Author : Shariq Imam
Vice President - Sales (UK)
09/Sep/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.


Insurance industry: Top 5 Drivers to Uplift CX in the Next Normal

As the new normal continues to define new set of norms, the economic environment continues to remain uncertain. The insurance sector too is not immune to current pandemic-led uncertainties. However, this is the most opportune time for insurance players to rise on the occasion & mitigate, handle and manage risks.

A 2020 Global Insurance Outlook report by EY suggests that digitising the distribution of insurance is key priority for insurance providers. However, it is found that a large number of insurance carriers are still struggling in their digital transformation journey with half-hearted approach to getting digital.

Going digital is all about re-imagining and transforming digital infrastructure to create impressive CX - from reaching with new products to on-boarding new customers and the claims settlement process throughout their entire digital journey.

Here are the top ways insurers can craft impressive customer experience in quick and efficient manner:

Legacy Transformation in Insurance with low cost, low risk cloud-based systems in record time

Hassle Free, Simpler and Faster Policy Purchase

The first step in ensuring a delightful journey with your brand is to remove all redundant and unnecessary roadblocks to insurance buyers who know what they are about to buy and are ready to make the purchase decision. Simple, click through and feature rich forms can help the customers hasten their way to purchase, and insurers get time to verify the lead when they send the quote and purchase links to the customers. You either give your customers the way into their buying decision or let them slip away to a more efficient and seamless purchase platform elsewhere.

Omnichannel Presence for an Omnipresent Customer

An insurance buyer, or be it any online purchase, may not always follow a linear pattern, i.e., the customer would follow one straight linear path from discovery to purchase. An insurance buyer may fill up a form on your website, talk to your customer support team and even compare the price quotes from multiple carriers. However, an email with customized purchase link with all the details already filled up by the customer during their previous interaction motivates the buying decision of hitting the ‘buy now’ link, rather than filling up the form from the scratch. This omnichannel communication with customers to pick up the interaction from where it was left off hits the right cord with the customer giving them the sense of comfort and ease and an experience that always converts.

Claims Resolution aided by Artificial Intelligence

The fluid and stress-free experience of claims settlement is possibly the best customer experience any insurance buyer can dream of. While it comes to insurance buying decisions, customers not just look into the percentage of claims settled by the insurance provider but also into the time in which it is resolved, and the amount of paperwork or hassles associated. Insurers have always been promising quick disposal, speedy settlement and round the clock availability with respect to their claims resolution process.

However, with the arrival of AI and its deployment by some insurance companies have altogether transformed the claims settlement benchmarks. Some insurance companies (Lemonade Insurance Company for instance) contend to settle claims within a matter of few seconds. This, has thus, ushered in a new era of claims settlement, where buyers expect faster than ever resolution. It is high time for insurance companies to deploy AI for not just a speedy settlement but one that is hassle free, accurate and less resource intensive.

The Need For Automation In Insurance

Customer expectations for a digital, simple, fast and hassle-free customer experience is ever on the rise owing to the rapid evolution of technology and stiff competition. Insurers need to be at the forefront of automation. Emerging technologies such as machine learning, advanced analytics, artificial intelligence and IoT offer massive opportunities for insurance providers to transform the customer experience and offer state-of-art platform to their customers, that matches their need for speed and efficiency. All this translates into better ROI, boosted revenue and higher profit margins.

Customized, Relevant and Personalized Products

With abundant customer data, advanced analytics and modern digital tools, it has become simpler for companies to target their customers with customized and relevant personalized campaigns for an improved acquisition, cross-selling and marketing ROI. Personalized insurance services too, no more remain a "nice to have" service and have become a necessity for every insurer to ensure a delightful customer experience. Getting hold of the customers by offering them the renewal on time, delighting them for lower premiums for safe driving or reaching out to them with targeted sales pitch based on their browsing behavior, are all ways insurers are trying to not just craft customer aligned products or services but even offer them a rewarding experience.

Rising to the occasion: Serving insurance during and after the current crisis will continue to remain tricky owing to the lack of demand. Although with right tools and technologies in place, insurers have all the opportunities to turn the tide and rise to the occasion to deliver a truly exceptional customer experience and stay true to their social responsibility of managing and handling risk with care.

At Espire, we stand together with our client helping them deliver above par CX transformation in their journey to digitally transform their services. Espire is enabling Insurance companies worldwide to revamp their digital experience management and CX strategy, resulting in up to 20-30% increase in revenue through new digital channels. 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

Delivered end-to-end product development and infrastructure management services for a leading Australian wealth management ISV

The customer required a technology partner for delivering product support, maintenance and enhancement services. Espire helped the customer maximize its geographical footprint and diversify their business by providing full spectrum product development using SOA, product testing & QA services. We assisted in product development services/ new feature development for the upcoming product versions in the latest J2EE technologies using SOA and incorporating the same to the existing application framework in Sybase/ PowerBuilder. We also provided complete infrastructure management support services for issues related to the servers, network equipment and desktops

Carried Out Automated Performance Testing for a leading South America-based BPM solution provider

The need was to improve the speed, quality and functionality of the deployed software. Espire conducted automated performance testing to analyze and emulate the environment as well as customize the scripts for parameterization and checkpoints before being executed in the load runner. The Load Runner was used for recording the test scripts with different sets of parameters, based on the customer’s pre-approved scenarios. A detailed analysis report was prepared to sum up the results of the scripts run

Developed a platform agnostic web-based application for a leading resilient hosting and connectivity services company

The customer required a strategic technology partner to design a web-based application to streamline operations. Espire designed and implemented a platform agnostic web-based application for efficient data management and reporting. The tech solution improved customer service by reducing the response time by 50%, creating greater transparency and control over cost. The re-usable automation frameworks improved employee efficiency while controlling defects and reducing financial leakage

Designed a cutting-edge n-tier Web application for a UK-based multinational bank

The need was to develop a platform with advanced reporting tools. Espire designed and implemented an n-tier web application based on advanced reporting tools and distributed systems for accessing deep insights, efficiencies and effectiveness of the sanctions screening program. The tool was able to visually portray the efficiency and effectiveness of the program as well as coverage and accuracy of these systems. It easily developed Flash-based graphical reports which provided a high level of visibility of the ongoing projects and future projections for the business

Re-engineered workflow & Print Production Management for a leading Banking Company

The customer required a strategic technology partner to mitigate challenges related to the legacy systems. Espire successfully migrated all the business data from their legacy systm, Stream Serve to Quadient for easily curating and creating new sample templates based on the changing customer behaviors. We developed and implemented a file-based processing system for automated fulfillment of dispatch and e-mailing, split output for better print load management and a comprehensive reporting system

Espires top 10 webinars for fy20 21 a win win for us our partners and customers

With FY20-21 in hindsight, in this blog, we share a list of Espire’s top 10 webinars from the past financial year that resulted in win-win for us, our partners and our clients!

Technology trends disrupting insurance in the new normal and way forward

Content with legacy models, insurance leaders appeared as late adopters of the digital boom that has resurfaced with digital transformation and evolution of disruptive digital technologies- led by artificial intelligence, data analytics, predictive modelling, blockchain, Internet Of Things, intelligent automation and machine learning

Top challenges in claims management and revolutionizing claims outcomes

With the advent and rise of new digital technologies like Machine Learning (ML), Artificial Intelligence (AI), Intelligent Automation, Internet of Things (IoT), Sensors, Wearables, Drones and Data Analytics, insurance leaders are forced to transition to these digital technologies for collecting and analyzing data and meeting customer expectations.

Insurance industry top 5 drivers to uplift cx in the next normal

The present environment presents a stream of opportunity for insurance carriers to craft awe inspiring customer experience by leveraging modern tools and innovative ways to engage with the customers and follow suit with the new insurance start-ups and InsureTech providers in the way they have addressed the customer expectations and created value for the insurance industry

The need for legacy transformation to cloud based systems in insurance

Insurtech leaders have long adopted cloud solutions as a primary mover of their business strategy - to improve their resource-intensive calculations, for scaling up their operations, for driving down costs incurred upon maintenance of legacy infrastructure and services, to be more flexible and to ensure a robust business continuity

Subscribe To Our Blog

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