Using Advanced Analytics to Track the Customer Journey in Insurance
Article Synopsis :
To excel in the digital-centric age, insurers must deliver better customer experiences that are simple, efficient, and obstacle-free, says this report from the enterprise software provider, SAP.
Insurers must understand how to streamline customer-facing processes, measure the customer experience to maximise alignment between customer satisfaction and operation metrics and keep ahead of the seeking to disrupt their market.
Some insurers have upped their game, but customer demands and the pace of change are increasing and customers expect to interact with insurers on their own terms.
This requires a new approach to customer engagement that delivers unique products and services and customer interfaces that adapt to meet each individual customer’s needs.
The proliferation of legacy technologies remains a primary obstacle and it is essential that the way insurers manage and evaluate their front-end technologies is totally transformed in order to adopt high-value customer-engagement that will drive growth and profitability.
That means starting any project from the customer’s point of view. to ensure their processes deliver maximum value with minimum friction. This is done by identifying inefficiencies in the ways in which customers interact with the company. These inefficiencies will increase costs but decrease customer satisfaction.
Customer journey analytics aids the harvesting of data to create a new approach to running business operations based on facts, not feel. This does away with limitations from small samples and helps interpretation of data in order to prioritise the processes or systems that require improvement in order to enhance the customer experience – and justify the cost of making improvements.
Customer analytics will allow insurers to become digital leaders and end the annual appearance at policy renewal time.
This requires relevant content to deliver a consistent message wherever customers touch the business.
Frequent communication is essential in order to build the brand, but they must also be accessible.
Insurers need simpler interactions but must also work harder to meet each customer’s needs. New digital technologies are driving innovations that will modernise legacy operating environments, providing greater flexibility and simplify distribution channels and customer interactions.
These capabilities are critical in order to avoid the disruption created the new carriers and their new business models and technology.
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Digital Insurer's CommentsAnalytics is the enabler for insurance companies to make it in the digital age. But it is not the only essential component. Processes must be simplified and customers placed at the centre of them if they are going to leverage the benefits of big data.
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