Smart Communications, a technology company focussed on helping businesses engage in more meaningful customer conversations, has released research delving into the most pressing issues and trends in today’s P&C insurance marketplace.
The 2022 Hyper-Personalisation in Insurance Claims Study, produced in partnership with Salesforce and Insurance Innovators, surveyed more than 150 insurance executives in the US and UK.
The study found that 95% agree that the claims experience is where insurers have the greatest opportunity to win loyalty—but also the greatest risk of losing it.
According to Ruth Fisk, vice president insurance marketing at Smart Communications, consumers today have sky-high expectations. “They expect to be able to do whatever they need digitally and expect around-the-clock access to services from any device. And they expect ease, speed and personalisation in every digital experience—not just when it comes to online shopping or ordering food.”
This means that now more than ever, Fisk continued, consumers want the same simplicity and on-demand availability they’ve become accustomed to with delivery services and similar apps in all aspects of their lives.
For insurers, this means radically transforming processes that have traditionally been manual and paper-based. As part of the effort to become more efficient and effective, insurance leaders are focusing on one of the most common pain points: claims management.
Smart Communications’ research revealed that 96% of insurance executives believe that hyper-personalized communication is the key to offering better claims efficiency and quality of claimant experience.
In addition, 95% of insurers felt their organisations were not using the data they already had on-hand as well as they could be when it comes to personalising the claims experience. In addition, only 73% say they use data from third-party sources to increase claims success only “moderately,” while only 37% say they use data from connected devices in a “significant” way.
Insurers also said the claims experience needs greater transparency. Per the study’s findings, 92% of insurers believe greater transparency would help to build customer trust. And with that in mind, 71% have said that they plan to make full customer communications histories available through a client portal within the next two years.
When asked what the biggest priorities were for 2022 in terms of claims experience, increasing efficiency (89%), reducing settlement times (74%), and reducing customer effort (74%) were the top three goals most insurers were looking to accomplish in the claims space this year.
In light of this research, in a recent blog post, Smart Communications has outlined how insurers can use personalisation to reimagine the claims process for today’s consumer needs, built brand trust and loyalty, get to know their customers better, and thus drive long-term growth.
Smart Communications said insurers must adopt modern technology platforms to personalise customer conversations. This means pulling customer data into digital forms to save time and hassle and making the relevant forms, processes and information available around the clock. This will also allow insurers to offer customers the ability to switch channels that suit them.
Moreover, insurers can deliver hyper-personalisation in by investing in and adopting a cloud-first strategy that focuses on optimising the end-to-end customer experience. Smart Communications’ Conversation Cloud helps insurers move beyond paper-based processes to implement a digital-first strategy at scale and optimise the end-to-end customer experience.
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