How customer experience drives growth for life insurers

Customer experience can be a competitive differentiator for life insurance companies, and many are making strategic investments in customer experience across the organization to drive business growth. These investments in people and technology provide the holistic view to its clients that is required to uncover new opportunities. At the same time, they enable a better customer and employee experience, which helps drive business results.

Transform customer portals into digital engagements with customers

The customer portal is a long-overdue key insurance component of an overhaul, especially now that consumers are embracing digital technologies. Specifically, it needs to shift from transactional to experiential and in-person if insurers are to meet the rising expectations of this next generation of insurance buyers. And whoever is the first to satisfy the needs of current and potential policyholders will win their business and perhaps even their loyalty.

One way to quickly transform the portal is to invest in smart, data-driven underlying insurance platforms. Many of these platforms come with unconventional integrations for best-in-class customer experience providers. They provide a powerful way to transform the portal by accelerating time to value for the new and exciting capabilities their solutions offer such as faster and easier onboarding for policyholders. But portals alone cannot drive greater digital engagement. Advanced customer engagement requires data and analytics capabilities to provide the personalized experience consumers have come to expect.

Data analytics: An indispensable capability for advanced customer engagement

Data analytics She is the driving force behind advanced customer engagement solutions. You need look no further than conversational AI to see how data analytics is transforming the way we sell and sell life insurance. Together, these technologies provide the personalization and seamless experience consumers have come to expect across all channels whether it’s directly answering customer inquiries or connecting them with a human agent for assistance.

Underlying insurance platforms play a major role here as well. This is recent Digital Life platforms and annual installments Offers an effective way to leverage your online portal to drive more engaging customer experiences and uncover new opportunities. They combine data and back-office functions such as underwriting, and integrate them with ecosystem partner capabilities, to provide more relevant and engaging front-office customer experiences. For example, life insurers are increasingly using direct processing and third-party data in place of quasi-medical testing to speed up issuance of certain life policies in the competitive direct-to-consumer market. They’re also trending into machine-generated products Video experiments On board new insurance policies in a smooth and attractive way.

These advanced customer experience capabilities leverage data in insurers’ data lakes as well as external sources. Insurers that master this level of data management will be well-positioned to improve customer experience along the entire insurance value chain, especially as smarter technology platforms emerge.

Cognitive platforms: a better experience for human agents and the clients they serve

Cognitive platforms connect portals to advanced customer experience capabilities that combine the following: machine learning, sentiment analysis, speech and text natural language processing, vision analysis, and human-computer interaction. This mimics and helps with the function of the human brain Improve human decision making. For example, advanced chatbots expand self-service capabilities by freeing up human agents to focus on more complex support issues and better proactive next actions. We call this “human-machine collaboration”. We believe it can also help mitigate the effects of talent shortages by supporting policyholders directly or by indirectly helping customer service personnel, automatically providing the information they need to support the customer.

Investing in knowledge platforms can dramatically enhance differentiated customer experiences. Such platforms will be instrumental in enabling the multi-product experience that customers have come to expect, and do so without placing a heavier administrative burden on understaffed support teams.

Moreover, as more intelligence is built into human-machine collaboration, we expect to see product lines blur and organizational silos fade, revealing new opportunities to invest strategically in customer experience solutions that benefit the entire organization. Leveraging the best in creativity and technology gives insurers greater freedom to reimagine the insurance experience into a more customer-centric, omnichannel experience, keeping insurers ahead of customer expectations. Therein lies the competitive advantage—insurers unlock efficiencies and value through differentiated expertise that improves both employee and customer satisfaction, leading to higher earnings growth.

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Disclaimer: This content is provided for general information purposes and is not intended to be used in place of consultation with our professional advisors.
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