{"id":19559,"date":"2021-11-10T18:07:36","date_gmt":"2021-11-10T18:07:36","guid":{"rendered":"https:\/\/try.experience.com\/resources\/?p=19559"},"modified":"2023-12-14T19:22:49","modified_gmt":"2023-12-14T19:22:49","slug":"why-experience-management-is-a-good-policy-for-insurers","status":"publish","type":"post","link":"https:\/\/try.experience.com\/resources\/why-experience-management-is-a-good-policy-for-insurers\/","title":{"rendered":"Why experience management is a good policy for insurers"},"content":{"rendered":"\n

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. <\/p>\n\n\n\n

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?<\/p>\n\n\n\n

What\u2019s keeping insurers from delivering outstanding experiences?<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

According to the Oracle CX Trends in financial services and insurance 2020 report, 33% of professionals in that sector surveyed can\u2019t 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. <\/p>\n\n\n\n

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\u2014property and casualty, life, health, and title\u2014and different channels\u2014claims, retail, and company\u2014there are multiple customer journeys that cross different channels, and these can be difficult to define. <\/p>\n\n\n\n

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\u2019s important for your insurance company to have an experience management platform that brings everything together and helps you ensure that your customers\u2019 and policyholders\u2019 experience is top notch. <\/p>\n\n\n\n

Addressing insurance CX challenges with an experience management platform<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

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. <\/p>\n\n\n\n

Insurance carrier shifts BBB reviews from liability to asset with Experience.com<\/strong><\/p>\n\n\n\n