The relationship between insurers and customer service is highly interconnected, critical and impacts loyalty and brand perception. Customers often cite long wait times, lack of personalized service, and difficulty in filing claims as key pain points and expect Omni channels like customer care center, self-help portal, chat bots and messaging. As per a PwC study 73% of customers are more likely to renew their policy with the same insurer based on their customer service experience.
With changing demographics, technology, economy, and more, it has become imperative for insurers to cater to multiple factors for an ultimate customer service experience. Let’s delve deep into understanding how each advancing landscape can be navigated.
Millennials and Gen Z’s preference for digital convenience and personalized experience:
Digital Convenience: These generations grew up with lots of modern technology around, hence valuing efficient convenience. To ensure client retainment of Gen Z and Millennials, customer portals are made available 24X7 to see their policy information, file a claim, pay a bill, and renew the policy. Customer portals give the convenience of getting the things on time when they need it, rather than hooking to a customer service or agent for longer time.
Personalized experience: They appreciate personalized content and recommendations. With Digital portals and AI technologies the self-serve/Customer portals can offer dashboards, notifications, reminders, and coverage suggestions based on the consumer’s specific needs.
Challenges faced by P&C Insurers in implementing digital portals:
Integration with legacy systems: One of the biggest challenges faced by P&C insurers while implementing customer portals is integrating them with their legacy systems. Legacy systems are often outdated and not designed to work with modern customer portals, making integration a complex and time-consuming process.
Data security and privacy concerns: Another challenge faced by P&C insurers is to ensure the security and privacy of customer data. Customer portals store sensitive customer information, such as personal and financial data, making them a prime target for cybercriminals.
User adoption and engagement: A customer portal is only effective if customers use it. P&C insurers face the challenge of encouraging customers to adopt and engage with their customer portals. This requires insurers to provide a user-friendly interface and valuable features that meet customer needs.
Lack of internal resources and expertise: Implementing a customer portal requires a significant investment of time, money, and resources. P&C insure in developing have the internal resources or expertise to develop and maintain a customer portal.
While these challenges can seem jarring, insurers can take adequate measures to future proof their business by partnering with a business solutions provider who understands the holistic operation processes of the carrier to implement an aligning business strategy.
To know more about how we at Smart IMS can enable your enterprise’s efficiency, connect with our experts today! Until then stay safe, stay insured!