The insurance industry rightly has the reputation of being a complex industry. It must calculate a wide range of risks, respond individually to the changing needs of its customers and handle complex price and guarantee models. On the other hand, there is the new generation of customers. You can expect smooth, networked services that are easy to use. A development that can also be observed among customers from the industrial and commercial sectors. As digitalization progresses, solutions are required that offer the customer a pleasant experience and thus strengthen trust and customer loyalty.
Factors for an optimal customer experience
Below are five areas of action that can be used to simplify and enhance the customer experience:
- Empathy - The customer is shown that the insurer is interested in him and understands him.
- Personalization - The interaction with each other is tailored to the personality of the customer. So he feels valuable, important and taken seriously. The decisive factor here is how the companies maintain their customer contacts and use the available data.
- Time and effort - How easy and fast is it for the customer?
- Expectations - To what extent are expectations generated, managed and met? The fact is that there is still considerable potential here. Clear and comprehensible communication is crucial: What does the product cover? Why do contributions change? What is the actual price?
- Solutions - How are problems solved when something goes wrong? Loyalty is based on good experiences, which remain in memory. It is not for nothing that it is said that problems are the chance to show how good the insurer really is.
- Integrity - The moral code of the insurer. How good is he at keeping his promises? Is the focus on the customer or the satisfaction of the shareholders? Are customers informed about how they can prevent bad things? Is it clear under what circumstances and on what grounds payments are refused? These are fundamental prerequisites for strengthening confidence in the insurance industry or in individual companies.
Rationalisation through digitisation
In a world that is becoming increasingly digital, a positive customer experience must be a top priority. In other words, if the machine increasingly replaces the representative, it must generate the same confidence, and be just as "easy to handle". The major insurers are therefore already working with InsurTechs to introduce more innovative and agile digital offerings.
But the digital world must also focus on the customer. What counts is to create real added value rather than introducing measures that put the service in a better light. This is a challenge for insurers. The aim is to eliminate existing infrastructure problems and replace them with new digital front-ends. In fact, many insurers are burdened by a monolithic business and technology discount based on years of buying and purchasing in the technology sector. This makes it all the more important to focus on the overall picture and the customer experience.
Focus on the customer experience
To improve the customer experience, insurers must look at their world through the eyes of the customer. This also includes understanding what causes frustration or inconvenience for the customer. Turning these things off will be an important task within the new digital world. It should also be remembered that employees are also customers. The world may change, but people don't. Employees continue to be the face and voice of the company. If they are motivated, they will also inspire customers. An innovative company involves its employees in its processes and has the ability to ask questions and listen.
Product and market simplification
It is to be expected that insurance products will be even more specifically tailored to specific needs in the future. The sensible use of customer data is likely to play a decisive role here. At the same time, the contact between customers and product suppliers must be simplified. The customer experience must be made more efficient and less complex. At the same time, the feel-good factor for the customer should increase. Digitalisation is thus heralding a final game for insurers: Only those who act wisely and can greatly improve the products and the customer experience will emerge as winners.