Omni-channel servicing in insurance
Let us start by putting things in perspective; given the market scenario and circumstances around us, insurance companies are dealing with quite a sensitive and emotional situation. Insurance companies are also looking to revamp their strategies, come up with solutions that will cater to the evolving customer needs.
Organizations are also working to operationalize the omni-channel vision.
But before we talk about this, it is important to understand what omni-channel approach entails.
What is the Omni-channel approach?
Omni-channel approach is one that enables insurers to provide integrated and seamless experience to their customers across all platforms. The customers could be using different mediums- online and offline- meeting with agents, accessing services via the web or mobile app to achieve a seamless experience. It involves automated processes; well — designed eco systems, unified data, and advanced tools for analytics.
According to a 2014 survey from LIMRA, 78% of millennial consumers, 68% of Generation X consumers and 63% of baby boomers believe the integration of services across all channels is important (LIMRA, “Pinpointing Preferences 2014”). These numbers are definitely going to see a growth in the years to come.
The one question that many might have is what is the key difference between Omni-channel and Multi-channel experience? Multi-channel is all about engaging customers irrespective of channel integration. Whereas, in case of Omni-channel servicing, the customer can move across channels and receive services that span across the entire spectrum of that channel.
The key characteristics of Omni-channel approach
- Provides customers with relevant information, and functionality across any channel or device
- Goes beyond offering traditional service channels [agents, brokers, assisted online chatbots]
- Customers have the freedom to perform contextually aware transactions across channels and they can switch between channels at any time during the process.
- Improves customer engagement, bridging any gap between the customer and the insurer thereby increasing customer retention rate as well.
- While implementing Omni-channel might not be easy or straight forward, it is all about understanding the customer’s changing demands; preferences and ensuring insurers stay on top of the game.
In order to take the leap and establish an Omni-channel within the system, insurers need to start with streamlining and automating the various processes. The channels used to communicate with customers needs to be identified as a prelude to the same. Only then will the insurer be able to increase efficiency and effectiveness of services provided.
Similarly, the data captured will also be accurate and frauds reduced through the automated systems and technologies in place. When a customer reaches out to alter or modify certain data, there could be an online chatbot or live customer support tool that interacts with the customer, guiding them along the way. In some cases, the customer might wish to make a change on their own using the web or mobile interface.
Today, customers reach out to businesses outside their demography, and demand a mobile app to help them carry out their transactions. In case of insurance, it could be to check their policy, submit supporting documents, or even process claims.
The areas enterprises should focus on are,
- Process & workflow automation
- Governance of information gathered to ensure integrity, safety and accuracy
- Real time data tracking and reporting capabilities
- Making sure the data is available anywhere and anytime
According to EY’s 2014 Global Consumer Insurance Survey, 80% of consumers are willing and eager to use the digital and remote channels to complete any transaction that does not require an insurer’s intervention. Simple tasks such as changing address, payment method and so on.
When talking about implementing the Omni-channel environments, it is no easy feat. The insurance enterprise needs to address the various elements involved in this space, and ensure the changes will facilitate seamless flow of process and personalized offerings to the customer. The data gathered should also be made available across channels.
Seamless Omni-channel delivery is essential because as many as 75% of surveyed customers say they would switch if seamless policy servicing options were not available across all channels [Source: World Insurance Report 2020]
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Whether it is about an existing customer or a new one, the Insurance enterprise needs to offer high levels of customer experience that is consistent across all platforms.. We can help you take that leap. Talk to us now!