It’s no secret that the insurance industry is challenged when it comes to integrating modern technology into their current systems. In this study by Bain, “Most insurance executives realize they have to step up their digital investments. Yet many remain unclear about exactly where to start and how to proceed in organizing for digital innovation and redesigning their processes.” While the transition and investment to modern technologies may seem daunting, it will ultimately differentiate one carrier from another. Specifically, customer experience technology that leverages real-time data and analytics, which can provide valuable insight into the customer journey and increase brand affinity and customer retention

A panoramic perspective

We use maps to help us navigate from one place to another, but what happens in between? Where did we stop along the way? Did we see something we liked? Or maybe we changed our minds about completing the trip altogether.

By adopting customer experience technology to map the customer journey, carriers can begin to see the world as their customers do and understand the barriers as well as opportunities they have with their customers. For example, wouldn’t it be ideal to know at what point a prospect abandoned their shopping cart and what plans they were looking at while browsing? This insight gained through the lens of an insurance specific CRM would allow the carrier to reengage with that prospect through a marketing campaign or customer service representative and potentially convert that lead to a member.

Rethinking the consumer journey

While most insurers may believe that the customer journey starts with a quote and ends with the ID card, that is only the beginning of the customer journey. What about life events or health related changes that may happen after the member gets an ID card? How can internal business units be alerted to these events to maximize cross-selling opportunities or improve customer experience to increase member lifetime value?

Facing similar challenges to carriers, the banking industry has also recognized this need in rethinking the consumer journey: “Financial institutions need to reimagine their core journeys from front to back by addressing key customer pain points, identifying new opportunities to delight customers in differentiated ways, applying – and being inspired by – smart new technologies, and building a scalable and resilient digital IT platform to innovate and facilitate consistent delivery.” 

Using data to be proactive and not reactive

They key to bridging the consumer experience gap in the insurance industry is data, especially data captured in real-time. By arming carriers with modern technologies that leverage real-time data and analytics, they can become more proactive and responsive to members needs. This approach can significantly improve the consumer journey and strengthen goals set by marketing, sales, customer service and risk management teams.

“It is important to note that ‘intelligent engagement’ is now table stakes in the quest to acquire and serve consumers.” – The Financial Brand

Put the customer first, not the business

At the recent AHIP conference, many speakers repeatedly referred to retail brands like, Amazon, Zappos or even brands outside of retail like Netflix or Uber that are excelling at delivering superior customer experience. These companies design the consumer experience around the customer journey, holding firm in the philosophy that the customer comes first. Granted, insurance companies shouldn’t try to copy these brands but they can certainly learn from them. Technology has become such a crucial component to our every day lives and experiences have become seamless across devices, platforms and brands. It is now time for insurance to do the same.

Insurance specific technologies such as Zipari’s Customer Experience Platform and InsureCX CRM solution can provide carriers with real-time visibility into their prospects and members. Carriers can capture multichannel insight into every member interaction to provide appropriate and proactive customer service, bridging the customer experience gap.