Customer experience can be a competitive differentiator for life insurance companies, and many are making strategic investments in customer experience across the enterprise to drive business growth. These investments in people and technology give us the 360-degree view of our customers we need to discover new opportunities. At the same time, we are improving the customer and employee experience, contributing to improved business performance.
Transform your customer portal into digital customer engagement
Customer portals are a staple in insurance, but they’re long overdue for an overhaul, especially as consumers embrace digital technology. Specifically, insurers must move from the transactional to the experiential and personal if they are to meet the rising expectations of the next generation of insurance buyers. And whoever meets the needs of these potential and existing policyholders first will win their business and perhaps even their loyalty.
One way to quickly transform your portal is by investing in today’s data-driven, intelligent core insurance platform. Many of these platforms come with out-of-the-box integrations with best-in-class customer experience providers. It provides a powerful way to transform your portal by accelerating time to value for new differentiating features your solution offers, such as faster and easier onboarding for policyholders. But portals alone won’t drive more digital engagement. Advanced customer engagement requires data and analytics to deliver the personalized experiences consumers expect.
Data Analytics: A Must-Have for Advanced Customer Engagement
data analysis is the driving force behind advanced customer engagement solutions. Look no further than conversational AI to see how data analytics is transforming the way life insurance is sold and serviced. Together, these technologies deliver the personalization and seamless experience consumers expect across all channels, whether they’re answering customer inquiries directly or connecting with a human agent for assistance. .
And here again, the core insurance platform plays a key role.these modern Digital life and pension platform Leverage portals to drive more engaging customer experiences and provide a powerful way to discover new opportunities. Integrate back-office functions such as data and underwriting and integrate with the capabilities of ecosystem partners to deliver a more relevant and engaging front-office customer experience. For example, life insurance companies are increasingly using straight-through processing and external third-party data in place of emergency medical exams to speed up the issuance of some life insurance policies in the competitive direct-to-consumer market. It is becoming.They’re also looking at machine generation. video experience Onboard new policyholders in a seamless and engaging way.
These advanced customer experience features leverage data within the insurer’s data lake as well as data from external sources. Insurers that master this level of data management will be poised to improve customer experiences along the entire insurance value chain, especially as more intelligent technology platforms emerge.
Cognitive platforms: Improving the experience for human agents and the customers they serve
A cognitive platform connects portals to advanced customer experience capabilities that combine machine learning, sentiment analysis, natural language processing of voice and text, visual analytics, and human-computer interaction. This mimics the function of the human brain, improve human decision making. For example, advanced chatbots enhance self-service capabilities by freeing up human agents to focus on more complex support issues and proactive next-best actions. We call this “human-machine collaboration.” We also believe that the impact of talent shortages can be reduced by directly supporting policyholders and indirectly assisting customer service staff by automatically providing information needed for customer support. I am.
Investing in a cognitive platform can significantly advance differentiated customer experiences. Platforms like this can help you deliver the omnichannel, multi-product experience your customers expect without imposing a heavy administrative burden on understaffed support teams.
Additionally, as more intelligence is incorporated into human-machine collaboration, product lines are blurring, organizational silos are breaking down, and there are new opportunities to strategically invest in customer experience solutions that benefit the entire enterprise. expected to be born. By taking full advantage of human ingenuity and technology, insurers have more freedom to reimagine the insurance experience to be customer-centric and omnichannel, helping them stay ahead of customer expectations. Therein lies the competitive advantage, where insurers can unlock efficiency and value through differentiated experiences, improve both employee and customer satisfaction, and drive revenue and profit growth.
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