Insurance customers usually choose their insurers based on trust, good investment record, personalized service, and customer service. Therefore, customer satisfaction and confidence are key to policyholder loyalty for your insurance company. An outstanding experience is critical to gaining both. In fact, 81% of companies believe customer experience to be key in their races for market dominance. Also, a McKinsey study shows that 70% of consumers base their opinion of a business on the quality of its CX.
As a result, personalization technology is one of the top investment areas for insurance companies. Yet many who have made this investment are still encountering challenges in their plans to deliver experiences that gain loyalty and trust and help them keep policyholders. What is holding them back?
What’s keeping insurers from delivering outstanding experiences?
According to the Oracle CX Trends in financial services and insurance 2020 report, 33% of professionals in that sector surveyed can’t use their CX data strategically in real-time. Two out of three use technology from multiple CX vendors, which require integration. This makes it difficult to capture sentiment and omnichannel experience data. Also, data deficiency makes personalized experiences hard and there is often a lack of understanding of past interactions.
Factors related to industry trends also affect experience. For example, compliance requirements and personal data treatment can affect data access. High churn among agents means that they focus on keeping their experience data. Because the industry has so many types—property and casualty, life, health, and title—and different channels—claims, retail, and company—there are multiple customer journeys that cross different channels, and these can be difficult to define.
The real challenge, however, is what drives customer churn in the first place. For example, the reasons that people change insurers are moving, marriage and divorce, a new job, and experience. So, it’s important for your insurance company to have an experience management platform that brings everything together and helps you ensure that your customers’ and policyholders’ experience is top notch.
Addressing insurance CX challenges with an experience management platform
An experience management platform automates the processes involved with experience management, enabling you to measure and improve each customer touchpoint. Experience.com’s Experience Management Platform (XMP) enables you to gather real-time customer feedback from all parts of your insurance business and differentiate your claims adjusting and policy servicing by automatically increasing your positive review response rates and your star rankings. It helps increase your local search engines visibility so more prospects can learn about you faster.
Insurance carrier shifts BBB reviews from liability to asset with Experience.com
- Automatically sends customers out the Better Business Bureau (BBB) site to leave a review
- Increased its Better Business Bureau (BBB) star rating from 2.0 to 3.7
- Increased reviews from 27 to 67 in just 90 days
- BBB review site transformed from source of complaints to source of positive comments
What does XMP offer insurers?
From interactions with an agent, to applications, policies, and claims, XMP can set up the right campaigns for the specific places for capture and measure. You’ll soon see areas for operational improvement and understand why customers leave or are unhappy. The other benefits of choosing Experience.com XMP for experience management include:
- Integration of your experience data with operational data from client data systems for a more holistic view of your customers and policyholders
- The ability to map the most meaningful customer journey points and build custom survey campaigns to measure, analyze, and amplify each moment
- The creation of triggered alerts that drive real-time service response at the right time and with the right context to fix policyholder issues before they leave for a competitor.
- Improved agent and claims services reputations that fuel your overall brand reputation
- A collection of experiences that showcase trust, customer service, and performance
- Increased search engine presence created by showcasing outstanding customer reviews
- Professional profiles that help you aggregate client feedback, share business information, and manage consistent data
- The ability to flag key terms and phrases that could cause compliance issues on individual agent/professional pages
A path forward to an outstanding customer experience
Experience.com XMP delivers a clear way forward in your quest for an amazing customer experience by enabling you to:
- Connect to your carrier or agency management system to automatically collect and share customer feedback.
- Automate customer feedback to increase review responses by as much as 65% and deliver higher NPS scores.
- Amplify your reviews to differentiate your claims and policy service with automatic postings to third-party insurance review and search sites and social media.
- Engage agents and adjusters for better CX by sending requests after service interactions that can increase your response rates, visibility, and CX results.
- Resolve complaints in real time by easily converting unhappy reviews into support tickets and forwarding to the people in the best position to make changes.