Boosted by the innovations and speed of the players in AssurTech, insurers and mutuals have had to fundamentally change the way they view their business: from a traditionalist approach by products and services, they have put the customer back at the center of their strategy to consider its needs, no longer in a segmented way, but in a global way. Providing their customers with a fluid and personalized experience has become a major differentiator for a brand.
For good reason, according to a study by Convince & Convert Consulting, it is because a brand has offered them a qualitative experience that 71% of customers will recommend its products or services to those around them! So, in an environment as competitive and demanding as that of insurance, how do you stand out and develop a strong bond with the client? What does this imply in terms of loyalty strategy within companies?
Why is the quality of the customer experience essential in the insurance industry?
From the point of view of ordinary people, taking out insurance or joining a mutual fund is rarely a pleasure to buy! They must do it to protect themselves, of course, but it is a step that they often take reluctantly and without much enthusiasm. The quality of the reception they will receive from the requested brand thus plays an important role in the act of subscription or membership. Then, it is important to take into account that it is often in difficult periods of life (accident, illness, death, etc.) that customers call on their insurance and mutual funds. They find themselves in situations of extreme vulnerability and it is essential that their experience is not a source of additional frustration. All the more so since, in the collective imagination, there is a certain historical mistrust of insurers, who are often qualified as “thief-insurers”! In the same way, increased vigilance remains present on the side of insurers who must have a certain degree of mistrust of the statements of customers to identify possible fraud. The customer experience must make it possible to recreate a climate of trust between the insurer and the insured.
On the side of insurers and mutuals, competition is fierce. Changing insurance has never been easier, the new company can now directly take charge of transferring the member’s file. The price differences between the products and services of competing brands are generally quite small. The ability of a brand to retain its customers thus requires a successful customer experience that simplifies, reassures and optimizes exchanges and transactions.
Speed, flexibility and hyper-personalization: the winning combo of the customer experience
In an ultra-digital society where everything goes fast, you have to know how to be reactive. Customers, especially millennials, expect a service adapted to their situation, fast and flexible. To meet these expectations, insurance companies and mutuals need to know each of their clients inside out. They must know how he likes to interact with them, what he needs at the moment T, if he is satisfied with the services he receives and the improvements he expects according to his situation. They must also be able to anticipate customer needs and offer them the right products and services, at the right time, and through the right communication channel. When a senior policyholder tends to contact his insurance by phone to request compensation, a 25-year-old will prefer to do so via a mobile application.
All of this requires being able to collect – with their consent – customer data, and to map the course of their interactions with the brand. This is where customer experience management platforms come in. They will make it possible to aggregate data relating to the customer and the brand, to make them available and usable by the various departments (sales, marketing, monitoring, etc.) which will thus be able to address all communication channels. (whether digital or not). Freed from technical aspects, employees who use the platforms can focus on their core business and by extension on the quality of services provided and customer satisfaction.
Before / After: what does it really change?
In the “world before”, in the event of a car accident, the insured had to call a dedicated number to report the loss, then complete a form from A to Z on a site, wait to be notified. contact with a convenience store, then an expert, then a garage … Each of these steps required the intervention of an internal employee, which could considerably slow down the overall process. Today, the insured only has to inform his insurance (by calling him or by connecting to his mobile application) which puts him directly in touch with the service in charge of the declaration of the claim. Everything is pre-filled according to the precise situation in which the insured finds himself. All that remains is to complete (by uploading photos of his damaged vehicle for example), and validate the information. At the same time, a convenience store is automatically contacted to come and take charge of the vehicle, an expert is asked to cost the repairs and a taxi ordered to transport the insured to his destination. All the follow-up of the file is carried out automatically without the insured having to take any other step, and he remains informed of the various stages as they go.
In all his interactions with a brand, the insured must feel that he is unique and that the services offered to him respond to a logic of tailor-made. From simple compensation claims managers, insurers are now called upon to take part in the different stages of the life of their policyholders.. They become “reassuring” and protective, a positioning made possible by reciprocal trust and an ability to build loyalty through the implementation of optimal customer experiences. These cannot develop without the support of dedicated platforms that optimize problem solving and help insurers anticipate the expectations and needs of their policyholders.