How Insurance Contact Center Software Can Transform Your Customer Experience

Customer experience (CX) is a key factor in the insurance industry. A recently published research revealed that more than half of respondents opine that while selecting an insurance provider, they consider CX as one of the most important factors.

One study revealed almost three-quarters of respondents feel CX is an important factor (behind price and product quality) in their purchasing decisions. Another study by Zendesk found that one negative experience is enough for 50 percent of customers to switch to a competitor.

The days are long gone when customers would willingly wait longer and bear with cumbersome processes and ineffective communication channels to pay premiums and settle claims. In today’s fast-paced world, they want impeccable services and they want it fast. That’s why most insurance companies are investing in advanced contact center software and doing whatever it takes to provide excellent CX to customers.

This blog post discusses how insurers can leverage insurance contact center software to transform the way they provide CX to their customers. Read on to know more and thank us later.

1. Omnichannel Communication

A Hi Marley study found that seven out of every ten respondents prefer to text their insurance service providers for any query or issue. Four out of every five feel text messaging builds closer customer connections. What’s worth noting is that as high as 84 percent of respondents said they would save the text number of an insurer in their contact list. After text messages, email and phone emerged as the second and third most popular channels respectively.

In the age of smartphones and high-speed internet, a majority of customers value seamless omnichannel communication. As per a study, nine out of every ten customers expect omnichannel communication from insurers but only 11 percent of decision-makers prioritize omnichannel to deliver quality experiences for customers. That’s why a majority of insurance companies need to focus on omnichannel communication. Sophisticated insurance contact center software provide omnichannel platform and enable insurers to interact with customers via all communication channels.

2. Personalized Communication

An Accenture survey found that four out of every five insurance customers seek personalized offers, messages, pricing, and recommendations from their auto, home, or life insurance. Another recent study revealed more than half of customers place high priority on personalized digital communications from insurers but just 17 percent of insurance companies currently prioritize personalization.

A study by Accenture revealed that seven out of every ten customers would readily share their personal information with insurance companies to get personalized communication and services. Sophisticated contact center software allows insurers to personalize their messages and services by studying their customers’ specific needs, individual preferences, and past transaction and history.

3. Higher Efficiency

Does the insurance sector need higher efficiency? You bet! A study by global consultancy firm McKinsey projects that almost one-third of underwriting roles could be efficiently automated. Another research by KPMG revealed automation in the insurance sector can cut down claims processing time by half and reduce repetitive work of agents by 80 percent.

Insurance companies can use contact center software to enhance efficiency and make their customer support campaign proactive. Sophisticated insurance contact center software can automate and streamline a wide range of customer service tasks and by doing so, it enables agents to focus on more complex tasks and add more value to customer interactions.

4. Robust Security

Did you know every hour 300 individuals and businesses get attacked by cybercriminals? That’s a number hard to believe but if we go by the data released by Cybersecurity Ventures, it’s a fact. And that’s not all. In the next seven years, the rate of attacks is going to surge 500 percent! When compared to businesses in other industries, insurance companies are highly vulnerable. The humongous volume of personal data and sensitive customer information is the reason for that.

That’s where leveraging cutting-edge insurance contact center software can help. Sophisticated insurance contact center software comes equipped with cutting-edge security features such as robust encryption, multi-factor authentication, two-step verification, access controls, intrusion detection and prevention, compliance with industry regulations, regular security audits and updates, and more.

5. Streamlined Claims Processing

If you go to any insurance company’s office you will find that claims processing is one of the most demanding jobs that insurance professionals handle. Not just that; many of them find it hard to provide a desirable claims processing experience to customers. As per a study conducted by Accenture, poor claims experience could put up to USD 170 billion of global insurance premiums at risk. The same research found that 31 percent of the claimants weren’t completely satisfied with their home and auto insurance claims-handling experiences.

This is where high-quality insurance contact center software can come to rescue. It can efficiently streamline the processing and managing of claims by automating many repetitive and mundane tasks. Sophisticated insurance contact center software can also provide real-time updates to policyholders regarding settlement of claims. It can truly preserve the lifeblood of every insurance company, which is processing and managing claims.

Summing Everything Up,

CX matters a lot in the insurance sector. It can make or break customer loyalty, retention, and overall business success. That’s why insurance companies must do whatever it takes to ensure that they are able to deliver the best-in-class CX to their customers. Leveraging sophisticated insurance contact center software can make a whole lot of difference when it comes to providing high-quality CX to insurance customers.