Transforming life insurance with digital customer journeys
Saying that ‘buying life insurance is an important decision’ would be an understatement considering the stakes.
Life insurance products are usually bought offline through insurance brokers or individual corporate bank agents. When customers buy life insurance through such intermediaries, they are dependent on the information about offers or schemes as told by those agents, which might lead to wrong decisions and customers might end up buying products that don’t suit them. Also, the offline journey is very time-consuming and not so flexible either.
What if customers don’t have to meet agents at all? What if they could just sit at home and visit the websites of insurance agencies, do research for the right plans, and complete the paperwork in one sitting?
Yes, this is 100% possible thanks to CUSTOMERNEXT, a software platform that specializes in designing digital customer journeys for insurance agencies.
1. Empowering customers with flexible Omni-channel journeys:
With intelligent digital customer journeys, insurance agencies will be able to provide flexibility to customers. Customers can start the buying journey from anywhere at any time and complete it across multiple devices without losing context.
2. Balancing human touch and automation:
Automation and digitization of processes do not take the human element out of the equation, but they help to utilize human efforts in more value-adding tasks.
Insurance firms can automate customer request handling with intelligent chatbots powered by AI. While some other AI-enabled techniques like voice biometrics and sentiment analysis can be used to help insurance agents serve customers better,
3. Smart data capture and document
Insurance agencies will be able to capture and view customer data and data from agents to whom customers are assigned on a unified dashboard. This data can be captured from an email, website, or self-service portal with minimal data entry requirements and smart document capture, which in turn provides instant fulfillment for customers.
4. Personalized offers
Life insurance is the kind of product where there is a huge scope for personalization based on data collected regarding possible customer requirements. Smart digital customer journey designers with intelligent algorithms running in the background can help insurance agents do up-selling and cross-selling in real-time based on customer’s salary levels and ages.
Different schemes and discounts can be offered with pricing slabs to customers seamlessly with simple drag-and-drop functionalities.
Underwriting is the most complex and time-consuming part of the insurance journey if done traditionally, and it is usually the number one reason for delays in the acquisition of an insurance policy. However, digital journey designers with intelligent AI analytics can perform risk analysis on customers very quickly. This can help insurance agents provide optimal insurance advice and quotes as well.
With automated workflows and decision-making, customers will be provided with paperless, quick underwriting.
6. Simplified regulatory compliance
It’s important to have the insurance process adhere to rules and regulations at every step. Right from the application of policies to servicing to claims, everything can be made regulation-compliant with AI-empowered journeys. Processes can be configured or changed codelessly with simple drag-and-drop designers in case of a change in regulations. Real-time reports can be generated for easy compliance.
To conclude:
The goal is to deliver the best possible customer experience by making journeys simple and customer-friendly. This can be achieved with a strong, scalable digital journey designer platform. Putting customer experience as the first priority will enable agents to build long-lasting relationships, automatically bringing in more profits.
