Providing a great customer experience in Insurance is imperative when it comes to building successful relationships over time. It’s a key that unlocks your brand interaction with the core customers who eventually drive your business’s revenue. But unless and until you are building a mobile app or digitizing your business to be on the web, customer experience is often undervalued by business owners.
But the hard truth is that customer experience is defined the same for every business – “to satisfy the customers.” The implementation might be different, but the end goals are closely related and spiked only by catering personalized user experiences across channels so that users tend to hear what the brand says.
Coming to customer experience enhancements in the Insurance industry, for a very long time, the experience was limited to occasional mails and SMS, mainly before a planned expiry and nothing more than that. Being forced to follow so many restrictions, the insurance industry found its comfort only in occasional email marketing. Today, this has emerged as a significant drawback for all insurance companies. The users are comparing their service with other digital companies that are not necessarily into the insurance industry.
The customers expect an easy and fun way of interacting with products with maximum control given to them. The demands are growing big, with internet speeds being hiked everywhere. With such an environment and constant push to upgrade and implement new features, how does the insurance industry cope on the whole?
How to improve customer experience in the Insurance industry
Record your user interactions: Thanks to the latest innovations in the big data arena,now any business can afford to store every user interaction. Studying user behavior with the available data can provide deeper insights to revamp the roadmap. For insurance companies, these insights can help businesses figure out what makes a policy excel and devise more such policies users tend to opt for.
Adopt a data-driven strategy: Companies and management can no longer depend on intuition-based decision-making when the data is telling a different story. The more one dives into the data, the more it helps formulate a strategy, and data-driven strategies are 90% accurate compared to all other strategies.
Engage at the right time: Insurance users are financially savvy. Hence, timely educating them on financial topics in a unique way and waving off an installment to top the quiz can be a great way to engage users.
Personalize communications: Occasionally, posting a survey to figure out user preferences and personalizing user communications as per their choice will strengthen the bonds between the users and the brand.
Gamify experiences that users never forget: Rewarding users who pay installments on time and providing top-ups on plan upgrades with spin the wheel coupons are few ways that insurers can gamify user experience. To gamify is a choice but never fails as it’s the millennial way of engaging users.
Reduce customer rework: Make the insurance claiming process an on-the-go model with the help of mobile apps. Enable users to upload pictures of the cause and claim at a faster speed. Reduce the customer rework by automating the process and facilitating a follow-up now and then.
The strategies mentioned above not only enhance customer experience but also increase customer satisfaction over time. A satisfied customer retains better and generates more revenue than the new users acquired by the marketing campaigns. Hence, focus on the existing customers and serve them better for a long-term relationship.
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