Digital innovations and technical advancements are increasing the focus on enriching customer experiences. Sanjeev Kumar, VP, Head of Insurance at Saama technologies, highlights how insurance companies can elevate their customer experiences and achieve competitive differentiation in an increasingly commoditized market like this.
Imagine a scenario where a hurricane is approaching Louisiana or a tornado is about to hit Texas. In this nerve-racking moment, your insurance company proactively reaches out to its clientele and warns them to move out of the harm’s way. Not only this, the insurance company estimates damages (based on the intensity) and prepares for future claim requests. Sounds like a huge relief amidst chaos where customers are treated better in their moment of truth?
Consider a second situation where your vehicle meets with an accident. The vehicle communicates with the command center informing them about the extent of the physical damage. The information received is processed and automatically triggers a claim process with your vehicle insurer.
No, these aren’t shots from a sci-fi movie.
Today’s digitally savvy customers are high on expectations and low on patience. This is pushing the insurance industry towards a transformation where physical boundaries do not define its existence. Looking back a few years from now, you would say that the industry has undergone a whirlwind transformation regarding delighting customers and has an enormous opportunity to improve.
Today when you search online for a holiday abroad, and you are offered with travel insurance options, browse a matrimony site, and life insurance options reach you, you are considering baby names and your insurer knows it’s time to talk to you about child insurance plans.
Say hello to Customer 360.
It’s an emerging concept that helps companies understand what customers’ value, identify what triggers buying decisions, pinpoint what drives customer satisfaction and turn it into operational enhancements. To enable this type of actionable insight for your business, you will need deep customer insights, concrete analytics, and be able to chart customer journeys with cross-functional and omnichannel presence.
The approach for Customer 360 relies on advancements in technology where you can pull together all kinds of data – both structured and unstructured – and cover all aspects of the customer and the customer experience.
Customer 360 provides four clear benefits:
- Declining customer acquisition costs: Analytics gives scope for more targeting and personalization due to which the customer acquisition costs decline
- Enriched customer experience: Improved customer experience reduces customer churn and creates opportunities with potential new customers as Net Promote Scores improves
- Opportunities to cross-sell and up-sell: These opportunities arise and improve key metrics like wallet share, policy premium revenue, and multiline penetration
- Insights to counter competition: You know more about what rivals are doing and how customers are responding and thus, can chalk strategies to counter competition
While the sort of integration required for Customer 360 used to take as long as five years, with Saama, many of these projects can now be tackled in seven or eight months based on the volume of the customers. The speed- the power of fast – comes partly because we begin with 70% of the components for Customer 360 pre-built; the client builds its competitive advantage with the final 30%.
As you move forward embracing digital transformation, fostering innovation and leveraging new channels to engage customers, we at Saama ensure that with Customer 360 you stay relevant and ahead of the curve.
Read more about Saama’s focus on Insurance Industry.
Above article is an excerpt of Sanjeev’s post on How to Get Broader View of Customers Featured in Insurance Thought Leadership (ITL).
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