Learn how to use digital platforms to enhance your customer experience and loyalty in insurance. Discover tips and examples to understand, customize, simplify, engage, protect, and innovate your solutions.

One of the new norms we are working towards in insurance is building a robust ecosystem that allows insurers to take "parts" of a solution and leverage those parts to create better, more bespoke experiences for policyholders. We must remember that policyholders are people - and hyper-personalization is critical to differentiate companies A&B. A simple example: Company A & B have a policyholder with a vehicle accident. Company A texts the insured and introduces the insured to the adjuster in real time (on Sunday afternoon). Company B called the customer back on Monday afternoon, 24+ hours after the accident. Who had and gave the better experience? The company that is innovating and winning - Company A.

How can you use digital platforms to mitigate customer risks in Insurance?

The insurance industry is facing new challenges and opportunities in the digital age. Customers are more demanding, informed, and diverse than ever before. They expect personalized, convenient, and transparent services from their insurers. How can you use digital platforms to mitigate customer risks in insurance? Here are some tips to help you leverage the power of digital tools and data to enhance your customer experience and loyalty.

1 Understand your customers

The first step to mitigate customer risks is to understand your customers better. You need to segment your customers based on their needs, preferences, behaviors, and values. You can use digital platforms to collect and analyze data from various sources, such as social media, online reviews, surveys, and feedback. This will help you create customer personas and journeys that reflect their pain points, motivations, and expectations. You can also use digital platforms to communicate with your customers and listen to their feedback. This will help you build trust, empathy, and loyalty with your customers.

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2 Customize your products

The second step to mitigate customer risks is to customize your products to suit your customers' needs and preferences. You can use digital platforms to offer more flexible, tailored, and innovative products that address your customers' pain points and expectations. For example, you can use digital platforms to offer usage-based, on-demand, or peer-to-peer insurance products that adjust to your customers' behavior and lifestyle. You can also use digital platforms to offer personalized pricing, discounts, and rewards based on your customers' risk profile and loyalty.

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3 Simplify your processes

The third step to mitigate customer risks is to simplify your processes and make them more convenient and transparent for your customers. You can use digital platforms to streamline your processes and reduce friction and hassle for your customers. For example, you can use digital platforms to enable online applications, claims, and payments that are fast, easy, and secure. You can also use digital platforms to provide clear and consistent information and guidance to your customers throughout their journey. This will help you improve your customer satisfaction and retention.

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Josh Hall

Head of P&C Sales @ ManageMy | Sales Strategy | #Insurtech
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In my experience, insurance carriers have heavy and outdated technology that they rely on in policy and claims processing. The industry is heavily regulated, so we are not typically a ‘quick to fix’ marketplace. Insurers instead can adapt their products by leveraging a DAP (Digital Adoption Platform) to sit atop their core backend processing platforms. The DAP becomes a conduit to better experiences and those lead to higher CSAT and retention. Insurers that ease the burden of one of the oldest, most stoic industries for policyholders will win in the end. Higher retention leads to higher profits.

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4 Engage your customers

The fourth step to mitigate customer risks is to engage your customers and keep them interested and loyal. You can use digital platforms to create and deliver relevant, timely, and valuable content and offers to your customers. For example, you can use digital platforms to provide educational, informative, or entertaining content that helps your customers understand and manage their risks. You can also use digital platforms to provide incentives, rewards, or gamification that motivate your customers to adopt safer and healthier behaviors. This will help you increase your customer value and advocacy.

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5 Protect your customers

The fifth step to mitigate customer risks is to protect your customers and their data from cyber threats and fraud. You can use digital platforms to implement robust security measures and policies that safeguard your customers' personal and financial data. For example, you can use digital platforms to use encryption, authentication, and verification techniques that prevent unauthorized access and transactions. You can also use digital platforms to monitor and detect any suspicious or fraudulent activity and alert your customers accordingly. This will help you enhance your customer trust and reputation.

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6 Innovate your solutions

The sixth step to mitigate customer risks is to innovate your solutions and stay ahead of the competition and the changing market. You can use digital platforms to leverage emerging technologies and trends that can improve your products, processes, and customer experience. For example, you can use digital platforms to use artificial intelligence, blockchain, or Internet of Things to enhance your data analysis, automation, and personalization. You can also use digital platforms to use social media, chatbots, or virtual reality to enhance your customer interaction and engagement. This will help you differentiate your brand and attract new customers.

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Josh Hall

Head of P&C Sales @ ManageMy | Sales Strategy | #Insurtech
Report contribution
One of the new norms we are working towards in insurance is building a robust ecosystem that allows insurers to take "parts" of a solution and leverage those parts to create better, more bespoke experiences for policyholders. We must remember that policyholders are people - and hyper-personalization is critical to differentiate companies A&B. A simple example: Company A & B have a policyholder with a vehicle accident. Company A texts the insured and introduces the insured to the adjuster in real time (on Sunday afternoon). Company B called the customer back on Monday afternoon, 24+ hours after the accident. Who had and gave the better experience? The company that is innovating and winning - Company A.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use digital platforms to mitigate customer risks in Insurance?

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1 Understand your customers

2 Customize your products

3 Simplify your processes

4 Engage your customers

5 Protect your customers

6 Innovate your solutions

7 Here’s what else to consider

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