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Five Tips To Create A Better Customer Experience For Your Insurance Business

Five Tips To Create A Better Customer Experience For Your Insurance Business

Akanksha

09 January 2024

Customer experience however has only recently gained importance in the insurance space and has shown massive results. A McKinsey report showed that insurance carriers that have provided customers with consistently best-in-class experiences have generated two to four times more growth in new business and about 30 percent higher profitability than firms with an inconsistent customer focus have. This was in part because satisfied customers are 80 percent more likely to renew their policies than unsatisfied customers are. 


Employee Satisfaction

These five tips can help you become a customer experience leader in the insurance space

1. Listen to What Customers Have to Say

Earlier, people who received insurance benefits had to wait for days to get their claims processed. The work was manual and people had to visit their insurance provider multiple times in order to get their claims processed. It is not possible today for customers to take a day off from their work, head off to the insurance provider to present their claims and then wait for numerous days to get their claims processed. An insurance company can benefit greatly by listening to customers and the challenges they face in the claims process by investing in omnichannel contact center software. The Omnichannel software will help your business listen to what your customers are saying about your company in social media and your other communication channels. It is important to monitor the CSAT score per agent interaction and snoop into the interactions where the score is low. Auto Barge in feature helps supervisor to take corrective action when the call is in progress.
With these inputs the overall steps for processing the claims can become easier and convenient and result into a better customer experience.

2. Make Things Simple for Customers

It is observed that customers cannot figure out all the information on the website of an insurance company. Creating a website that has vivid information and online chat and bot support integrated on the website pages will help customers get all the details they want, at the moment they want it. A business can create a better insurance experience when they simplify things for customers. With the pervasiveness of Whatsapp as a messaging platform, integration with Whatsapp, bot and live chat agent can be a smart approach of keeping the things simple for customers and still provide a lasting customer experience. Customers can use the familiar Whatsapp interface to reach to your business from their smartphones. The bot can address to standard queries and transfer to live agent when it finds appropriate. With such integration, the customer experience gets enhanced with a very cost effective solution.

3. Make Information Delivery Visual

It is tedious to go through long documents and processes online. Customers today do not have time to go through a website page repeatedly. Visual IVR can come in as a handy tool for customers. Through Visual IVR a business can share lengthy process information or package details over SMS through a simple web interface, making it far easier for their customers to engage with the content on their mobile device. Visual IVR guides the customer to the right menu and with digital self-service, the customer experience gets enhanced. The better an insurance provider engages with customers, the easier it becomes to capture the viewpoint and feedback of customers to strengthen the customer experience strategy in insurance. This also results in easy collection of NPS and take corrective actions rapidly.

4. Be Accessible Round the Clock

You cannot predict when your customer will need you, especially in the insurance company as emergency can arise, anytime. It would be wise to get a well-designed chatbot integrated to your website through which your customers can connect with your business at any point of time. A chatbot can handle all the common insurance queries round the clock and connect customers with agents for issues the bot cannot handle. An example of chatbot automation is that the customers can check their policy coverage or claim status by providing their policy number to the bot. Such interactions are completely agentless and very cost effective. Also, 24 x 7 availability of the bot will enhance the experience of your customers.

5. CRM Integration

A CRM integration can help your agents provide efficient service by simplifying their call handling process, giving them the details of the caller before the call connects. These integrations can also reduce call completion time by prefilling some of the disposition fields.
Introducing a CRM integrated technology can help in the creation of better agent experience in turn improving the customer experience in insurance business. Collection process is very important for insurance companies as it impacts the revenue. However the collection process can become quite messy and it can become annoying for the customers too. However the entire process can be enhanced by deploying a proper collection module which integrates with the CRM and makes automatic follow up call and as per pre-defined rule transfers the call to agents with the previous call history.

Follow these five tips and share with us the changes they brought to your insurance business. To know further on how to apply these tips or practical use case, you can write to us contact@c-zentrix.com.

 

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