Think insurance and the most probable picture that comes to your mind is an agent trying hard to convince you why that expensive premium is worth it. The reality in future (and increasingly now) will be different.
Insurers are migrating from 'real' personal relationships to 'virtual' personal relationships to establish, retain and manage customers.
1. A customer-centric focus
Insurance CRM solutions are helping insurers to cater for the needs of their customers and employees. Insurance firms are more adaptable and flexible to the changing consumer needs and trends. While majority of traditional insurance CRMs only had 'sales' approach, the current holistic solutions are more focused on beneficial 'relationships'. The important factors that contribute are...
a. Recognizing the needs of different customer needs.
b. The increasing demand to deliver seamless and delightful customer experience across channels.
c. Putting customer in the driver seat to make business decisions.
2. Built by data and cemented by automation
Seamless flow of data breaking down boundaries of siloes not only give the insurers a complete picture of their customer's needs but also analyze, interpret and predict the behavior of clients and also facilitate strategic decision making. Automation will make wasteful processes redundant and workflows faster. With automatic and intelligent synchronization of CRM data, the workforce can receive real-time updates on marketing sales and customer service. Using data readily available in the market through social media, credit rating agency integration etc., firms can...
a. Quickly detect fraud
b. Improve predictions
c. Develop new products according to market tastes.
3. Preferred Partnerships
The strategic alliance of insurance and partner agents, hospitals go hand in hand. They help in understanding client behavior and health details, providing valuable intelligence for underwriting.They have opened up new avenues of partnerships, for example...
a. Partnering with travel portals
b. Partnering with tax filing firms (pushing insurance as an option for saving tax)
c. Partnering with health tech startups.
4. Real time pricing dynamics
'Market place' insurance aggregators are proving to be a game changer in the industry. Offline and online channels have different rates to entice customers. Aggregators emphasize different pricing and rate algorithms and the medium benefits are passed off to the customers.
5. Flexibility with cost savings
At many insurance organizations, the cost saving approach alone has made the investment in self-service portals worthwhile. It helps to be flexible and versatile, while at the same time enabling customer experience to play a key role. Digital insurance CRM technology has empowered insurer-customer relations with more personalized services, no matter the time and location. The prevalence of mobility helps executives to view, create and modify CRM data on any internet capable mobile device.
Insurance companies are rapidly embracing digitization to remain competitive and successful. However, it is imperative to recognize that digital transformation is not only about systems and processes, but also meeting customer's ever changing needs.