For insurers that have been slow to innovate, this is nothing less than an existential challenge.
As a recent J.D. Power analysis stated, the number of “at-risk” consumers open to switching their insurance carriers is at its highest in decades, raising the stakes in insurers’ quest to differentiate themselves with seamless experiences and valuable engagements.
While solutions like automated chatbots carry significant promise as a way of offering round-the-clock, intelligent customer support and engagement, it’s essential for insurers to ensure that such solutions are delivered with a human touch.
As innovation accelerates, AI and machine learning will enhance insurers’ data collection processes, enabling better underwriting and product development while enabling carriers to meet customer needs in real time.
The customer experience may be the pinnacle of the competitive pyramid, but supporting it are vital layers of technology, human resources, and organizational culture.
As insurers look to the future, they can learn from the pandemic to embrace a truly digital culture in which every employee is empowered by innovative technology.
Customer centricity requires deft strategies, a firm grasp of how technology can unlock winning experiences, and an organizational culture dedicated to collaborative innovation.
Those who get the formula right will enjoy the competitive edge.