{"id":62817,"date":"2024-03-08T09:28:28","date_gmt":"2024-03-07T22:28:28","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=62817"},"modified":"2024-03-08T18:23:20","modified_gmt":"2024-03-08T07:23:20","slug":"insurance-customer-experience","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/au\/blog\/insurance-customer-experience\/","title":{"rendered":"Insurers: Beyond Transactions, What\u2019s Your People Policy?"},"content":{"rendered":"\n

The insurance industry is filled with potential, but companies remain stuck in old ways, leaving customers unhappy and disconnected. One in three customers<\/a> switched providers last year, due to unsatisfactory insurance customer experiences. At Salesforce, we ask, “What do people truly want when they interact with their insurance company?”<\/p>\n\n\n\n

Extensive research shows that customers, both new and old, want more than just coverage and affordability. They seek understanding, simplicity, and empathy. Only 43% of customers<\/a> say their insurer anticipates their needs, a disappointing statistic considering evolving expectations. <\/p>\n\n\n\n

Let’s look at this through the lens of a typical customer. Meet Natalie, a physical therapist and mother, who\u2019s budget-conscious, comfortable with technology, and who values human connection when engaging with businesses, no matter the size. We’ll trace her path to understand where she feels supported and, more importantly, where she feels lost while navigating her insurance journey. <\/p>\n\n\n\n

Our goal is to examine how we might reimagine the insurance customer experience in a way that speaks to her core needs and desires, inspiring transformation along the way. Let’s begin.<\/p>\n\n\n\n

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See why the future of insurance is AI<\/h2>\n\t\t\t\t\t\t\t

Learn how AI can drive efficiency and personalisation in insurance.<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t

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Stage 1: Searching for security<\/h2>\n\n\n\n

In this opening stage, Natalie feels anxious but hopeful as she begins evaluating her options for how to best protect her home and automobiles. Her discovery can either empower her with clarity and conviction or leave her feeling overwhelmed and uncertain. As a discerning consumer, Natalie has the grit to push past the noise to find the right solution, but insurance companies vying for her business must challenge themselves to deliver a helpful, seamless experience.<\/p>\n\n\n\n

Today’s customer experience, with its numerous touchpoints and channels, can present several challenges for individuals like Natalie as they start to explore their options and evaluate potential solutions. A majority of insurers<\/a> use three or more systems for client engagement, frustrating customers as they encounter repetitive tasks across different channels. This often leads to key data and information getting duplicated or lost in the shuffle. For the insurer, this puts an unnecessary administrative burden on their employees, who should be focused on building relationships and delivering value. <\/p>\n\n\n\n

Tomorrow\u2019s insurance customer experience: <\/h3>\n\n\n\n

At Salesforce, we\u2019re helping design an entirely new insurance customer experience with intelligent systems and automation. As Natalie evaluates her options, her information and activity are discreetly monitored and used for context. This advantages both the end customer and the agent. It ensures a thoughtful experience by recalling Natalie\u2019s journey and providing tailored guidance and reduced friction, while also helping agents know when to prioritise her for personal follow-up. Overall, the streamlined approach empowers agents to excel in relationship-building while also boosting productivity.<\/p>\n\n\n\n

Stage 2: Getting to know the insurer<\/h2>\n\n\n\n

After choosing an insurer, Natalie enters the onboarding phase, where initial interactions set the tone of her relationship. Carefully designed onboarding can instill trust and reassurance. At this stage, insurance companies should lead with thoughtfulness around the reasons for which the policy was purchased, going beyond transaction talk. Onboarding is not a checkbox to be marked complete; it is an opportunity to demonstrate the company values while creating moments to understand what customers like Natalie expect from the insurer. <\/p>\n\n\n\n

Insurance onboarding frequently amounts to a series of decontextualised emails, overwhelming new customers with policy minutiae, bundling promotions, add-on features, loyalty programs, and app downloads. The communications can feel impersonal and poorly timed – a missed opportunity and a significant shortcoming of today\u2019s customer experience since the onboarding window is when Natalie will be most attentive and engaged. <\/p>\n\n\n\n

Tomorrow\u2019s insurance customer experience: <\/h3>\n\n\n\n

The future of onboarding will vastly improve. Insurers will simplify the process for customers like Natalie and provide only essential information. Onboarding that keeps customer needs at the core can help obtain meaningful consent and establish trust and transparency around data practices. This, coupled with the harmonisation of engagement, behavioural signals, and third-party data will help insurers anticipate Natalie\u2019s needs, resulting in her feeling connected and supported in her interactions.\u00a0<\/p>\n\n\n\n

With a renewed understanding that onboarding is an ongoing practice, insurers will only introduce new offers and programs when the moment is right. If six months in, Natalie adds a new young driver to her policy, an insurer might seize the opportunity to promote a young driver discount program. <\/p>\n\n\n\n

Activating a data-driven approach can create a trusted environment where customers like Natalie share more data because they feel heard, understood, and helped. By understanding this \u2018trust\u2019-oriented purpose behind the data model, insurers can make informed decisions about what data to collect and how to use it, ultimately leading to better outcomes for both the customer and the organisation. <\/p>\n\n\n\n

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Personalise your customer journey<\/h2>\n\t\t\t

Learn how to manage, track, and automate customer interactions with smarter technology. This Trail is a helpful learning module that can help you get started on the free online learning platform by Salesforce.<\/p>\n\t\t\t\n\n

Take the Trail<\/a><\/div>\n\n\t\t<\/div>\n\t\t
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+2900 points<\/div>\n\t\t\t
Trail<\/div>\n\t\t\t

Deliver Personalised Insurance Service with Financial Services Cloud<\/p>\n\t\t\t

Learn the ways of this trail.<\/p>\n\t\t\t

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Stage 3: Filing a claim<\/h2>\n\n\n\n

When the unexpected strikes, Natalie may need to submit a claim. How efficiently and compassionately her insurer handles this process can impact her overall satisfaction and trust in the company. A claim signals uncharted territory where Natalie feels vulnerable and relies on guidance. Now is the time for companies to demonstrate their values in action.<\/p>\n\n\n\n

When an incident occurs today, Natalie will submit a claim amid stress and uncertainty \u2013 only to face disjointed, manual processes that exacerbate her challenges. While some insurance companies have modernised their claims experience<\/a>, much of the industry lags, resulting in today\u2019s fragmented experiences marked by delays, opacity, and eroded trust. <\/p>\n\n\n\n