Insurance All Channel Experience – Capgemini Report

Article Synopsis :

Consumer trends are exerting pressure on insurers to deliver a more customer-centric experience.  Are carriers ready to take the customer experience to the next level?

In the report “Insurance All Channel Experience“, Capgemini takes a look at the importance of aligning insurance offerings with the evolving needs of insurance customers. The report discusses the nuances of building an All Channel Experience framework that delivers best-in-class customer experience along with revenue, cost and risk benefits in the long run. Insurers who deliver an excellent All Channel Experience, the report suggests, can make significant reductions in their cost base and enhance revenues by:

Insurers who build and All Channel Experience that delivers best-in-class customer experience can reduce their cost base and enhance revenues

• Finding new business opportunities by utilizing social media to better understand customer needs
• Guiding customers more effectively from first contact to sale by using engagement technologies which support more touch-points without increasing customer service staff
• Setting more accurate prices with less actuaries through data that provides more information about an individual customer’s behaviour
• Driving down operational costs by creating straight-through processes and eliminating paper; and
• Reducing the number of fraudulent claims by employing stronger analytics earlier in the customer relationship

Along with cost-effective customer engagement at every stage of the Quote and Buy, Service, and Claims functions, the report articulates other tangible benefits of a positive All Channel Experience:

• Increased, more relevant traffic across the insurer’s digital real estate
• Higher conversion rates
• Improved cross-sell, up-sell and retention rates
• Enhanced claims experiences with reduced claims leakage; and
• Better customer retention

The report highlights the individual elements, pathways and tactics to create a holistic experience for both end-customers and intermediaries. Examples of such tactics include:

• Using social listening to spot new sales opportunities visible on Facebook, Twitter or other social media
• Responding automatically to those opportunities and using techniques such as gamification to build engagement with potential customers
• Providing mobile apps to help customers tailor their insurance, view formal offerings, and conclude the purchase remotely
• Building and maintaining an ongoing digital relationship with customers
• Having a complete picture of customers to more fully meet their needs, providing unasked-for value adds to enhance the relationship
• Using new technologies to develop a greater understanding of customer behaviours and develop new customer propositions
• Ensuring the customer receives rapid, seamless service across multiple distribution and service channels
• Using digital capabilities to enhance intermediaries’ relationships with their customers
• Stopping fraudsters in their tracks and preventing fraudulent claims; and
• Settling claims more efficiently, while keeping the customer informed and engaged throughout

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