The ongoing digital transformation in the insurance world reaches beyond back-office optimizations–the policyholder experience as we know it is rapidly changing, too.
Insurers have been historically slow to adopt cutting-edge technologies, but rising competition in the space means that they must find ways to advance their services and offerings to meet policyholders’ evolving demands.
The Importance of a Digital Policyholder Experience
In today’s world, policyholders want the convenience of accessing personalized products and services when and where they want. The increasingly digital and hyperconnected economy we’re living in supports this – with no exception for insurers. The amount of competition in the insurance market puts increased pressure on insurers to meet their policyholders’ needs or risk getting beaten out by the competition.
Salesforce recently reported that 75% of consumers expect companies to leverage new technology for improved interaction. So, it’s no longer optional for insurers to have a robust digital strategy–it’s imperative to their long-term success in the modern marketplace.
Key Elements of a Seamless Policyholder Experience
Creating a seamless digital experience for policyholders is a multi-faceted approach. The basis for an excellent digital strategy is clearly understanding what policyholders need and how you can enhance their interactions with your business.
Let’s walk through other integral parts of providing a top-tier digital policyholder experience:
One of the first steps to creating an excellent digital experience for your policyholders is having a user-friendly interface that is simple to navigate. It should be easy for policyholders to make a claim, inquire about their account, access important information, and view personalized offers. Additionally, your website should be optimized for mobile, as about 60% of all website visits come from mobile devices.
Providing multi-channel access is another way to promote a more seamless policyholder experience. With this, policyholders can interact with your team using their preferred communication method– via phone, email, chatbot, or other channels. 90% of consumers expect consistent interactions across channels. So, just adding these channels is not enough–it’s critical to ensure that all channels are properly monitored and provide prompt responses.
In the digital world, insurers may explore further digital channels that policyholders may prefer, like social media. This may be particularly appealing to the younger generation, who would like the option to open a claim or inquire about their coverage through direct messaging on these platforms.
Insurers that provide personalized policyholder experiences see customer retention increase by over 80%. You can offer personalized services in a number of different ways, including personalized product recommendations, customized communications, and tailored digital interfaces. Personalization can also help reduce some of the friction that policyholders have historically faced when interacting with insurers, like getting the exact answers and services that are relevant to them.
In a digital environment where consumers are used to receiving instant gratification and responses, fast customer service is a crucial aspect of maintaining policyholder satisfaction and loyalty. Providing timely customer support means insurers are committed to policyholder satisfaction and are willing to alleviate frustrations. Many insurers today are relying on technology like chatbots and AI-powered programs to offer policyholders immediate responses to their commonly asked questions and concerns.
Why Now is the Time to Invest in Your Policyholder Experience
Insurers who offer their policyholders a streamlined digital experience will be able to unlock a competitive advantage that spurs future growth. However, meeting this demand doesn’t happen overnight; it requires a lot of planning and access to the right tools and resources to succeed. Modern insurers are increasingly relying on technologies that help them stay ahead of the curve while advancing their services and policyholder experiences.
At Insuresoft, we understand the unique challenges that insurers face today. So, we’ve created Diamond, an all-in-one solution for the P&C industry that can deliver mission-critical processes and cutting-edge technology to deliver a proactive policyholder experience. We help you carve out inefficiencies so you can focus on doing what you do best, letting your core offering spur further growth with speed and efficiency.
Contact us today to see how we can help you offer an enhanced policyholder experience set for the digital age.