why the ultimate 360° insurance experience eludes insurers

Why the ultimate 360° insurance experience eludes even the top insurers And the 7 essentials needed to overcome the challenges.

Smart insurers know that happy, loyal customers are the key to their success.

Especially these days, when those customers are more demanding and savvy than ever before.

Want to learn more? Download the full report here

http://bit.ly/SMA360SS

In fact, in a recent Strategy Meets Action study, more than 80% of insurers said that they were making strategic investments in customer engagement and experience.*



In fact, in a recent SMA study, more than 80% of insurers said that they were making strategic investments in customer engagement and experience.

Yet, only 8% of them are able to present a single view of their customers across all channels.



In fact, in a recent SMA study, more than 80% of insurers said that they were making strategic investments in customer engagement and experience.

Yet, only 8% of them are able to present a single view of their customers across all channels.

So, if they aren’t able to do that, what kind of experiences are their customers having with them?



Odds are, they’re not very good.




Odds are, they are making the kinds of mistakes with their customers that deteriorate trust and prevent loyalty.





Like sending them marketing offers that lack relevance or personalization.






Or, trying to sell them something they’ve already bought.







Or asking them to provide the same information over and over.







Or asking them to provide the same information over and over.

Or communicating through one channel when they prefer another.



At Best ...... these kinds of experiences annoy customers and damage their view of their provider.



At Worst ...... they cause them to look for an alternate insurer who will take better care of them.

switch insurance provider



Today’s customer relationships are all about the moments.


Receivesproduct offers

Purchasespolicy

Accesses services

Tells others

Pays bills

Evaluates options

Filesclaims



Every moment, every interaction, is an opportunity to enhance your relationship with your customer―an opportunity to demonstrate to them that you understand them and their needs.



Purchasespolicy

Accesses services

Tells others

Pays bills

Evaluates options

Filesclaims



Every moment, every interaction, is an opportunity to enhance your relationship with your customer―an opportunity to demonstrate to them that you understand them and their needs.

Every moment is an opportunity to shift their perception from “I pay you for my required insurance” to “I see you as my asset protector―the partner that I trust to reduce my risk.” *


Purchasespolicy

Accesses services

Tells others

Pays bills

Evaluates options

Filesclaims



To take advantage of these moments, insurers need a complete view of their customers.




They need to integrate data and systems from both the front and back office to deliver just-in-time information for for marketing campaigns, sales activities, policy servicing, billing and claims transactions, and much more.




They need to integrate data and systems from both the front and back office to deliver just-in-time information for marketing campaigns, sales activities, policy servicing, billing and claims transactions, and much more.

So, what’s getting in the way?



Most insurers have multiple disparate systems that make it extremely difficult to effectively manage the customer engagement processes when there is movement from one channel or process to another.*



Most insurers have multiple disparate systems that make it extremely difficult to effectively manage the customer engagement processes when there is move-ment from one channel or process to another.*

Integrating these systems is no easy task, and maintaining that integration over time adds additional complications.



Insurers need to be able to aggregate systems and expand the view to see beyond the transaction. This means that systems must be integrated from the start (pre-integrated) or tightly integrated by explicit design.*



Insurers need to be able to aggregate systems and expand the view to see beyond the transaction. This means that systems must be integrated from the start (pre-integrated) or tightly integrated by explicit design.*

In order to deliver the ultimate 360° experience, insurers need to dissolve the boundaries between sales and marketing, and policy, billing, and claims servicing.



They need business capabilities that will help them take customer understanding to a new level:* 1. Integrated information and insights across channels

2. Unified operations that deliver consistent experiences throughout the customer lifecyle

3. Right context for every interaction

4. Real-time capabilities that enable immediate, appropriate action 5. Informed exchanges based on insight into the customer profile and current situation



They need business capabilities that will help them take customer understanding to a new level:* 1. Integrated information and insights across channels

2. Unified operations that deliver consistent experiences throughout the customer lifecyle

3. Right context for every interaction

4. Real-time capabilities that enable immediate, appropriate action 5. Informed exchanges based on insight into customer profile and current situation

And they need modern, integrated solutions that can deliver the ultimate 360° experience with full customer-centered, omni-channel support.



So what does that look like?



So what does that look like?

Let’s take a look at the 7 essentials of a modern, integrated solution.



7 essentials of a modern, integrated solution

Essential #1

A common customer data model used by different areas of the company to market to a customer, provide customer service, or handle a transaction that provides a common view or common definitions of customer data.* 1




Essential #2

Advanced solution support for marketing and communication management that provides real-time, tight integration with core operational systems.* 2




Essential #3

Modern policy, billing, and claims core systems that offer extensive integration points to bundled or separate digital marketing systems.* 3




Essential #4

Solutions that provide a high degree of configurability to define when, where, and how in the customer engagement lifecycle customers and prospects are engaged.* 4




Essential #5

Omni-channel experience management capabilities that transfer relevant contextual information fluidly among interaction channels.* 5




Essential #6

A consolidated view of all systems to manage all service aspects of customer interaction.* 6




Essential #7

Sophisticated integration capabilities that facilitate the exchange of data and services and achieve reuse and consistency throughout the company.* 7



The ultimate 360° experience takes integration to a new level, tapping into the gold mine of information that is resident in core systems and then combining that data with sales, marketing, and servicing insight―in real-time, in the right context―and executing smarter interactions.



The ultimate 360° experience takes integration to a new level, tapping into the gold mine of information that is resident in core systems and then combining that data with sales, marketing, and servicing insight―in real-time, in the right context―and executing smarter interactions.

So that insurers can delight their customers with experiences that are always meaningful and valuable.



To find out more about the ultimate 360° experience, and what you need to do to achieve it, download Strategy Meets Action’s (SMA) recent paper:

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Click Here* Achieving the Ultimate 360° Insurance Experience: Gaining New Vision and New Value in the Digital Era


why the ultimate 360° insurance experience eludes insurers

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