Guided CX Insights

It’s never been easier to compare and switch insurance providers. In just a few clicks, they can see side-by-side comparisons and change providers. This makes the role of customer experience (CX) in insurance even more crucial. Let’s explore how prioritizing human-centered CX in insurance can not only foster trust and loyalty but also drive sales and revenue growth in a highly competitive industry.

The days of manual paperwork and face-to-face interactions are fading into the background as everything migrates to the virtual realm of browsers and apps. But with these digital avenues comes a whole new set of challenges for your customers. And even as more of our world shifts online, customers still need human connection. By weaving authentic human connections into the very fabric of your digital space, you have the power to guide your customers through complex processes. Here are three critical moments giving human guidance to insurance customers online can be a key differentiator.

Digitally native disruptors have entered the insurance space. Companies like Tesla, Amazon, and Google’s sister company Verily — as well as digital startups who have the ability to move at lightning speed — are adding extra competition to the industry. This means customer loyalty is more important than ever: just a 5% increase in customer retention results in nearly a 30% increase in revenue. So, how can established insurers improve customer loyalty? David Butler, SVP of Product and Strategy, says they must bear in mind three principles: empathy, investment, and risk. These are crucial for enhancing customer experience (CX) and cultivating loyalty. Let’s look at each of these factors.

Smartphones are everywhere and over 86% of the world’s population has one. Which means there’s a pretty good chance your customers and employees — including your field service technicians or onsite reps — have one, too. Why not leverage this tool to make our sales and service interactions smoother, faster, and simpler?

In today's competitive insurance industry, customer retention is more important than ever. And the key to driving retention is to continuously meet consumer expectations and preferences — which in today’s rapidly-changing world, can feel like a moving target. What do today’s insurance consumers want and expect? How has digital innovation shifted those expectations? And how can insurance providers keep up with rising digital expectations while maintaining essential human connection? Buckle up and keep reading; we’ll answer all these questions and more so you can focus on the right opportunities that can have the greatest impact on your retention goals.

It’s fair to say that insurance doesn’t have the most tech-forward reputation.

Imagine, for a minute: something distressing has just happened to you. Your sun-soaked holiday has been canceled at the last minute. Or you’ve backed your car up into a streetlight. Or say it’s something much worse: you’ve been injured in an accident, you’ve had a health scare and need to fund an expensive medical procedure, or your loved one has just passed away. In the face of some of the most challenging situations life throws at us (whether merely aggravating or downright devastating), insurers are there to help financially cushion the blow.

Few industries are as old as insurance. Or as traditional. But a wave of pandemic-led innovations (and, consequently, customer expectations) has forced the industry to adapt. That puts insurance companies in a unique position.

As the idiom goes, everybody and their mother has a smartphone nowadays.