Two key enablers for insurers seeking long-term growth | Insurance Blog

In this series of posts, I’ve talked about why personal lines and small commercial insurance carriers need to focus on reinventing the customer experience from end to end, and four different aspects of that experience that can help them drive growth—new products, a marketing transformation, embracing digital channels and improved customer service.  

Technology to enable your reimagined customer experience  

Underlying each of these drivers of growth are two technology enablers. If you want to boost your market share and remain relevant to customers with evolving expectations, you’ll need to build your capabilities in these two areas:  

1. A system of engagement platform. To support a reimagined customer experience, you’ll need a cloud-based, AI-infused system of engagement with automated workflows. It should provide a 360-degree view of your customers across all product lines and integrate with systems of record, so everything is connected and working together across the entire value chain, from marketing to sales to underwriting to servicing to claims.  
2. Data-driven analytics and deep customer insights. Analytics based on first- and third-party data can help you define revenue levers and understand your customers better. These deeper customer insights will let you define your customer needs by segments or personas to build truly customer-centric experiences across channels, strengthening the value your customers receive. If you’re not using predictive and prescriptive analytics, you’re missing out on an opportunity to provide more relevant and personalized digital insurance experiences.  

Our research suggests that 75% of customer service organizations across industries plan to invest in AI or process automation. If you’re one of the 25% that does not yet have a plan to do so, now is a good time to rethink your strategy, perhaps with the assistance of a partner. We helped a multi-national insurer implement a cloud-based solution to improve its legacy CRM system, with a single view of broker and customer transactions and interactions, plus case and workflow management.  

Insurance companies taking the customer experience to new levels  

Unencumbered by legacy systems, insurtechs are moving fast to fill the gaps in current customer experiences.   

• Waffle. This insurtech has improved the customer experience from end to end by building an all-in-one platform that lets customers select cyber, renters, pet and travel insurance from various partners, and an app for managing policies on the go. Prominent on its website is a list of core values that many customers will connect with—values like creating a positive impact in the world, the importance of earned trust and the belief in equality and inclusivity.  
• Sprout.ai. Another insurtech, this company offers an AI automation, natural language processing and OCR solution to help global insurers settle claims within 24 hours, which allows insurers to focus on customers in their moments of need.  

Personal lines and small commercial lines insurers will need to take a multi-pronged approach to reimagine the customer experience. They’ll need to develop innovative new products to meet currently unmet human needs, engage in a continuous marketing transformation that positions them as relevant in their customers’ lives, extend their use of digital channels to meet customers where they are and enhance customer service to keep the conversation flowing.  

If you’re interested in driving revenue growth and increasing your margins by reimagining customer experiences across the customer journey, don’t hesitate to reach out to me.  

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Disclaimer: This content is provided for general information purposes and is not intended to be used in place of consultation with our professional advisors.