In today’s competitive environment, product and price lines are blurring for insurance companies in Asia, forcing companies to find innovative ways to attract customers’ attention and secure business. . As a result, customer engagement and experience have become paramount to success. Despite insurers’ efforts to prioritize a customer-centric approach and personalized experience, an astonishing 74% of consumers feel overwhelmed and abandon their purchase.empowered consumer”Accenture’s Global Consumer rAdditionally, consumer trust and loyalty remain shockingly low, with only 39% of consumers believing that companies have their best interests at heart.
Why is this happening? Based on recent research conducted by Accenture in the global and Chinese markets, we have summarized some key findings.
- information overload: Consumers often encounter information overload and struggle to filter and verify it, leading to frustration. 62% of consumers The number of options available can be overwhelming.
- Crowded market: in Reinventing relevance in an age of overloadfound that nearly 80% of chief marketing officers (CMOs) across industries in China indicate that product offerings and marketing strategies are becoming homogenized. While more choices exist, there is confusion and decision paralysis among consumers.
- Evolving customer expectations: Brands are positive for insurance because consumers are increasingly focused on buying brands rather than just products, making purchase decisions less frequently than for other consumer goods. Experience is especially important. To succeed in this complex environment, insurers must reimagine customer relationships through adapting, innovating, and leveraging technology.
With that in mind, this blog focuses on three levers to drive and sustain profitable growth by enhancing customer engagement and experience.
1. Use AI to power data-driven marketing:
Advances in data analytics and artificial intelligence are making hyper-personalization more accessible and guiding customers through the decision-making process. 94% of Chinese CMOs We believe Gen AI’s capabilities can help organizations become more efficient and agile in response to market demands.
The integration of AI tools allows you to focus your marketing campaigns on relevant topics and upcoming plays to generate marketing messages that stay top of mind. Agents can also get customized recommendations and advanced insights based on customer interests, engagement history, and lifestyle factors.
Insurers are differentiating themselves by developing AI capabilities that match products to customers based on a variety of data elements, providing recommendations based on how well the product matches the customer’s needs. I understand.
Data is the foundation of AI capabilities, but many organizations are grappling with challenges such as: 65% face challenges building an end-to-end data foundation. It’s often unclear what data is relevant and it’s hard to know where to start. As insurers address this complex landscape, prioritizing data organization and fostering collaboration between technology and human insight could unlock the transformative potential of AI.
2. Leverage marketing technology to drive innovation and speed
68% of Chinese CMOs We feel that customer expectations are evolving faster than our company can keep up. Being able to respond quickly to these requests is critical to success. To bridge this gap, insurers are leveraging marketing technology (martech) to gain valuable insights into customer preferences and enable faster responses through automated campaign workflows and more targeted marketing. There is a need. This means delivering campaigns at the right time and in the right format, tailored to each customer’s unique preferences.
To further enhance their marketing strategies, insurance companies should consider integrating martech into their core and data platforms. This integration makes planning, executing, and tracking campaigns more seamless, freeing up marketing resources to focus on what they do best: driving creative innovation instead of getting bogged down in administrative tasks. . Partnering with major financial institutions in Hong Kong Enhance martech capabilities and improve marketing operations. They launched a new strategy that focused on leveraging customer segmentation, product analysis, analytics, and insights from various media channels to attract customers through targeted marketing campaigns. This holistic approach resulted in impressive results: 65% more new business, 10% more existing customer reactivation, and 25% more efficient marketing operations.
Martechs need to adjust marketing strategies based on customer behavior and preferences while also enabling omnichannel capabilities across multiple touchpoints. Ensuring consistent messaging and seamless transitions between channels allows insurers to effectively engage with customers and deliver a consistent brand experience.
3. Foster meaningful dialogue and build a customer-centric ecosystem
When products and services between companies become highly homogeneous, customers evaluate them based not only on the business relationship but also, more importantly, on the breadth of experience they have with the brand. They are looking for unique and memorable interactions that may not be directly related to the product they are purchasing. 76% of shoppers People who enjoy shopping are more likely to recommend a brand to others, highlighting how positive and engaging experiences can have a huge impact on brand advocacy and customer loyalty. This emphasis on unique experiences is especially important in the insurance industry, where purchasing decisions are made less frequently than in other consumer products.
Insurers can build ecosystems internally by integrating different product lines and services, or by collaborating with external ecosystem partners to expand their expertise. In fact, few insurance companies are already leveraging the ecosystem to deliver value-added experiences and grow their customer base. This includes partnerships with health and wellness, retail, entertainment and travel organizations that offer unique benefits and experiences to policyholders. We may also organize events such as outdoor yoga classes, running events, and outdoor movie nights to position ourselves as a comprehensive health and wellness partner.
For example, one insurance company in Hong Kong entered the Cross-industry partnership with Online FBecome the first insurance company in Hong Kong to offer exclusive loyalty experiences, health and wellness incentives, and protection against any mishaps related to the dining experience on the food and beverage guide platform.
To truly excel, insurance companies must strive to provide unique and memorable experiences. Most customers may not understand the technical differences between products offered by different insurance companies, but they do when they encounter an exceptional “wow” moment. Assessing your current position among your competitors and proactively looking for ways to offer a unique experience can help your brand leave a lasting impression on your customers.
conclusion
Standing out with a unique experience is the key to securing lasting customer relationships and leading in the dynamic insurance industry. As insurers navigate this challenging environment, customer engagement and differentiation efforts will be catalysts for sustainable business growth. We believe that the insights we gather in Asia can inspire future customer engagement efforts for leading insurance companies in other regions.
