Welcome to our blog series on Customer Engagement Technology in the Insurance industry. This series will discuss the challenges and opportunities faced by Insurance providers and how the right Customer Engagement tools can make processes faster, more effective and more precise than current methods, ultimately increasing profitability for Insurance providers.
Each step of the Insurance value chain is being reassessed and reinvented, Customer Services and Customer Engagement within Insurance is no exception. With that in mind, this week, we will look at the different functions and departments in the value chain, from Quote Conversion to Claims, that can be drastically improved with the Xaleon software suite.
Insurers are now expected to meet the growing needs of their customers and enhance all interactions with them by introducing modern digital solutions. Incumbent Insurers can benefit from InsurTech services such as Robo-Advisory, Co-Browsing and a Digital Sales solution. The integration of InsurTech solutions will ultimately create a competitive advantage and reduce churn by ensuring a better customer experience during the buying, billing, amendments, cancellations and claims process. Week by week, we’ll be tackling the following functions within Insurance Organisations and aligning the latest tech solutions within Customer Engagement to those.
It will come as no surprise that Claims are the largest cost on the Insurance P&L, the effectiveness of this process is key to building a sustainable competitive advantage. As of today, many claims processes are old and outdated and the opportunity to support Insurers in injecting a tech savvy solution is boundless. Claims have always been the moment of truth in the relationship between insurer and insured, and this represents a terrific opportunity to improve what has historically been, a disengaged customer experience.
The Commercial Market is starting to expect a similar approach to insurance process that they have with their personal insurance, a few clicks, perhaps at most a quick conversation with a representative, and one eSignature later, onboarding is done. We all know that this is not the reality in Commercial Insurance; however, can you make your biggest clients customer journey as simple as your individual customers? We’ll have a look at how dramatically CX Tech can change the onboarding process for bigger commercial clients.
Mid-term amendments or cancellations to policies can be a trying process for customers within insurance, especially when it comes to explaining extra charges to customers, signing amendment documentation and taking the customer through the details of the policy changes. Traditional customer services tools make the process long and arduous. With a web co-browsing and document co-browsing solution, a seamless process for both your agents and your customers can be achieved.
We are all aware that the most capital heavy process in insurance is customer acquisition – reducing churn and increasing the propensity for ancillary products (upsell and cross sell) is vital for Insurers to remain competitive. With the right Customer Management and Engagement tools, upselling and cross-selling has never been more simple or successful.
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What is Co-Browsing and why Banks should care
3% increase in average revenue achieved per call (-1.5% without Co-Browsing) 17% increase on annual revenue growth (10% without Co-Browsing) 5% increase in agent utilisation (compared to -0.2%) 80% increase in First Call Resolution 7% reduction in Churn Those were the results of a study on Co-Browsing commissioned by Aberdeen Group together with our Clients results. Yet, Co-Browsing is often overlooked in Customer Services where Live Chat is often selected as the only way to communicate with customers online.