How personalised experiences help insurers build Digital Trust

How personalised experiences help insurers build Digital Trust

In the era of digital transformation & technological innovations across industries, customers expect the same quality of interactions with Insurance providers as they are getting in other segments like retail, travel and entertainment. Millenials, the digital first generation, are highly influenced by technological innovations which play a vital role in their daily lives. According to Accenture's Technology Vision for Insurance 2018 report, 83% of insurers say technology has become indivisible from people’s daily lives. If utilised well, these changing trends create opportunities for insurers to embrace their relationship with existing customers and acquire new customers by introducing innovative new products and services.

digital transformation & technological innovations

Image Source : scmp.com

"80% of insurance consumers are looking for tailored offers, messages, pricing and recommendations from their auto, home or life insurance providers."
– Accenture

 

Two sides of Digital Trust - Customer data and personalised experience

To stand out in this competitive world, insurance brands must deliver a customer experience that is both appealing and engaging, moving from ‘one fits-all’ to truly individualized experiences. According to Accenture, 58% insurance customers would switch half or more of their spending to a provider that excels at providing hyper relevant experiences without compromising trust. The goal must be to meet next generation customers’ expectations, which have been abruptly transformed by digital technology. For example, customers want a simple one click shopping process; real-time, clear and relevant information access about a product’s features, particularly in relation to pricing; and innovative, tailored services designed for the digital age.

These customers want personalized and highly relevant guidance, that doesn’t necessarily mean human guidance. According to recent research from NTT DATA Services, 41% of respondents indicated their first choice for interaction from brands related to products or services using AI agents, and that number will continue to grow as AI becomes more advanced. To learn more about AI/machine learning helping brands to improve their customer experience read our blog "How machine learning will take customer experience to the next level"

Aviva's Amazon’s Alexa intelligent digital-assistant platform - Knexus

Image Source : www.aviva.co.uk/alexa/

Examples of insurers embracing technological innovation to achieve success include Aviva, who have launched a smart, voice-activated service running on Amazon’s Alexa intelligent digital-assistant platform, whilst Legal & General America has launched an online platform that generates insurance quotes by analyzing digital images submitted by prospective customers.

Legal and General America generates insurance quotes by analyzing digital images

Image Source : term.lgamerica.com/selfie-quote/

Customers feel comfortable sharing their personal data where they see it is used in ways that adds value to their experience and helps them. Insurance brands need to reap the benefits of this data to create highly relevant, contextual experiences that keep customers satisfied and coming back for more.At the same time, building and maintaining digital trust must remain at the forefront of such an approach.

These advanced digital technologies are opening great opportunities for insurers to get closer to their policyholders, build digital trust, and give them the customer experience most consumers crave.

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About Knexus

Knexus is an AI decision making engine used by leading insurance brands to auto-integrate dynamic content into customer journeys in real time. Knexus matches customer data with social & marketing content, delivering highly relevant experiences to improve conversion, retention and sales.