Providing great service to customers is one of the top three business drivers for insurers investing in innovation, according to Strategy Meets Action. As per the firm’s report, “Innovation in the Insurance Customer Experience: Strategic Considerations for Insurers,” customers increasingly are likely to switch to insurers that dedicate themselves to the challenge of remaining the front-and-center insurance provider in their lives. Insurers that want to remain competitive and profitable in the future must make the commitment to becoming truly customer-centric.
The report, the first in a series, identifies and expands on some considerations when designing the customer experience in insurance:
• Recognize the challenges and opportunities that are unique to insurance
• Transform from a product-centric to customer-centric organization, while still focusing on product innovation
• Improve technology enablement for distribution partners
• Transition from paper to digital in many parts of the business, especially the customer experience
• Establish a unified digital communications platform, bringing together portals, web sites, mobile capabilities and social media presence
• Consider investment in business intelligence and analytics to gain insight into customer needs and behaviors
• Focus on innovation and next-gen technologies as key elements in establishing differentiating customer capabilities
The second report in this series will focus on shifting from strategy to execution.
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