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July 30, 2020 at 11:30 PM
Over the years banks, retailers, and telecommunications have embraced new technologies such as artificial intelligence (AI) and machine learning (ML) to enhance their customer communication and, ultimately, customer experience. While there may have been a time to sit back and see what works and what doesn’t, these are now proven technologies. Organizations in the life insurance space need to adopt this thinking or risk being left behind.
Not only is today’s customer more tech-savvy than ever and expects the same high levels of convenience from their insurers as they do from other companies, but the last few months have put a spotlight on the need for a better digital communication customer experience.
The renewed battle over federal and state annuity sales standards further emphasizes the value of addressing customers’ concerns.
(Related: 5 Ways Annuity Providers Can Use Tech for Fiduciary Compliance)
By meeting and, hopefully, exceeding these expectations, insurers can ensure customer loyalty in an increasingly competitive market.
That in turn comes with several major business benefits, including increased revenue.
Catching Up
Of course, this kind of transformation won’t happen overnight.
Historically, life insurers haven’t done well when it comes to customer communication. Within the last few years, more than 90% of insurers worldwide did not communicate with their customers even once a year, and many customers did not receive a single communication all year. Of those interactions, many were limited to claims and related advice.
In a world where highly personalized products and services, supported by relevant, easy to understand and contextual information have become the norm, that’s no longer viable.
In order to overcome that deficit, it won’t be enough for life insurers to simply retrain their staff and hope for the best. Instead, they need to embrace the kind of technologies that will have an immediate positive impact on customer experience.
