Powering the world’s most engaged Insurers
Today’s unforgiving economic climate confronts insurers with a multitude of challenges.
The low interest environment, greater price transparency and customer cost consciousness, sweeping regulatory changes, and lack of growth perspectives are just a few.
Almost 40% of Insurance customers make their decision based on trust and customer experience rather than price alone, providing a significant opportunity for Insurers to become competitive in these areas.
Price is only one side of the coin
Improved conversion rates can be achieved by addressing multiple factors in the customer journey – Insurance customers may consider price heavily; however, other considerations such as the engagement and experience they have with an insurer in the quote and onboarding process will factor heavily, especially when it comes to renewals. Xaleon’s solutions offer Insurers a better way to onboard as well as engage their customers through that customers lifetime.
The Covid Catalyst: Call Center Pressure
Extreme pressure has been placed on call centre operations, highlighting a lack of technology to cope in unprecedented circumstances, particularly with the ability to resolve queries with speed whilst still keeping the customer informed and satisfied. With most insurers having limited surge capacity, call waiting times have extended, much to the frustration of customers already dealing with high levels of stress. Xaleon’s solutions have proven to increase first time resolutions, opening up resource to deal with more customers than ever before.
The Technology Imperative
As insurers struggle to adapt quickly enough to meet the changing needs of customers, agile new InsurTech organisations offering flexible and personalised solutions are emerging to address gaps in the market left by incumbents. The need to address this technology gap is more pressing than ever before. Xaleon is supporting Insurance organisations in closing that gap with our customer experience solutions.
Insurance technology is an expanding area that has the potential to help the insurance industry reconnect with its customers following a period of increasing alienation and disengagement. Not only does InsurTech offer the insurance industry huge commercial potential, it can also help insurers reaffirm their trust and necessity with customers.
Closing the customer experience gap
Unfortunately, the reality is that the insurance industry has a relatively poor reputation with consumers; many people are mistrustful and suspicious of seemingly harsh policy premiums and confusing terms and conditions documents. For insurers, a better understanding of customer preferences leads to greater customer satisfaction and increased business.
Xaleon’s Engagement Platform provides us with an end-to-end solution, the value of which I cannot overstate; everything from first sales contact, customer on-boarding, problem-resolution and of course, gathering real-time insight into our customer’s barriers and problems has significantly improved our entire Customer Experience function.
Director of Sales
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