The age of the connected customer is here and, at long last, the insurance market is recognising the urgency with which it needs to adapt to today’s smart, data-driven marketplace.
But why now? Because digital transformation is no longer optional.
Consider this: not only must insurers now deliver the fast, connected and personalised experiences consumers expect as standard, but they also have to face up to ongoing disruption from digital-native FinTechs. What’s more, they need to get ready to take advantage of innovations like the Internet of Things.
We’ve supported some of the early adopters in insurance through their digital transformations, and learned from their journeys, so we’ve compiled an essential guide for insurers looking to make the same brave leap into the age of the connected customer.
Here are three steps from the guide to help inspire further reading…
How to become an insurance trailblazer
1. Deliver smarter services
Consumers have never had more choice over where they spend their money or place their loyalty. But all this choice means more competition, more noise, and more disruption – leaving service as one of the only ways that insurance brands can truly differentiate.
Your customers realise this. They know they can probably get your product elsewhere, and while price may help influence their decision, the quality of service and the experiences you deliver will cement it.
However, consumers often find themselves dealing with poor self-service options, difficulties communicating queries, and repeatedly having to identify themselves when insurers rely on slow, inflexible and disconnected processes.
By connecting your data, people and service channels across the business, you can make smarter service a priority, enabling:
- Better understanding of customer needs and preferences
- Self-directed services such as online customer portals
- Personalisation at scale using analytics and AI
“Today’s consumers do not buy just products or services – more and more, their purchase decisions revolve around buying into an idea and an experience.”
2. Hold smarter conversations
With the right message, in the right place, at the right time, you can significantly enhance individual customer experiences and drive lifelong brand loyalty.
In the past, almost half of all retail insurance consumers had little to no contact with their insurers over the course of a year. They come, they go – and no meaningful relationship is formed.
But today, insurers are well positioned to use data-driven, omni-channel communications to forge empathetic and contextual 1:1 relationships built entirely around the customer’s preferences.
The kind of relationships that go beyond the signing or ceasing of a contract, and deliver:
- Real-time responses to customers when they need them most
- The same smart, seamless engagements across channels
- Relevant and timely understanding of their insurance needs
“Customers who are loyal promoters of their insurers stay longer, buy more, recommend the company to friends and family, and usually cost less to serve.”
Bain & Co, Customer Behaviour and Loyalty in Insurance 2016
3. Make sales more predictable
For many consumers, brand loyalty is fleeting. But there is a way to buck this trend: emotion. In fact, customers with an emotional relationship with a brand have a “306% higher lifetime value”.
This emotional connection should be nurtured from day one. And a great way to do that is to take advantage of every data source to identify, target and convert opportunities in the same way you personalise the entire customer journey.
Your approach to sales must become as smart and personalised as your approach to service. And with data in no short supply in a digital environment, you’ll soon be able to:
- Respond to prospect needs through efficient lead capture
- Automate 1:1 messaging to enable seamless onboarding
- Personalise and target advertising in real time across all channels
Driving insurance customer success
This is just a taster of what you’ll learn in the Creating Connected Insurers guide.
Get your copy now to discover how you can join the financial services trailblazers who have transformed in the age of the connected customer, by:
- Unifying the customer experience across channels and geographies
- Taking advantage of a CRM with purpose-built industry functionality
- Enhancing legacy systems with secure, scalable cloud capabilities
(And let’s not forget the exceptional productivity, collaboration and ROI gains they’ve been able realise. But more on that later...)
Read Creating Connected Insurers: How General Insurance Providers Can Create Effortless Digital Experiences for All and kickstart your journey towards a more agile and collaborative future.
