With demanding customers and new competitors – are insurers listening to their customers? Truth is, insurance customers are not complicated. They know what they want, and here is a list that insurers need to master to stay ahead of the game.
Quality & Ease of Use
This is the basic of any good customer service – solutions that are easy to use. From filling out a claims form to understanding the policies, keep it simple. According to Olivier de Groote, Partner, Deloitte in a recent study: “customers are increasingly looking for frictionless services across the board.”
“Insurance is some way behind, but those that are investing more in technology and offering the market an easy and complete experience that offers clear solutions to customer problems are in a good position.”
Riding The Digital Wave
With all industries, digital transformation is key for growth, and insurance is no exception. What used to be built on a model where products are sold by agents and where the business is transaction-oriented, insurers are moving to a customer-needs driven environment.
In a report by DXC.technology, it said that “customers expect to be able to leverage newer technologies such as chatbots to ask questions and get answers”. They are also not willing to wait more than a week to get their policy mailed to them – which means insurers need to adopt new technologies quickly to drive success and growth in the industry.
The Sweet Spot
“Insurers have to figure out how to offer customers products and services that are relevant to them at a time when they need them,” said Andy Masters, Partner at Deloitte. While technology acts as a crutch to deliver these solutions, it’s about knowing your customers well enough to know what they need before they do.
Are they looking for health insurance, or is it a global coverage? Perhaps they’re looking for a life plan to secure their retirement, or more so an investment-linked policy to grow their wealth? Either way the key is in understanding customer trends and proving a spectrum of services that are curated to their needs.