Insurance operations are complex. Despite many technology deployments and advances, firms still stumble on operational silos that unravel customer engagement with costly process drops, delays, and errors.
To top that, they constantly need to keep up with shifts in government policy and regulations. Equally, changing customer needs—whether in life and annuity, or property and casualty insurance—drive insurers to offer an array of products that are sometimes difficult for customers to evaluate and buy.
While many insurers offer both online and offline channels that enable the customer to engage with the enterprise to obtain quotes, compare products, and buy, they often harbor lingering perceptions of non-transparency and difficulty of use.
It’s critical for the business to consistently support sales, policy activation, and customer servicing, and be agile and responsive at their renewal to ensure retention and profitability. While there have been significant shifts in the way the industry engages with customers, there are data-driven insights and opportunities to be unlocked to do this better.