Simple paths to upgrade customer experience

For the last several years, P&C insurance carriers have been focused on bringing their core systems to the cloud in an effort to modernize their technology and create more efficient internal processes. However, we are seeing more and more that insurers are leveraging new technological advancements to prioritize the customer experience (CX).

While CX has always been top of mind for carriers, the rapidly increasing expectations of policyholders and agents have accelerated the need for transformation. Today’s insurance leaders are now working to not only streamline and personalize the customer experience, but to anticipate customer needs.

In fact, the 2024 DigIn conference explored the recent strides the insurance industry has made in CX. For attendees, it was an opportunity to learn how insurance organizations can leverage today’s digital solutions to elevate the service they provide policyholders. Let’s explore some of the most basic steps the industry can take to harness that power.

Offering intuitive checkout

Buying an insurance policy online may not be the same as buying a new frying pan on Amazon, but the payment experience can be just as simple, convenient, and intuitive as the ecommerce experience. 

A great example of this is a guest checkout option. Many consumers prefer these experiences, for all sorts of reasons: They want to save time by skipping registration or they don’t want to have to remember yet another username and password. 

When it comes to this level of convenience and self-service, why should buying insurance be any different? An insurance policy may be a fundamentally different product than a consumer good, but options like guest checkout can make the payment experience as seamless as what we’ve come to expect from big-name ecommerce retailers. In fact, over 40% of all the payments the InvoiceCloud platform processes come through our one-time-pay channel. 

Offering registration-free checkout also gives providers a chance to promote other ways customers can take control of their payment experiences. For example, a guest checkout page can be utilized to offer enrollment in AutoPay or paperless billing or present a route for making payments via digital wallet. Once consumers realize an insurer can streamline their payment experience in one way, they’re more likely to be receptive to other options, so the more conspicuous and easy-to-find these options are, the more likely policyholders will use them, improving the overall customer experience.

Knowing your customer

Today’s customers expect individualization, whether they’re paying a phone bill, buying concert tickets, or paying insurance premiums. Consumers are increasingly attracted to purchasing experiences tailored to their unique needs, preferences, and habits. In 2023, over half of consumers surveyed said they’d become repeat buyers after a personalized experience.

Within insurance, personalization includes foregrounding basic information such as the policyholder’s name, account number and high-level policy, billing, or claims information to reduce keystrokes. Using this information makes communications feel less generic and allows payers to have pertinent details at their fingertips. But there are also more creative options available. For instance, personalization could entail allowing insurance consumers to customize how and when your organization communicates with them. Allowing customers to opt into messaging channels of their choice—including email, text message, or push notifications sent via app—enables them to have more control over their experience. 

Personalization can also include recommendations for specific products or resources, based on a policyholder’s unique journey. For example, someone who has recently purchased homeowner’s insurance for a starter home may be interested in a webinar containing pertinent information for first-time homeowners. Whether you are disseminating important policy updates or extending personalized recommendations, doing so with a demonstration of the policyholders’ communication preferences substantially levels up the customer experience.

Keeping it consistent

Consistency is paramount in building trust and credibility with policyholders. From the binding to claims processing and beyond, customers expect a consistent experience across every touchpoint. From interacting with a chatbot on the company website to speaking with a representative over the phone, the experience should be seamless and cohesive. This level of consistency extends beyond the omnichannel experience to encompass clear and transparent communications that keep policyholders informed and empowered.

Technology plays a pivotal role in achieving these objectives. Advanced analytics and AI-driven insights enable companies to gain a deeper understanding of customer behavior and preferences, allowing for more consistent and targeted interactions. Moreover, automation tools help streamline processes and enhance operational efficiency, freeing up valuable resources to focus on delivering exceptional customer service across all touchpoints.

The impact of innovating Insurance CX

It’s encouraging to see the innovative ways in which insurers are leveraging technology to redefine the customer experience. For insurance organizations that can focus on using technology to improve basic CX elements, there are major benefits to reap. 

Addressing modern policyholder preferences bolsters customer satisfaction, increases policy retention, and saves customer service teams’ invaluable time. Streamlined processes also improve the agent experience, increasing the likelihood they will write more business. And, by focusing CX optimization on the most critical policyholder touchpoints (making a premium payment and receiving claims disbursements), insurers can more efficiently collect premiums and amplify satisfaction.

Insurers that choose the right technology partners for these CX improvements can move beyond the static reputation of their industry and position themselves as leaders in the digital age—all while driving results and smashing organizational goals.