Eric Dritley
May 3, 2018

The Importance of Being Customer Obsessed in the Insurance Industry

Insurance is currently in a unique place. The industry has been commoditised to the point that consumers can easily compare prices online through numerous aggregators. This is disruptive for insurance companies. They are forced to compete on price, rather than the services they provide and it's harder and harder to acquire new customers let alone retain them. 

So how do you stand out in a market based on price? You must differentiate yourself, become customer-obsessed and solve the touch points that cause your consumer’s trouble - let the customer navigate the way.

The Customer Experience

Customer experience has become more and more important over the past decade.  Successful products are not just about the service anymore; they are about the experience, how the product makes people feel. 

Insurance companies have to identify the touch points that relieve consumer anxiety. People buy insurance to protect their valuables and by creating a great customer experience it shows you are a company that cares. With so many insurance carriers, it is easy for a customer to switch companies if they are feeling undervalued. So what does the customer want? And what are ways to deliver this?

Flexibility

Some customers may not want to buy packaged insurance and prefer to choose what they want to protect and edit this at any given time. Customers today want self-service.

Responsiveness

People want to know quickly when their claims have been filed and if they have been cleared or if any additional information is needed. 

Coverage

People want to make sure their valuables are protected. Things like renovations or inheritance can lead to coverage gaps if not reported. Reminders every few months are a good way to prompt people to add any new valuables to their plan. With automated

The Solution

Artificially intelligent chatbot conversations are a cost effective solution for insurance companies and provide a better customer experience. They can provide instant 24/7 contact and help with matters such as acquiring and onboarding new customers, policy renewals and claim-progress updates. 

Humans unfortunately do not touch base with their customers regularly enough which can lead to coverage gaps resulting in an unhappy customer. An effective enterprise chatbot can help customers feel more valued and protected, resulting in a better customer experience and a higher retention rate.

About the Author

Eric Dritley

A recent graduate with a degree in economics, Eric is working with JRNY as part of the KiwiBank Fintech Accelerator. Apart from helping startups reach their goals, you can find him exploring all New Zealand has to offer before he goes back to his home in Los Angeles, CA.

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