My friend’s mom is choosing a Christmas present for her insurance agent. As she puts it, it’s one small way she can thank her for going above and beyond during a time of need. So what was it that turned her difficult situation into a personal relationship?
The majority of insurance customer journeys get interrupted or stalled. They start off well, but generally a bottleneck pops up as soon as there is some complexity in the claims process. Most insurers are not truly considering the journey their customers want to take. With an end to end digital journey, they can radically improve the customer experience, make the claims process a lot simpler and faster, and increase their bottom line. But it has to start with an agile approach.
Only 15% of customers are satisfied with their insurer’s digital experience. This is usually because of a disjointed customer experience. Each touch point may be a great stand-alone experience, but their cumulative experience across multiple touch points and channels over time is not. Insurers need to shift their focus from touchpoints to the journey.
For a long time the risk-averse insurance industry had no compelling reason to change. But customers have changed and so have their demands. They expect their pricing and product offerings that are relevant and personalized for their situation.
What’s the point of having flexible, fast and helpful technology if employees can’t embody the same behaviour? If digital transformation is going to succeed, it has to be a cultural transformation. So how does a digital culture act and behave?