How to Improve Customer Experience in Insurance

Purchasing an insurance policy is a financial and yet emotional decision for most of your customers. Policyholders make a purchasing decision to safeguard themselves mostly interact with insurers during critical times.

That’s why creating connected customer experiences that are humanized is at the heart of digital transformation efforts for most insurance companies.

And this is where knowing who your customers are, their channel preferences, intuitive AI chatbots, and always being there for them become so essential. That’s exactly what Infobip’s omnichannel communication solutions over Microsoft Azure do – humanize the digital experience to form connected customer journeys.

Why insurance companies should build connected policyholder experiences

According to a recent report, 50% of customers ranked personalized digital communications as a high priority, and 42% didn’t fully trust their insurers due to its lack. Yet only 17% of insurers reportedly use digital communications. Instead, telephone (51%) and traditional mail (50%) are their main communication methods leading to expensive and disconnected conversations.

What do your customers want?

According to the same report:

  • 64% of customers want their insurers to understand them well
  • 64% believe sentiment analysis is important for customer communications

What does this mean for customer experience in insurance?

Digital empowerment is vital for providing connected customer experiences.

Delivering personalized insurance policyholder experiences

Infobip’s omnichannel communication solutions on Azure empower insurers to deliver connected policyholder experiences that accelerate growth and loyalty through deeper customer insights and personalized messaging over their preferred channels.

Here are five ways insurers can provide connected customer experiences:

Create personalized insurance offers and messaging

Leverage a data platform to bring all your internal and external data in one place to predict your customer needs and provide personalized offers and messaging over their preferred channels.

With hundreds of thousands of customers across the country, Spain’s most widely used insurance provider Mutua Madrileña with guidance from Infobip successfully integrated WhatsApp Business into its existing systems. Now they can handle multiple conversational workflows on more than 1,000 topics, including:

  • Add content depending on customer needs.
  • Customized information relating to specific claims
  • Questions about current auto claims 
  • Access to loyalty initiatives and coupons
  • Offer discounts for loyal customers 

Connect with policyholders in an omnichannel way

Insurance companies can improve customer engagement and save money by developing an omnichannel approach and building their own conversational channels such as WhatsApp, Messenger, Viber, RCS, and more.

We worked with insurance provider Gibraltar BSN to help them reduce costs associated with delivering policy contracts by 40% – while also making the entire process faster and more secure by adding WhatsApp as their communication channel.

Proactive messaging with automated journeys

Insurance companies can leverage customer data by creating intelligent workflows via an omnichannel customer engagement hub so that policyholders can be sent contextual messages at the right time, and on the right channel.

Integrating Infobip’s LINE Notification Service and SMS channels with their CRM helped Asia Insurance 1950 automate tedious, time-consuming tasks and messaging campaigns.

Asia Insurance 1950 was able to undergo a digital transformation by automating its policy renewal process from start to finish.

This led to a 9x faster policy renewal process resulting in an 83% reduction in costs and 60% reduction in workload.

Leverage AI for always-on customer support

From keyword-based chatbots to intuitive ones capable of sentiment analysis, not only can insurance companies automate their customer support, they can also provide it 24/7 on their policyholders’ channel of choice.

Endred UAE decided to use Infobip’s Conversations and Answers to provide self-service options for money transfer queries over WhatsApp. Through Answers, Edenred UAE created a multilingual chatbot that can resolve common queries using multimedia – and is available 24/7. And, when used in combination with Conversations, the chatbot can transfer complex queries to an agent with the right experience without losing conversation history or context.

Accelerate decisions and help when there is trouble

In addition to a chatbot building platform, adding a digital contact center helps insurance companies personalize their customer care support to provide a hyper-personalized experience, leading to higher customer satisfaction and boosting loyalty.

Insurance provider Croatia Osiguranje chose to connect WhatsApp, Viber, and Messenger using Infobip’s Conversations API to enable customer support agents to answer all queries in real-time. Adding chat apps to its existing system using Infobip’s Conversations API, in partnership with Hrvatski Telekom, led to better agent and customer experiences.

Integrating a customer-centric approach to provide connected customer journeys can help insurers build stronger policyholder relationships. And Infobip’s omnichannel communication solutions on Azure help connect with customers throughout the customer journey.

Sep 28th, 2021
4 min read