  The digital insurer delivers positive experiences to multiple stakeholders across all channels 

The research report “Innovation in the Insurance Customer Experience – Examples and Guiding Principles” by SMA provides insights on how innovative approaches have helped improve customer experience. Specifically the report presents ten detailed examples of customer experience Best Practices implemented by North American insurers:

  1. Collaborative financial planning tool
  2. Delivery preference management
  3. Mobile imaging for customers
  4. Automated customer service responses
  5. Next-generation portals
  6. Bundling of mobile app capabilities.
  7. Voice analytics for contact-center interactions
  8. Technology enablement to address human limitations and disabilities
  9. Usage-based insurance customer portals
  10. Processing life new business/underwriting applications in minutes

Based on the examples, the report goes on to suggest that insurers aspiring to dramatically improve customer experience should focus on three key areas/themes:

  1. Product customization
  2. Personalized interactions
  3. Proactive approach

 

Digital Insurer's Comments

Pre-Internet, smart phone and social media,  insurers were able to survive, even thrive, with very limited innovation around customer contact. Competitive pressures were more personal than digital, local not global.  But the digital revolution has transformed customer expectations.  Policyholders expect more and insurers who ignore their demands run the risk of having the favour returned.

It’s impossible technically, and in terms of cost, to give customers all they want at once. The art of the Digital Insurer is identifying which customers get what and when. Segmentation has never been more important.

Innovation is less about new ideas and technologies than the right ideas and technologies delivered to the right end-user at the proper time.  This report from SMA is an excellent tool to help primarily marketing executives understand how to navigate the ongoing paradigm shift in customer touchpoints. 

Link to Source:: click here

 

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