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Insurance Industry Spotlight: Opportunities Coming Through Customer Engagement!

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In today’s fast-paced digital world, 'customer engagement' has obtained a very influential spot for insurers. They need to implement specific strategies to enhance customer engagement segments. To know why and how, check out this document. – PowerPoint PPT presentation

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Date added: 26 November 2019
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Provided by: Cogneesol

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Title: Insurance Industry Spotlight: Opportunities Coming Through Customer Engagement!


1
Insurance Industry Spotlight
Opportunities Coming Through Customer
Engagement!
Presented By Cogneesol Inc.
November, 2019
2
Table of Content
1) Introduction
2)
New Opportunity Era of the Insurance Industry
What Makes Customer Engagement a Top Insurance
Priority?
3)
  1. Insurance Industry-The Customer Engagement
    Evolution
  2. Customer Engagement- The Changing Curve
  3. Personalization- Where do Insurers Stand Today?

7)
Tips for Insurers to Connect with the Customers
  1. Customer Engagement- The Future in the Insurance
    World
  2. Conclusion

3
Introduction
The importance of customer engagement holds great
significance in not only the insurance industry
but in almost every industry of the world. With
the rise of digitalization in the insurance
industry, the new-age customers have redefined
what it takes to satisfy them during the
customer service.
Personalization and customer engagement are the
two pillars on which the new insurance business
models are built, especially when it comes to
providing customer service. So, lets get
started and figure out the best approach towards
enhancing the customer engagement level.
4
The New Opportunity Era of the Insurance
Industry
If we talk about the future leaders, they are the
ones who are setting a new bar when it comes to
meeting new demands of the customers and
multi-channel products of the world.
They focus on the fact that if insurers are able
to know their customers and engage them across
services, products, and channels, there will be
plenty of opportunities for the insurers to cash
upon.
5
It is a challenge for the insurance industry to
meet the changing demographics, behaviors, and
needs of the insurance buyers as statedbelow-
Almost 37 of households rely on rental homes,
hence they are not buying property
insurance. Under the age of 30, only 40 of
adults live with family, hence 60 of them are
not opting for family insurance. Life insurance
is owned by only 59 of adults. Approximately
22 own both group and individual
insurance. The amount of uninsured catastrophic
losses accounts for 70. Millennials who have
no idea of the type of life coverage they need
to own accounts to 60.
6
What Makes Customer Engagement a Top Insurance
Priority?
In order to create a customer experience that is
memorable in every way, get into the shoes of the
customer and think of all the things that can
add to the user experience throughout the entire
journey of purchasing services and products to
aid brand awareness and loyalty. This can be
achieved with the following-
Creation of content
Wearable devices
Marketing campaigns
Social media outreach
7
Insurance Industry- Customer Engagement Evolution
In this present age of digitization and
modernization, one thing that has garnered
maximum attention in terms of business growth is
nothing but customer engagement. If we talk
about the leading e-commerce website Amazon, the
way they have provided e-commerce experience to
their customers is simply amazing, and in fact,
they have redefined the engagement levels.
This is the reason they have achieved more
success than their competitors and the service
quality benchmark which they have set, meeting
the same is not a cakewalk for others. Be it
buying a car, an insurance policy, or a simple
grocery item customer expectation is changing at
large owing to the customer experience Amazon
has provided to its customers.
8
Customer Engagement- The Changing Curve
In the past, in the insurance sector, customer
engagement was simply limited to the settlement
of a claim. However, with the changing times,
this scenario has changed at large. The reason
behind this is nothing but the fact that the
thought process of both insures and consumers has
changed, leading to enhanced and innovative
tactics for customer engagement.
In the digital world, personal insurers are still
far behind with respect to speciality and
commercial insurers when it comes to finding
innovative ways to reach and engage with
prospective and existing customers. With the
help of digital technologies like social media
and connected homes, insurers have stepped out of
their conventional shoes.
9
They are putting in effort and time to know their
current market position for brand building
through proper research and analysis. The
communication channel between consumers and
insurers has been streamlined significantly in
the insurance industry with the coming of the
digital age. This has led to an enhancement in
the affinity and loyalty of the customers
towards the brand.
10
Personalization-Where do Insurers Stand Today?
When it comes to the personalization level, it
varies greatly in different locations of the
world, which is given below-
USA 57
APAC 55
Europe 38
11
Tips for Insurers to Connect with Customers
If we talk about the developed nations,
millennials literally live on their Smartphones.
They have apps for managing almost everything in
their life and have wearable devices in place
that help them track their heartbeat, the number
of daily steps, hours of sleep, the level of
safe driving, along with the apps for home
security and climate.
In comparison to the older customers, these
millennials are more open when it comes to
providing a chance to the new entrants and
switching providers. If insurers want to win
their loyalty, they need to work hard for the
same.They need to redefine their business models
and embrace digital platforms to satisfy the
mindset of every customer, especially the
millennials.
12
The following tips will surely help insurers in
achieving the same-
A Connect with Your Customers
B Deal with the New Entrants Wisely
C Become Digital Simple at the Same Time
D Make a Mark in the Connected World
13
Connect with Your Customers
A)
As per a report, 35 of customers have stated
that they do not interact with their insurers
even once a year. However, when it comes to the
customers who use connecting devices converse
with their insurers almost 19 times throughout
the year, which accounts for four times the
frequency of the customers who do not have any
connected devices.
These connected customers are the ones who own
more insurance products and hence are more loyal
towards their insurers. If we throw light on the
same, almost 39 of the customers throughout the
world have at least a single connected device in
place, and 72 are likely to follow the same
approach in the coming future.
14
Deal with the New Entrants Wisely
B)
When it comes to considering the next purchase of
the insurance products and services, customers
prefer the insurers more than the nontraditional
players.
Source https//www.bain.com/insights/insurers_how
_to_lead_in_the_new_era_of_connectivity/
15
Also,in the growing markets, a lot of customers
prefer at least a single tech company as
compared to the primary insurers.
This is the reason tech firms that are highly
established but new to the insurance world are
being welcomed by the customers with open arms.
Source https//www.bain.com/insights/insurers_how
_to_lead_in_the_new_era_of_connectivity/
16
Become Digital and Simple at the Same Time
C)
There is no denying that the use of the digital
medium is on the rise, and millennials too
prefer the new approach. However, when it comes
to the numbers, customers will most probably use
a mixture of both. Also, amongst the customers
who prefer the digital medium, the importance of
Smartphones has enhanced, meeting the experience
needs that are digital and simple at the same
time.
Source https//www.bain.com/insights/insurers_how
_to_lead_in_the_new_era_of_connectivity/
17
If we talk about China in particular, to interact
with insurance providers or research about the
products or services, almost 80 of the
customers using the digital medium prefer the
mobile platform. The simple approach adopted by
most of the customers is of taking the help of a
search engine, and a web browser, and these are
the customers who do not have a specific
provider in mind.
Source https//www.bain.com/insights/insurers_how
_to_lead_in_the_new_era_of_connectivity/
18
D) Make a Mark in the Connected World
This is a new era in the insurance world, which
is characterized by the new-age customers who
prefer the digital platforms and the digital
medium and the quest for services and products
that are easy to purchase, compare, and
use. This is the reason insurers are looking to
refine their business models with respect to the
digital platforms and relevant threats within
and outside the industry.
Any insurer that fails to meet the expected
service standards of the customers is going to
lose out on its customers to its
competitors. However, this is not the only
reason for customers opting for the new entrants
as they want to experience something different
and know how their new insurer surprises them.
19
Customer Engagement- The Future in the Insurance
World
Just as we discussed above that customer
engagement has always been about the delivery of
products and services in the insurance industry
and not about enhancing the overall customer
experience. It is imperative for insurers to
provide exceptional customer service and
personalized customer experience if they want to
boost their profitability. If we talk about the
future of customer engagement in insurance
industry, it is surely going to be a top priority
amongst the insurers since it has fast become
the backbone of customer service. With every
customer becoming more and more tech- savvy, and
gaining more access to the wearable and mobile
technology, their expected level of customer
service is going to be high. In order to satisfy
customers of the new digital age, insurers need
to incorporate the use of the latest technology
hire tech-savvy employees who can match the
service perception of the customers with
excellence.
20
Conclusion
This concludes the fact that customer engagement
is a top priority in the digital age in the
insurance industry. Every customer is looking
for an enhanced service and personalized
attention in the present times. In order to
strike the perfect balance between customer
acquisition and retention, insurance BPO and
insurers need to stay ahead in the competition
and meet the new age customer demands.
21
About Cogneesol
Cogneesol is a leading brand in the BPO industry,
holding 11 years of experience in serving
insurance companies across the world. We help
insurers and insurance companies to improve
operational efficiency, reduce the turnaround
time of projects, and give them a competitive
edge. We provide a wide variety of insurance
process outsourcing services such as policy
management, insurance reporting, commissions
management, claims management, insurance agency
management insurance accounting, etc. to insur
ance companies, agencies, carriers, MGAs and in
dependent insurers worldwide If you need any
expert assistance to manage your back-office
operations and to get enough time to focus on
customer engagement activities, feel free to
contact us 245.
22
CONTACT US
info_at_cogneesol.com 1 646 688 2821 www.cogneesol
.com 30 Wall street, 8th floor New York,
USA 10005-2205
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