Covid-19 & Impact on Insurance: What it means for the Industry
In a highly competitive market situation with dwindling customer loyalty, brands not only face a stiff challenge in acquiring new customers, but also struggle to retain the existing ones. Today, customers with ever-changing habits and expectations demand a combination of both quality experience and products as well as swift delivery and response.
Insurance Industry needs CX Transformation now more than ever
At present, as the world struggles with challenges around COVID-19, enterprises and businesses across the globe require a well laid-out strategy to ensure business continuity, along with continued delivery of exceptional CX and support. This is the best time for brands to let their customers know that they care. Professional handling and crisis control today gives customers an impression that their choice to stay with you was a right decision.
Crisis of a global scale like COVID-19 disrupts not just few but envelops and traps a larger global populace, necessitating a large scale and robust communication strategy. No one can preempt a crisis but we all must have a preemptive and anticipatory plan that we can fall upon. The insurers specifically need to ensure that they provide a continued superior customer experience during these unprecedented times so that they can then take pride in sailing with customers during challenging times as well.
Are you seeing this as a New Wave of Opportunity?
A survey by Ernst & Young reports that 40% consumers base their loyalty on the quality of experience they receive from the brand.
This crisis period presents great opportunity for insurers to let their customer know that they care with empathetic service and that they are experienced enough to handle the crisis of this scale. Letting customers know that you are in it with them together will certainly keep them coming back in times good and bad. It’s time that you continue connecting with your customers and keep them updated with your efforts and plan- sounding confident, aware and prepared.
This is the right time to build trust by proactively communicating them at all platforms and modes of communication. Customers are most active on social media during crisis as they look for breaking news. You can regularly update customers for every significant development and demonstrate progress made - letting your customers know that you are monitoring and on top of the situation. It's time for you to let customers be a part of the crisis and let them know that we are all in this together.
The Insurance Differentiator
Great customer experience in the insurance industry on a broader scale is quite similar to brands in the other sectors, where developing an understanding and proximity with the customer is the primary goal, but what differentiates them, is the vital nature of crisis handled and the nature of purchase triggered by need and not simply desire.
CX transformation: Reaping Loyalty
Superior customer experience with seamless customer journey across different phases of customer journey from awareness to purchase to support and claims form the competitive differentiator for insurers. It is important for insurers to proactively communicate with their customers and focus on crafting personalized offerings spread across all digital and offline touch points with a blend of personal touch and counseling.
Brands have been harping benefits given their ability to deliver superior customer experiences and COVID-19 certainly brings in huge opportunity that no brands, least insurance, can afford to miss!
With over 20 years of digital & CX transformation expertise, Espire is enabling Insurance companies worldwide to revamp their digital experience management and CX strategy. Thereby, resulting in up to 20-30% increase in revenue through new digital channels, at a record turnaround time, while helping to achieve operational efficiency & cost reduction of up to 30%.
You can reach our experts at Espire Infolabs for a quick consultation at www.espire.com/quick-contact. For any query, get in touch with us at firstname.lastname@example.org & subscribe to our blog to learn more for latest insights & updates.