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Wins the Loyalty of the Insurance Digital Customer – Sutherland

Article Synopsis :

Today’s tech-savvy digital consumers expect convenience, personalised service, transparency and affordable pricing and carriers are scrambling to develop and implement effective customer retention strategies.

 The Digital Insurer reviews Sutherland Global Services’s Report on How Meeting New Expectations Wins the Loyalty of the Insurance Digital Customer

Effective BPO partnerships can build customer loyalty

In the whitepaper “How Meeting New Expectations Wins the Loyalty of the Insurance Digital Customer”, Sutherland Global Services explains how even the most tech-savvy and fickle modern customer can still be won over with exemplary attention to their needs and expectations.  Insurance customers, whether individual or commercial, expect many, if not all, of the following from interactions with their current or prospective carrier:

  • Ease of access, including “any time” access 24 hours a day and seven days a week, to information and assistance
  • Choice of contact channel, providing the convenience of “anywhere” interaction through direct mail, fax, live voice, interactive voice response (IVR), e-mail, chat, web, mobile apps, (short message service/text) SMS, and even social media posts and tweets. Many of these channels fit better with the multi-tasking behaviour of the Gen-Y and Millennial population segments
  • Detailed, visual and easy-to-use self-service functionality
  • Quality, consistency, predictability and timeliness of each interaction
  • Efficient “once and done” inquiry or requested servicing
  • Personalized prospect or policy owner information and relationship-building service

Per the paper, Business Process Outsourcing (BPO) partnerships are the latest trend in the insurance industry. BPO partnerships help insurers address customer expectations in terms of:

  1. Ease of access with real-time support
  2. Convenience of anytime interactions with choice of contact channel
  3. Friendly user interfaces
  4. Quick turnaround
  5. Efficient process response
  6. Customer relationship management

BPO helps insurers reduce limitations in terms of legacy processes and technology ensuring that they keep pace with the changing technology landscape to meet customer expectations.

Specific value realized from BPO partnerships include:

  1. Quick turnaround boosting policy sales with outstanding customer satisfaction
  2. Leveraging technology capabilities such as predictive modelling and sales analytics for customer insights
  3. Using insurance process knowledge and integrated technology to quickly establish market share within a new geography
  4. Rise in direct sales and progressive service models which help in rapid new product rollouts with limited infrastructure
  5. Low cost operations with improved consistency of claims interaction

The benefits from such partnerships include: speed, reduced risk, improved cost structure, incentive via aligned compensation and joint investments and collaborations.

Link to Full Article:: click here

Digital Insurer's Comments

BPO is enjoying a resurgence with insurance carriers. Once reserved for low-value, low-complexity, high-volume functions, new BPO offerings from specialist firms are aimed at helping carriers de-link from legacy processes and systems.

BPO has always been more of a tool for back-office efficiency and cost-control. It’s time to look at BPO for front-office customer service, as a tool to add critical capabilities you may not be able to build in-house.

Link to Source:: click here


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