Today’s policyholders expect more from their insurers. They want a seamless, digital customer experience. Moreover, policyholders want to be able to connect with insurers through the channel of their choice.
Insurance companies have a crucial opportunity to leverage cloud communications to create a customer-centric experience.
Policyholders want digital insurance communications
At the dawn of the insurance industry, policyholders had to content themselves with a subpar customer experience. There wasn’t always enough competition to switch to a different firm, and even after the market expanded, the concept of a customer experience wasn’t mature enough to serve as a differentiator.
Today’s policyholders are empowered. They have smartphones and use social media; if they have a bad customer experience, everyone will know. Furthermore, they want their insurance companies to offer digital experiences.
Research from Bain & Company looked at over 170,000 policyholders in 18 countries over the period of four years. Between 2014 and 2018, the share of digitally active insurance consumers rose by 60%. Two years later, the number of policyholders conducting business online increased dramatically as a result of a global pandemic.
Even as the economy begins recovering from the effects of lockdowns and health restrictions, Bain researchers believe policyholders will continue to do business online. More to the point, they want to continue doing business online.
The authors of the Bain report noted that the insurers who will be best positioned in the recovery period will be those who use a variety of channels, including digital ones. They’ll show they can connect to policyholders and meet their needs.
What tools can insurers use to create a better customer experience?
A cloud communications platform offers a variety of channels, giving policyholders the flexibility to connect to insurers on their terms. Additionally, it enables employees at insurance companies to seamlessly collaborate, which plays a role in a better customer experience.
How can insurers leverage cloud communications to improve the policyholder experience? There are a number of ways:
- Give policyholders more channels through which to communicate
- Improve collaboration between insurance company employees
- Make it easier to share information between team members and policyholders
- Integrate with business applications to get a comprehensive view of the policyholder
- Streamline the insurance communications process by intelligently routing policyholders to the right person
- Ensure all branch locations have access to the same information
Giving policyholders more channels through which to communicate
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