Perspectives Q4 2022 Perspectives Q4 2022 | Page 21

2 . Deploy a policyholder mobile app : A recent industry survey by JD Power indicated that consumers increased their use of insurance-related mobile apps by 26 % in 2021 year over year . Customer satisfaction scores for those who used such mobile apps were significantly higher than those who used traditional channels . Who wouldn ’ t prefer a simple app versus a long phone interaction with a service rep for managing their policy , making payments , downloading ID cards , or simply staying informed of company news and products ? Insurers could also leverage powerful mobile capabilities like location intelligence , in-app notifications and SMS alerts to create a more personalized user experience .

3 . Create self-service capabilities for the customer : It is indeed frustrating for a customer to wait on a long phone call just to make beneficiary or address changes to a policy , take loans , or effect surrenders . While some of these transactions could have a financial impact on the insurer , basic policyholder profile changes , and document management / e-signature capability could be logical candidates for an initial implementation .

4 . Offer product suggestions through self-learning recommendation engines : We are only too familiar with Netflix ’ s “ Customers also watched …” or Amazon ’ s “ Customers also bought …” recommendations when we try to check out our shopping carts . Companies could similarly improve cross-selling opportunities by delivering customized product recommendations to customers . With big data processing engines complemented by powerful AI and machine learning capabilities working in tandem with data transformation tools and RPA to extract customer behavior data , insurers are able to assess similarities in sets of customer portfolios to detect which products would be of interest to both new and existing customers .

5 . Integrate IoT technology to enhance customer data assimilation : In this connected age , customer data can originate from a variety of digital sources . Smart cars , smart homes and smart health devices offer a greater number of data points that enable AI engines to predict customer behavior more accurately to derive clearer insights . Companies could suggest better products to a policyholder by analyzing behavior from these large data sources derived from ‘ a day in the life ’ of a customer .

A custom technology strategy deployed intelligently can be a key constituent in boosting policyholder retention .

6 . Deploy a robust hyper-automation technology to shorten claims processing times : Extended claims processing times almost always lends a company a very bad reputation score . Companies should instead harness the power of RPA to process claims faster by automating high-volume data aggregation , automated adjudications , fraud identification , and making timely payments .

7 . Deploy chatbots coupled RPA and sentiment analytics to simplify customer interactions : Companies could improve their contact center efficiencies by deploying chatbots that aggregate customer data and product information from unstructured data including texts , chats , emails and social media posts . These AI-powered virtual assistants could answer simple customer questions , analyze policyholder sentiments ( tone of text and voice ) and collect their feedback .

8 . Automate internal customer-related processes : Hugely time-consuming and human-intensive processes like newbusiness onboarding and policy cancellations can be similarly automated saving a customer ’ s time and boosting satisfaction .

9 . Use AI / ML with lapsing policies with an aim to retain the customer : Companies could algorithmically develop the capability to predict policy lapses well ahead of time , intelligently coupled with a strategy to proactively determine the best approach to communicate with and retain such customers .

10 . Implement personalized SMS / Push notifications : Insurers could keep customers informed through a couple of ways after securing their opt-in permissions . Personalized alerts could be sent as in-app notifications ( like the ones that appear on the Facebook bell-icon ), or as SMS ) messages on your iPhone or Android devices . Given that such alerts have anywhere from a 50 % to 60 % open rate , they could inform customers about new products , policy lapses , grace periods , or missed payments .

In essence , investing in a secure technology strategy should be a prominent line item in a company ’ s playbook . Interestingly enough , such technology intended and implemented for customer retention can be convincingly advertised as a strategic competitive advantage to the company during its customer acquisition campaigns .

www . nailba . org 21