Established insurers are also facing the challenges of the digital age. The most important thing to strengthen your own position in the market is a high level of customer orientation. Five measures that optimize customer focus.
The same applies to insurers: the power has passed to the consumer. It is characterized by the use of modern mobile applications and also expects an insurance provider to get what he needs faster and easier. An insurer must take several steps to meet customer expectations. This includes:
Establishment of various points of contact.
Different points of contact and channels of communication and data exchange are essential from the point of view of the customer these days. The insurer must be reachable in a variety of ways, such as by phone, email, website, app, or social media. After all, the classic on-site interaction of insurance agents with the customer is a thing of the past in the age of Generations Y and Z. Rather, communication with today’s consumers is digital.
Provision of self-service portals for customers.
Customer requirements in terms of service offer and quality are constantly increasing. For example, the customer may want to interact with their insurer on a self-service basis to receive quotes, submit requests, or submit claims. It is important that you have comprehensive access to all contract information or insurance products and that you can handle not only simple but also more complex business transactions independently on the portal.
Fast response times
The rapid processing of applications and damage reports is an important point at a time of “immediacy” or digital impatience. With process automation and optimization, for example, an insurer can process and settle small claims immediately. An increase in customer satisfaction is a direct consequence.
Presence in comparison portals
In banking, a lifetime commitment to an institution is now the exception rather than the rule; The same applies to the insurance industry. Today’s customer is more willing to change and compares different offers and prices. As a result, the presence in comparison portals and markets, for example, is also the order of the day for insurers.
Integration in digital ecosystems
In a competitive time, the use of digital ecosystems offers decisive advantages for both insurers and end customers. This gives insurers the opportunity to link their own offerings with the services of other service providers. This allows them to cover the specific requirements of end customers with greater precision. After all, the customer often has a broader need than what an insurer offers. In the event of damage, for example, from the customer’s point of view, there is not necessarily a separation between the insurance aspect, ie reimbursement of costs, and the restoration of the lost item, eg by repair or replacement. Ecosystems allow insurers to create value for their clients by integrating these two aspects.
“Increasing customer requirements also require further digitization in the insurance industry. This is the only way to guarantee a high level of customer service and long-term loyalty”, explains Liselotte Munk, CEO of Fadata. “You cannot avoid the use of new technologies and processes. This includes data-driven processes, artificial intelligence, and machine learning. They are the basis for process optimization and automation that ultimately lead to greater customer satisfaction.”