Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Uncategorized

Using customer insight and “channel-less” engagement to differentiate your insurance company

by Editors
December 6, 2017
in Uncategorized
Reading Time: 4 mins read
A A
Share on FacebookShare on Twitter

This article was written by Chris Hall, the Vice President of Product Management at Pitney Bowes, and originally published on the company’s blog. Click here to read the original article.

Buying insurance used to take some of the fun out of getting a new car. You’d find the perfect ride, get a loan on site, and want to hit the open road. Then you remembered that you needed to insure your vehicle before you left the lot. If you happened to be car shopping during business hours — hitting the dealership at, say, noon Monday — you’d probably be OK. You’d call your agent, and he or she could issue a policy pretty quickly. But if you shopped on a weekend or after 5PM, you often couldn’t get immediate coverage. You’d have to leave your new car on the lot for a night or a weekend until your insurance agency opened for business.

Not anymore. As discussed in Going “Channel-less,” a new Forbes Insights briefing sponsored by Pitney Bowes, digital transformation and 24X7 omnichannel customer engagement can help insurers improve the customer experience and differentiate themselves in a market that’s growing increasingly commoditized. To implement omnichannel engagement and customer relationship management strategies, insurers need data of the highest possible quality. This data helps them interact with the right customers via the right channels, and offer the right policies at the right premiums.

When recently buying a new car, I experienced this type of seamless customer service. I had my insurer’s app on my smartphone. I typed my new car’s vehicle identification number into the app, and specified the coverage I wanted. The app then asked me a series of questions. When I encountered one I didn’t understand, I tapped on the app’s “click to call” feature. An agent picked up. He answered my question, then asked if I wanted to continue the insurance purchase via the app or with him, on the phone. I decided to finish with the agent. He knew exactly where I was in the application process, so I didn’t have to repeat any information I’d already entered into the app. When we were done, he emailed me a PDF of my insurance card to show to the dealer.

Service excellence continued a few months later, when my car suffered some hail damage. I filed a claim via the app. The app recommended a repair facility nearby and made an appointment for me. When I got to the repair place, the service technician already knew who I was. He had all my paperwork. He told me to leave my keys, and said he’d call me when my car was ready.

Insurers are only able to provide this type of near-seamless engagement experience when they have quality insight into the behaviors and demographics of each customer. Is the customer’s driving record clean? Is his neighborhood safe, or are car break-ins a problem? How popular a target is the make and model of the car being insured?

The connections that enable excellent customer experiences aren’t always easy to make. Insurers have a lot of disparate, siloed systems that cannot communicate with each other. This makes it hard to develop a single view of each customer, which in turn makes it hard to improve the customer experience.

To better understand in-house data, insurers can deploy new technologies that pull data from the places where it already lives, for a more complete view of what is known internally about each customer. Once that view is established, insurers can enhance it with third-party data that provides deeper insights about customers’ physical locations, demographics, digital footprints, and other characteristics. Insight from this data can help insurers offer the right policy to the right customer at the right price, via the right engagement channel — thereby improving the customer experience.

To download a complimentary copy of the “Going Channel-less” Forbes Insights briefing, click HERE.

Tags: AIartificial intelligencebig datachannel-less engagementcustomer experiencecustomer information managementcustomer insightCXdata analyticsinsuranceinsurance technologyInsurtechmachine learning

RELATED POSTS

Being API-First Gives FinServ Second Movers a Customer Experience Boost
Contributed Articles

Being API-First Gives FinServ Second Movers a Customer Experience Boost

April 21, 2023
Contributed Articles

AI: Helping or Hurting Companies in Staying Compliant

March 9, 2023
Contributed Articles

Geopolitical Conflicts Reshape Threat Landscape and the Cyber Insurance Business 

December 2, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TRENDING NOW

  • fintech news

    How Master Data Management, Alexa, and Blockchain Are Transforming Banks

    524 shares
    Share 210 Tweet 131
  • AI and ML – Considerations for FinTech

    508 shares
    Share 203 Tweet 127
  • Is Another Financial Crisis Lurking in the Shadows?

    494 shares
    Share 198 Tweet 124
  • Natural Disasters Shook the Insurance Industry in 2018

    580 shares
    Share 232 Tweet 145
  • Artificial Intelligence Helps Combat Fraud, Waste, and Abuse and Protects $5 Trillion in Pandemic Relief Funding

    502 shares
    Share 201 Tweet 126

CONNECT WITH US

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2023 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us