Even though nearly 85 percent of customers insist experience is just as important as a company’s products or services, according to The State of Connected Customer report, the insurance industry has been relatively slow to deliver on a streamlined and seamless customer experience. As competition and rates increase, this seamless customer journey can make the difference between a renewal and a loss, a positive experience and a regretful one.

Most consumers are willing to pay more for great customer service and yet there remains a gap between expectation and reality when it comes to customer experience in the insurance industry. Customers expect a relationship and support that extends beyond the purchase and beyond the transactional. Customer service is the bare minimum: Today’s consumers expect outstanding communication and ongoing connection.

Positive developments in the industry

Moving in the right direction, many insurers have developed new communication channels for both claims and policy questions, added Chief Experience Officer positions and teams, reduced the use of industry jargon in their materials and increased points of engagement with customers. All of this represents a positive step forward.

However, more than 40 percent of customers say they don’t fully trust their insurer, according to an IBM Institute of Business Value report. Clearly, there is room for continued growth.

Enhancing the customer journey in insurance

The good news is that there is ample opportunity for enhancing customer experience and that many options are not difficult to adopt.

Automation for personalization. A wealth of new technologies can save time, automate previously manual tasks and move the customer journey on its way. Data helps insurers offer more personalized policies and experiences, increasing both transparency and trust. Customers appreciate pre-filled information when possible, which also gives insurers the opportunity to go deeper. Likewise, AI can help companies in terms of accuracy and efficiency. Customers also report a desire for more personalized communications, an easy win for most companies.

Hybrid communication supports customer preferences. From phone to email to chat, multiple points and opportunities for communication should be integrated to support customer experience. Website updates should be immediately available to agents on the phone who are responding to questions and mail-in information should connect with online updates. Communication should be intuitive and accessible.

Listen to your customers. They will definitely tell you what they want and expect! Invite them to share data and explain the clear value of doing so and make sure you are engaging in regular industry research to stay abreast of customer and industry trends.The goal is to become a trusted advisor, rather than a mere insurer. Embedded insurance, in particular, does an excellent job of integrating customer wants and needs into a seamless and secure purchase experience. It meets consumers where they are with ongoing points of connection. Further, embedded insurance simplifies the entire process and supports the seamless customer journey that consumers are so eager to enjoy.

As a pioneer in embedded insurance, at Mulberri we’re proud to help our partners deliver on the promise of a seamless customer experience. For us, it starts with being able to deliver the right insurance, at the right time for customers.

Want to learn more? Schedule a demo today.