Insurance is a long-standing industry. Although core insurance operations tend to be pretty consistent across the industry, it's clear that some insurers are winning against global competition while others are falling behind. Why? The answer has to do with the fact that consumers today expect and demand their preferred business partners to be more customer-centric.
Customer Management in the Future
Insurance comparisons are just a click or swipe away. Often the competition shares the same web page so the customer can do a side by side comparison. In this world of perfect information, customer experience is the differentiator. Successful insurers are concentrating on improving their reputation with customers by being more proactive and responsive. Customer management has become as essential a component for insurers as claims processing and fraud management, both of which impact customer perception in important ways. Customers today are focused on handling their business in the most efficient way possible, with immediate access to payments online and insurance claims management over mobile devices. Some insurers have gone out of their way to put the needs of customers first, and they are reaping the rewards of this strategy every day.
Multiple Channels and Touch Points
Everything from traditional auto insurance to the reinsurance lifecycle has been redefined by new technologies. Cloud-based applications and advances in mobile Internet have been instrumental in allowing brokers and agents to connect with customers in new ways and meet them wherever they are at the moment. Now insurers also need to anticipate what customers need at the next stage and while providing a seamless experience across multiple channels and touch points.
Leading insurers are analyzing vast streams of data from a variety of sources and using this to help agents make critical customer decisions with finer accuracy in real time. It has ramped up productivity and transformed the traditional ways of interacting with customers at every level. Customers expect their insurance agent to be able to help them resolve all of their issues like a trusted adviser. They want personalized experiences and well-considered recommendations for other services that could simplify their lives. All of that is possible, but only with the agent can have right data delivered and analyzed immediately.
More on Becoming Customer-Centric
Fortunately, insurers have a way to find out exactly what kind of insurance technology solutions they need for the future. The microforum session “Become a Customer-Centric Insurer,” at the SAPPHIRE NOW user conference in Orlando will cover a lot of this ground in a short time. SAPPHIRE NOW is a gathering of leading executives in insurance, finance, management and IT on May 5-7, 2015, in Orlando, FL. The event is full of actionable advice on applying recent technology innovations to the insurance industry. Join us for this session and start transforming your company's performance with customer-centric best practices.