Author : Shariq Imam
Vice President - Sales (UK)
14/Jun/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.


Top 5 Core Values for Insurers to Ensure Digital Readiness & Provide Superior CX

Insurers have been largely viewed as saviors and have placed themselves as crisis managers. The COVID-19 crisis pandemic has affected millions globally, and insurers, insurtech and insurer aggregators are fast realizing the importance of investments towards digital readiness & transformation to support burgeoning demand.

Undoubtedly, insurance acts as a safeguard for an anxious and uncertain future. Although, it is not the answer to every question being posed these days, but it sure can protect against many of the related financial shocks. Whether it is travel insurance, business interruption insurance, hospital indemnity, health & life insurance cover or other worker's compensation; they all cover some sort of protection and provide timely relief.

COVID-19 Is Catalyzing Digital Transformation in Insurance

With the in-person channel of contact removed digital readiness of insurers has been put to test. Suddenly, insurance companies (in any stage of their digital journey) have been pushed to leverage online channels with cross channel and cross device delivery model. Customers are more than ever expecting online presence, detailed FAQS, faster bots, more humane contact agents and a proactive outbound communication.

Also Read: Covid-19 & Impact on Insurance: The Need to Drive Enhanced CX

Boosting Renewals and Ensuring Retention: What Insurers need to do?

Apart from ensuring that insurers are digital ready, we present here 5 core values that can help insurers unlock faster & better customer experience at all times & most importantly in covid-19 era & beyond.

1. Integrity: Insurers today need to do what is right and not what works. Customers today with switching loyalties are looking for companies that are seen to act fairly in customer's best interest.

2. Expectations: It's high time for insurance companies to understand heightened expectations of customers and ensure that they set, manage and meet them.

In UK, some insurers have offered free motor cover and enhanced home cover for National Health Service (NHS) workers, as well as extending business cover to provide coverage for employees working from home – KPMG report

3. Time and Effort: Aligned with the expectations of customers, insurers need to ensure that they make it easy and swift for customers to access all information pertaining to the products and services and offer easy access to basic resources.

4. Resolution: The need to address customer grievance and provide speedy resolution is the need not unique to insurance but remains a critical aspect for insurers who are looking to unlock greater customer experience.

5. Personalization with Empathy: Understanding customer's pain points and showing that they are being cared with right emotional response will be the key towards a superlative and flawless customer experience.

According to the same KPMG report, insurers in Australia and some other countries are offering premium holidays and other benefits to help customers draw upon their products in time of need.

How API-first approach can bolster renewal & customer acquisition by 10% in Insurance

COVID-19 may be a crisis for many but will acts as an opportunity for present and future leaders who are utilizing the present adversity as a catalyst for innovation and unlocking greater levels of customer experience.

The concept of digital readiness, digital-first and modern innovations around artificial intelligence, robotic process automation, natural language processing, big data and analytics, clubbed with cloud technology will be on the rise and it's high time personalization with empathy and flawless customer experience become the prime goal of every insurance enterprise.

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

Improved CX & Student Engagement for a Leading Australian University

A leading Public University with seven campuses across Australia.This Australian University is ranked in the top two percent of universities worldwide by the Times Higher Education World University Rankings 2020 & is the number one Catholic university in the Asia-Pacific region.

Achieving Superior Digital Student Experiences in ACU with Personalisation, powered by Sitecore

Achieving Superior Digital Student Experiences in ACU with Personalisation, powered by Sitecore | Winning Students in the Digital Age With a Customer Experience that is Scalable & Personalised Via Sitecore

A Niche Technology Company Enhances its Global Sales Operations Management

Implementing Sales Cloud From Salesforce.com Enhances Global Sales Operations Management for a Niche Technology and Digital Services Company, Specialists in Customer Journey & Customer Experience Managementwith exceptionally designed digital experience solutions.

Designing an advanced technology ecosystem to improve CX for a leading Australian Superannuation Fund Company

An Australian superannuation fund company which provides financial advisory services, insurance and other investment opportunities to all its clients and members

Powering Digital Transformation by revamping Quote & Buy process for a UK based leading Insurance company

Espire enhanced the existing Digital Transformation Journey using Umbraco CMS,Designed and implemented Umbraco based system for content management of the forms and modules

How to get started with sitecore experience optimization for achieving your cx goals in 2021

Sitecore’s Experience platform capabilities with its marketing automation and experience optimization tools will act as a game changer for brands as they will have a crystal-clear view of their content creation stages right from inception to execution to delivery, for driving higher conversions and customer engagement.

Conversational ai the key differentiator to offer exceptional cx in coming times

The tech-savvy customers of today expect their issues to be resolved with a tap of a button. As a response to this rising need of the customers, most enterprises are turning towards chatbots and deploying conversational AI to address the queries of the customers. Such self- service customer portals improve customer experience and service efficiency

Tips to optimize your customer experience at scale in 2021 and beyond

Businesses world over have adopted a digital-first approach, not just by deploying the state-of-the-art tools and technologies to optimize business functions but also delivering omni-channel experiences for garnering a higher customer lifetime value.

Adopting total experience transformation to tackle business challenges and drive customer loyalty

The concept of delivering enhanced customer experience, the role of multi-experience with the development of IoT devices and advancement in AR/VR domain, has been a popular concept in recent years.

Digital transformation usecases for the insurance sector

There is a need for a holistic digital transformation in the insurance sector to offer innovative solutions, keep pace with changing social, technological, economic and environmental change and identify new opportunities in real time. From engagement, retention, selling, and servicing, digital transformation has the ability to bring a customer in direct correspondence with an insurance company

Subscribe To Our Blog

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