In today’s digital age, where technology prevails and incumbents risk being overtaken by more agile FinTech businesses, delivering an effective customer journey is now crucial to business success.

76% of insurance consumers say they would switch providers for a more personalised service and tailored product offerings (source: Accenture)

However, personalisation is not just being able to recognise your customer. It’s about creating value and delivering a better, more intuitive customer experience.

Businesses need to leverage the vast amounts of data they hold in order to exceed the customer’s expectations. By doing this, insurance software vendors can improve value-driven engagement KPIs, creating stronger, more profitable relationships.

We have identified 3 key capabilities to deliver this:

1. Recognise your customer across every touchpoint

While digitally savvy customers expect to engage with their insurance retailer through digital channels, human interaction should not be underestimated and continues to drive real value throughout the customer journey.

For customers wanting to connect with their insurance retailer across multiple touchpoints, businesses need to be able to recognise them regardless of whether their interaction is online, on mobile, through a contact centre, in branch, or a combination of these.

Responsiveness and convenience is now a consumer expectation, but delivering an omnichannel experience creates the opportunity for customers to feel known and the value of their relationship recognised regardless of touchpoint, channel or device. This can create real competitive advantage.

2. Understand your customer needs

Leverage the power of your data by developing a single customer view and creating individual customer profiles which consolidate disparate data sources such as transactional, service or digital browsing data.

Bringing this together can allow you to respond in the moment, delivering real-time relevance based on consumer preferences and purchase behaviour.

Using data intelligently ensures that your customers feel known and their prior interactions are understood, maximising ease and conversion. Examples could include:

  • Increased relevance through more effective marketing and a more intuitive customer experience
  • Pre-population of forms with previously supplied data, saving time and hassle
  • Using existing data to generate indicative quotes, providing an immediate price-point
  • Enabling customers to easily retrieve quotes and review other previous transactions

3. Empower your service centre agents

In delivering a truly integrated customer experience it is imperative that a business considers each channel across which they serve their clients.

Technology can ensure that your contact centre agents have one unified view of the customer, enabling them to demonstrate an enhanced understanding of the customer’s needs from first interaction all the way through to purchase and service.

By using this enhanced customer view, each agent can benefit from intelligent prompts (or next-best actions), which inform the agent what the most effective next course of action is after the core customer need has been met.

These ‘next best-actions’ could include:

  • Conversion of outstanding ‘live’ quote
  • Offering key product upgrades where not previously selected (e.g. accidental damage options or break-down or legal expenses)
  • Using customer browsing data to offer additional products
  • Reminding customers of upcoming policy renewal

These actions further personalise the customer journey, but could also highlight key data collection opportunities such as missing renewal date, marketing preferences, or even negative prompts such as informing the agent of ‘no-go’ areas (e.g. not to sell to the customer if they have a live claim or complaint, or if the customer falls outside the target audience).

Insurance retailers need to be able to respond to evolving customer demands. Personalisation of customer experience and interaction remains a significant priority to staying competitive.

A recent study estimates that the businesses that excel in personalisation have already seen up to 10% increased revenue as a result. It goes on to predict “personalisation will push a revenue shift of some $800 billion (over £600 billion) to the 15 per cent of companies that get it right.”

Now is the time for change. Find out how HUGHUB can help your business deliver a more personalised customer experience.