The insurance industry, since its earliest days, has always enjoyed complete control of the customer and provider relationship. However in the past few years digitization has disrupted the market profoundly, triggering major changes.
Acquiring and retaining customers is harder than ever before. That’s because customers are craving personalization from their insurance providers - experiences tailored to their needs and preferences based on their implicit behaviour. In return, customers are willing to provide rich data insight - online and offline behaviour that signals their intention and preferences.
Know Your Customer Well
To retain customers and deliver personalized experiences, insurance providers have to better understand their customers’ actions and behaviours, and use this knowledge to provide more frequent and high-value interactions.
According to Accenture’s study, 77% of customers are willing to provide usage and behaviour data in exchange for lower premiums, quicker claims settlement or insurance coverage recommendations. But most insurance providers are missing the opportunity. Only 22% have launched personalized, real-time digital or mobile services to-date.
Clearly the time has come for insurance providers to migrate from a transactional to relationship mentality, thinking beyond insurance and the limited insurance process-related customer interactions like bills, payments, renewals and claims.
Image Source : insuranceblog.accenture.com
The battle starts from the customer journey. Today’s customers are naturally omnichannel, researching products online, recommending and sharing on social media and buying from various touch points.
McKinsey’s study ‘The growth engine: Superior customer experience in insurance’ reports that more than 80% of shoppers now touch a digital channel at least once throughout their shopping journey. In the same report, McKinsey stated that satisfied customers are 80% more likely to renew their policies than unsatisfied customers.
It becomes very obvious that in order to survive and prosper, insurance providers must engage their customers using an omnichannel approach, connecting with them via multiple touch points and leveraging data and insights to deliver personalized experiences.
Building a relationship with customers is becoming as important as acquiring them. The changing insurance landscape is demanding it, technology is enabling it and leading influencers and brands are turning it into reality.
Among the top benefits of omnichannel personalization are happy customers, increased sales and higher customer loyalty.
Image Source : datarepublic.com
Empowering Insurance Agents’ with Personalized Content
Despite the increase in digitization creating unprecedented opportunities to engage customers directly, insurance agents and brokers still remain important. They do more than simply selling insurance to customers. They create rich customer relationships that rely on trust, understanding and communication.
One of the beautiful things about selling in the digital age is the enormous volume of content available at your fingertips. Yet for intermediaries, finding the content which is most relevant for their customers and prospects and delivering it at the right time is challenging. This is why personalization in sales enablement is more important now than ever before.
By equipping agents and brokers with the right content for specific segments or individual customers, insurance providers can optimize the performance of their advisor networks, who are equipped to provide customers with personalized and trusted advice and guidance.
Thanks to AI and similar enabling technologies, using richer customer data to drive intelligent decision making together with a growing investment in content to deliver rich experiences, provide all the ingredients for personalized journeys that satisfy consumers whilst strengthening business performance for insurance firms.
Image Source : digitalistmag.com
Knexus specialises in helping leading insurance and banking brands deliver personalized customer journeys that improve engagement and increase sales across digital channels (eg. eCommerce, websites, mobile apps, and email).
Knexus real time decision making and delivery engine uses AI & proprietary algorithms to match social, marketing & product content with dynamic customer profiles. The platform then delivers the most relevant or personalized experience in real time for customers in their digital journey.