Insurance is often referred to as a distress purchase, requiring the consumer to invest considerable time and effort in finding the right policy at the best price. This has given rise to many price comparison websites, which help the consumer find policies online. These sites have increased competition and disrupted the personal insurance industry, especially in the UK. And they encourage customers towards online and digital services, rather than the traditional voice or in-person channels, for their insurance needs. In response to this disruption, the personal insurance industry is undergoing a period of rapid change and adjustment.
In fact, according to research findings from Altus in Raconteur’s Future of Insurance Report, online comparison sites have spurred most of the top 20 personal insurers in the UK to embark on significant legacy digital transformation projects for their claims platforms and administration and billing systems. These organizations know they need to improve service delivery through digital channels. But because of the complexity of their products, systems, and platforms, catching up is not an easy task. The fact that many of the systems and platforms are on-premises also adds to the challenge. According to the Raconteur report, legacy systems can prevent insurers from offering the rich functionality customers expect today, or are unable to harness the full value of data. This means the insurance industry is lagging behind other industries in the move away from on-premises legacy systems towards adopting cloud-centric solutions.
The Benefits of Digital Transformation
The Raconteur report reveals that the most forward-thinking insurers know true digital transformation is the best way to defend against disruption and begin to offer innovative insurance services to their customers. Dimension Data survey statistics cited during Cyara’s recent joint webinar with Forrester showed a number of benefits of moving contact centers to the cloud, including:
- Improved customer service agility and speed to market
- Access to a single, integrated customer contact platform
- Access to new functionality
- Improved flexibility
Reaching Your Audience
Insurers need to adapt to allow all generations of customers to interact on their terms, using their communication media of choice, to provide the best customer experience. Insurers who provide digital offerings are better able to serve younger generations of customers — Generations X, Y, and Millennials — who largely interact with brands online. The prevailing direction of technology is driven by customer expectation towards web chat, chat bots, mobile apps, and social media. But traditional contact methods like voice are still important too.
Automation and Customer Experience
Many customer-centric Cyara clients in the UK and abroad are harnessing test and monitoring automation as a key pillar in their digital transformation projects. Automation technologies are becoming more of a necessity to enable organizations to transform the way they interact with their customers and become more customer-centric at the same time. Ultimately, technology is there to service the customer. Their journey and their experience is the key indicator in understanding how they feel and in gaining their trust and confidence. Cyara recognizes that understanding how your customer feels about your company is paramount when they are looking at insurance products to manage the risk in theirs and their family’s lives.
Learn the Best Practices for Moving to the Cloud with our on-demand Forrester webinar.
And contact us to learn more about how the Cyara Platform can help insurance companies deliver a flawless CX.