In the world of insurance, it's easy to get caught up in the numbers, policies, and premiums. But at its core, insurance is about much more than financial transactions — it's about impacting people's lives in meaningful ways. Customers have more options than ever and switching insurers is easier than changing a lightbulb. According to a Forrester report, only 26% of US online adults say that their insurer’s customer experience meets their expectations, and a concerning 13% feel loyalty toward their insurer.
So what can insurers do to change those statistics? The key lies in understanding and embracing the human side of the equation. Empathy is the missing pillar of insurance CX, and insurers who embrace this principle above all else will earn their customer’s loyalty.
Understanding the human element
Gone are the days when loyalty was solely driven by price. Your customer experience is your brand: 86% of consumers rated the experience a company provides as important as its product and services.
While competitive rates are important, visionary leaders in the insurance industry recognize that customer retention is about more than just dollars and cents. It's about the overall experience and the emotional connection forged between insurer and insured.
Read the report: Digital insurance depends on human interaction to drive loyalty
Navigating life's journey together
Life is unpredictable, filled with both highs and lows. Insurance companies that prioritize being there for their customers during life's ups and downs stand out in a crowded market. Whether it's celebrating milestones like buying a new home or providing support during challenging times like illness or loss, insurers who take a human, empathetic view of the customer journey build trust and loyalty that goes beyond policy terms.
There are several sensitive moments throughout the customer journey where empathy and human interaction can make all the difference:
- Life Events: From getting married to welcoming a new baby, major life events often trigger the need to reassess insurance coverage. Providing personalized guidance and support during these transitions can strengthen the insurer-customer relationship.
- Claims Processing: Filing a claim can be a stressful experience, especially during already difficult times such as accidents or natural disasters. Offering empathetic support and clear communication throughout the claims process can alleviate anxiety and demonstrate a commitment to customer care.
- Renewal Discussions: Renewal time is an opportunity for insurers to connect with customers and review their coverage needs. Taking the time to understand changes in the customer's life or circumstances shows that the insurer values the relationship beyond just the policy premium.
In the end, it's not just about protecting assets — it's about being there for customers when they need it most, through life's inevitable twists and turns. By prioritizing the human side of the customer journey and embracing empathy, insurers can differentiate themselves and build lasting relationships based on trust, understanding, and support.
Balancing technology with empathy
From online quotes to mobile claims submissions, customers expect convenience and efficiency at their fingertips. However, it's essential to strike the right balance between automation and human interaction, particularly during sensitive moments.
Technology isn’t empathy’s enemy. When used strategically, cutting-edge technology, including digital Guided CX tools and advanced analytics, could help empower life insurers and their agents to shift away from a transactional role to broader relationship-based consumer interactions.
Elevating empathy with Guided CX tools
Guided CX transforms digital insurance journeys by infusing empathy into complex moments. It enables customers to easily connect with live professionals when needed, facilitating face-to-face interactions that not only simplify issue resolution but also provide a comforting human touch. Agents can guide customers through intricate menu screens and portals using co-browsing, while customers can effortlessly share their screens to convey their concerns.
This personalized approach ensures that insurance professionals are right there to explain complex plans and processes, infusing instant empathy into every interaction. With Guided CX, insurance companies can deliver service experiences that not only ease transactions but also demonstrate genuine care for their customers' needs and concerns.
