After ‘Big Data’, insurance industry turns to ‘Big Paper’ to augment customer experience

Published: August 20, 2018 3:16:54 PM

Digitization has come with the ‘Big Paper’ concept where everything is going digital from a pen, paper to digital documents.

Through constant speed and accuracy, the customer experience can be re-casted and transformed.

By Rakesh Goyal

A company must understand how well it can perform uniquely or distinctively to sustain in the market. It is very important to translate boardroom vision into action on the front line for a better and enhanced customer experience. The shared experience and conviction binds together to orchestrate a comprehensive customer-centric makeover.

Knowing that your business is primarily dependant on customer and data, it is significant to not only achieve organizational change but it is also mandatory to establish momentums that would accelerate initiatives to develop a unique customer experience. Companies that are not attuned to meet the pace of customer demand find it difficult to sustain the marketplace.

Through constant speed and accuracy, the customer experience can be re-casted and transformed. The traditional or antiquated methodologies are losing their roots due to their inability to meet the pace of digitization. To meet the rapidity of the increasing demands, companies are stepping out from the traditional approaches and moving towards digitization for enhanced customer retention and acquisition. While the pace could be divergent for the distinct company depending on the company’s present status and position and their product focus, all insurers can derive significant short-term value from digitization.

Owing to Digitization, the various available tools result in more precise and accurate premium costing and low claims cost through risk mitigation and calculating the risk in a more precise manner. Insurance Industry comes with digitization that arrives with behavioural tools that help customers with a better lifestyle and improved customer satisfaction echelon.

Digitization has come with the ‘Big Paper’ concept where everything is going digital from a pen, paper to digital documents. Tackling with Big Paper will benefit the insurers from the remarkable potential of the competitive gain of digitization. Also, the big transition to E-Delivery, digital creation and digital capture enable in building a digital creation which leads to quicker information access and additional data for analytics. It aims at capturing information more electronically along with speed, agility and insights into the digital transformation.  This would take the customer experience to a next level by applying analytics, cognitive technologies and digital touch to the customer interaction.

Insurers have moved the pattern all way round from been the salesperson of the products or services to been the consultants by focusing on customer outcomes. This approach delivers improved connectivity with the customer, better decision making, and cost saving after the inclusion of automation, lower risk, and a facilitator for innovation in insurance business modal. Digitization helps in developing a clear sight of which customer interaction can be re-imagined digitally.

Through digitization, insurers are able to accomplish a few milestones:

Better marketing and communication

Through digitization, insurance companies can manage to eliminate the negative perception of the customer through various marketing and communication strategies.

Effortless way to buy Insurance

Adaption of multi-modal customers has led to convenience and easy way of buying insurance online.

Enhanced customer Interaction

Insurers are able to exceed the expectations of the customer through extremely deep customer insights and pro-active consultative advice thereby creating a trusted advisory relationship.

Customer centricity

The design of operations and processes enables in customer centricity ensuring that the insurers work according to the customer-centric goals.

Also, digitization offers an insight into offering the quality customer experience through constantly focusing on what is important for the customer, how they behave and what are they trying to accomplish. It helps in building an insight into customer retention by strengthening the brand relationship by analyzing what you know and understand about your customer.

Digitization has also brought in customer-friendly technologies like social media and mobile which has strengthened the customer and brand relationship through its widespread reach. It has also turned the customer touch points like company’s proximity platform like web apps, mobile apps, etc. It is revolutionizing data based industries by delivering unsurpassed connectivity and unobstructed experience to their customer.

The onset of digitization has succoured the digital leaders in gathering and analyzing data. This data fuels the insights and innovation that set these companies (who have adapted digitization) apart. Digital data feeds directly to the value-driven initiatives.

Finally, digitization provides the necessary inputs to considerably improve the effectiveness of digital and electronic interaction with the customers. It helps in establishing a comprehensive customer profile that gives a complete interaction of your customers through digital channels. The advanced analytics helps to derive valuable customer insights for investment, protection and financial planning with advanced marketing strategies and pro-active plans or offers with the most intelligent way of marketing.

Rakesh Goyal, Director, Probus Insurance Brokers Pvt Ltd

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