Author : Shariq Imam
Vice President - Sales (UK)
13/Apr/2020

To be customer facing, engaging consultant with a keen ability to think strategically, listen to and understand clients' needs and concerns. Brand positioning, Company profiling for prospective clients. To offer solutions that has a deep impact on the clients business. Strong Domain Knowledge across European Market probing for client requirements within IT & Infrastructure Management Services.


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.

How insurers are using advanced analytics to improve retention rates

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 markting@espire.com & subscribe to our blog to learn more for latest insights & updates.

MORE FROM OUR BLOGS

Crafting Bespoke Claims Handling System for a leading UK based Insurance brand to enhance Customer Retention

A leading UK-based Insurance brand dealing primarily in claims business, which specializes in employer's liability and third-party insurance coverages for over 100 years now.

Product Development and Application Modernization of Pension Administration Suite on Oracle ADF 11g

The client’s current PAS application is built on Oracle Forms & Reports, client needed to modernize the current PAS with the latest technology stack, i.e., Oracle (Application Development Framework) ADF. The project also included the requirement to upgrade the current backend database built on Oracle.

Delivering Consistent And Compelling Customer Communication With Self Serve Communication Portal

Delivering Consistent And Compelling Customer Communication With Self Serve Communication Portal

Upgrade and Support of Financial Portal based on SAP Business Object Technologies for a Global Engineering Conglomerate

The client is an engineering, sciences and project delivery firm, based in Australia. The client wished for its financial reporting portal to be updated immediately. Its existing financial portal was to be enhanced and standardized so that the reporting was consistent and well linked across various regions and business units

A Complete guide to upgrade to sitecore xm cloud why when and how

Sitecore XM Cloud's composable architecture allows organizations to create and manage personalized digital experiences for their customers, increasing engagement and conversions. With its cloud-based delivery model, Sitecore XM Cloud eliminates the need for organizations to maintain on-premises infrastructure, providing a cost-effective and secure solution for managing digital customer experiences

Leveraging composable architecture to drive unforgettable digital experiences

A composable architecture allows the application to adapt to the speed of business while enhancing responsiveness and scalability, paving the way towards driving greater business growth. In our latest blog, we share the benefits of leveraging a composable microservices-led architecture for business applications.

Top 10 strategic technology trends for 2023 by gartner Part2

In our first blog on Top 10 Strategic Technology Trends for 2023 by Gartner, we had discussed the top 5 technology trends that will enable businesses to offer customized experiences to the end users for better engagement, ROI, conversion, and sales. As a concluding part of this 2 series blog, we will enlist and discuss the next 5 disruptive tech trends to be witnessed in 2023 such as Wireless value realization, Superapps, Adaptive AI, Metaverse and Sustainable technology.

Top 10 strategic technology trends for 2023 by gartner Part1

The pace of change is accelerating, driven by emerging technologies such as artificial intelligence, the Internet of Things, big data and blockchain-all of which are changing how we work, live, and manage our businesses. In this blog, Part 1 of the top 10 strategic technology trends for 2023, we will be exploring the top 5 trends identified by Gartner, which can significantly contribute to your success story.

Agile tech solutions and agile mindset foundation of future ready and resilient businesses

The Agile technologies help employees become self-sufficient and motivated to work more collaboratively & deliver ROI-driven solutions while eliminating the constant need for supervision and micro-management to achieve goals.

Subscribe To Our Blog

By clicking on "SUBSCRIBE NOW" you acknowledge having read our Privacy Notice.

global-locations

12

+

Global Locations

global-services

100

+

Global Customers Served

resources-certified

1200

+

Resources

technology-partnerships

30

+

Technology Partnerships

years-of-experience

20

+

Years of Experience in Digital Transformation & Total Experience

Speak to Our Digital Transformation Specialists

Let's get you started on the digital-first & transformation journey. Reserve your free consultation or a demo today!