Customer Centricity in Insurance Sales, Service and Saving the Customer
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How can insurance companies deliver the right experience to the right customer at the right time while concurrently achieving growth and operational efficiency in this ever-changing environment?
In every industry, companies know that delivering a customer experience that focuses on the customer's interest is crucial to increasing market share and keeping customers. The insurance industry's life and general insurance markets are by no means immune to the need for a new approach to the relationship between the customer and the company.
However, satisfying the requirements of the insurance customer can be a daunting task as insurers face a number of complexities. The insurance "customer" is not one but many types of stakeholders – including agents, brokers, policyholders, claimants, beneficiaries and others – who all have unique relationships with the company. Responsibility for selling to and servicing these various consumer pools is divided among divisions and departments, as is the development, distribution and administration of products. Regulations are continuously changing, and the channels through which customers want to interact are growing. For years managing these complexities has distracted insurers from tending to what is the life blood of the business – the customer.