We live in a volatile society with a variety of risks, so purchasing an insurance policy has become essential. However, this does not mean that insurance companies can sit back and call themselves an essential service.
The future of insurance depends on insurers exploring new business models to remain relevant to their customers in a constantly changing environment.
In this article, we will discuss three customer experience challenges that insurance companies must overcome to succeed in today's competitive marketplace.
1. Develop websites and applications that make it easier to purchase and use insurance services
E-commerce has dramatically changed consumer behavior. Today, insurance customers want to be able to research, explore, purchase and manage their insurance services via websites and mobile applications.
Insurance customers want an immediate response and don't have the time or inclination to wait or talk to a person, especially for Gen Y and Gen Z, who were born with digital.
This requires high-quality, bug-free mobile apps and websites to enable self-management of their insurance portfolio.
Insurers must develop applications and websites that allow customers to:
- Contact an insurance representative (human or chatbot) if desired
- Request roadside assistance
- Planning repairs
- Update contracts to incorporate new purchases or changes in their personal lives
- Upgrade or downgrade their contracts.
Consumers 55+ - Now accustomed to online processes
These consumers are becoming increasingly comfortable with online interactions with their insurers.
They prefer online claims, and 71% say they would like to see the web-based chat or video claims process replace the traditional in-person claims process.
Currently, only about 15% of customers are satisfied with the actual digital experience offered by insurance companies.
2. Create a personalized customer experience at a more competitive price
A personalized customer experience increases the perceived value of the offering, and today's insurance customers are increasingly demanding to be charged based on their behavior and habits.
In exchange for this, they are willing to allow insurers to collect and use their data.
Today's consumers show no willingness to share their data if they don't directly benefit from it.
Insurance contracts based on the actual use and behavior of customers take into account this important data about their health, physical activity, and driving habits with their insurer in exchange for lower prices.
Examples of personalized, data-driven customer experiences in the insurance industry
- Smart home devices or sensors in a car can capture and evaluate important information to determine if their customers are facing significant risks.
- In healthcare, connected devices such as wearables can monitor a client's vital signs and inform them when there is a significant risk of heart attack, stroke, etc.
- Insurers can use data from wearable devices to reward customers for exercising in an effort to help customers live healthier lives.
- Reward safe drivers with lower premiums.
Using this data, insurers can effectively send notifications to their customers to encourage healthier and less risky behavior.
In the area of auto insurance, consumers are looking for personalized "pay-as-you-drive" offers.
Consumers who can drive expect to drive less over the long term than they did before the pandemic thanks to the increase in remote work, among other trends.
They want the rates and services included in their insurance policy to reflect these new habits.
3. Leverage the latest technologies to create a seamless, secure and bug-free customer experience
The insurance industry needs to leverage AI, cloud and other technologies to improve the customer experience and ensure the safety of their customers.
With such a complex and varied customer experience, a robust QA testing process is essential to ensure that their mobile apps and website are smooth and bug-free for their diverse customer base, especially when it comes to creating an efficient claims process.
Securing customer data
Insurers need to improve their security protocols to ensure that data is protected, especially during the transfer of customer data to the insurer.
Improve customer experience through QA testing
When it comes to improving the customer experience in the insurance industry, planning and executing robust quality assurance (QA) testing campaigns is essential.
Quality assurance testing is critical to the overall success and return on investment of any mobile app, website, connected device or other digital service.
They allow insurers to identify anomalies or bugs that can block functionality, interfere with customer journeys or create a frustrating customer experience.
In light of insurers' efforts to improve the customer experience, quality assurance testing will play a key role in their ability to provide excellent digital services to their customers.
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