It\u2019s hard to look at any industry in today\u2019s digitally connected world and spot something that isn\u2019t being guided, influenced, or altered by technology. In today\u2019s fast-paced economy of digital connectivity, it\u2019s all about personalization and the push toward a more hands-on method of customer engagement, the business and communication strategy that connects an external stakeholder and a company through constant communication and the creation of value for the customer. Think about companies like Amazon, eBay, Apple\u2014all stalwarts in the customer engagement community, bringing a hassle-free experience right to their fingertips and doorstep.<\/p>\n

The same can now be said of leading insurance companies that rely on technology, or Insurtech, to deliver positive results and engage with customers in a more proactive, omnichannel way. In the world of on-demand and connected insurance offerings rapidly coming to market, a competitive customer experience will make all the difference. The most innovative of those are combining insurance with added value, added services, and benefits from ecosystems outside of insurance. These services will improve customer engagement and quality of product and require thinking through a totally new approach to the customer journey and the customer experience.<\/p>\n

Redesigning Customer Expectations<\/strong>
\nFirst, it\u2019s important to look at how tech companies that are unrelated to the insurance industry have changed the consumer experience from top to bottom. Tech giants, as alluded to above, have completely upended expectations that customers have in obtaining practically any product or service they need or want. By developing a truly digital and mobile experience, these tech companies have redefined a new customer engagement and experience standard. It\u2019s results: instant gratification, immediate connectivity and a new set of expectations among the consumer base.<\/p>\n

Companies like Apple and Netflix have not only changed what customers want and expect from their products and services but the entire customer experience. They are using, big data, social media, and artificial intelligence (AI), as well as other advanced technologies to more deeply understand the customer, anticipate their needs and recommend next steps. Insurance companies that don\u2019t create digital-first strategies when looking to attract or retain customers will find themselves rapidly falling behind their more advanced competitors.<\/p>\n

Consumers are also becoming more comfortable with trading their personal information for these more personalized faster and efficient experiences. Ease, convenience, and value across the customer journey are now king and are shaping connected and on-demand insurance which will become the new normal over the next few years. With data-driven insight and artificial intelligence, insurance companies that use this data and these technologies to anticipate and deliver personalized experiences and value their customers\u2019 needs will emerge as the winners.<\/p>\n

A New Thought Process<\/strong>
\nCustomer engagement in the insurance sector is evolving thanks to InsurTech\u2019s like Lemonade, with renters insurance or Ladder in life insurance or Next in Small Business Insurance. Even large carriers like John Hancock with their Vitality program are changing the game. The emerging paradigm changes the relationship between consumer, insurer, and increasingly the community surrounding the insured. New and innovative customer engagement paradigm starts by engaging the end insured through the ecosystems that surround them. Those include not only smart homes, smart cars, smart factories, and smart mobile devices but also the places online where users search for, purchase or use goods and services. This new engagement paradigm is moving insurance from a sterile relationship of premium payments and claims checks to a relationship in which insurance combined with other services helps the user more effectively achieve their life, health, and business goals.<\/p>\n

Insurance companies are utilizing modern methods to work with the consumer and altering their entire business process to include forward-thinking on-demand insurance. Leading Insurance companies are investing time and effort to research to understand the touch points and services in the digital ecosystems surrounding their current and prospective customers.<\/p>\n

Customer Engagement in Insurtech<\/strong>
\nWith that information, leading insurers are now able to define new customer segments and risk pools: Information they are using to develop new products, new business models, and new engagement models. Customer engagement is now being leveraged by insurers in the on-demand insurance world through a digital-forward methodology. By combining big data, with social media engagement strategies these companies can now understand and provide personalized coverage and engagement models that align in real time with the customer\u2019s life stage, style, and circumstance or activity.<\/p>\n

The major impact of staying connected with customers through engagement has been the increase in retention ratio. Pleased customers help an insurance company get ahead of their competitors in the connected insurance industry because personalization has already been built out. This approach not only increases the loyalty and retention of customers it\u2019s also increasing underwriting profits while at the same time reducing customer acquisition and support costs.<\/p>\n

Looking Toward the Future<\/strong>
\nThis is the perfect time for insurance companies to capitalize on the digital ecosystems and services surrounding customers to drive new revenue and profits through new customer engagement paradigms. Customers are looking for experiences and products in the insurance industry that meet their personalized needs and can keep them engaged with not only the company but the products and services that are being offered.<\/p>\n

Digital generation customer engagement is the first move toward the completion of a digital transformation. As Insurer\u2019s taking this step to find that it\u2019s helping them develop a far more customer-centric strategy and even more importantly a customer-centric culture.<\/p>\n

While insurance companies are seeing new threats and challenges coming from the digital ecosystems surrounding customers the leaders are also capitalizing on new opportunities to connect with customers and position themselves as leaders at the next frontier of the industry.<\/p>\n

Come listen to topics like this and others from innovative industry leaders at InsurTech FUSION Summit on June 18 -19 in San Francisco.<\/p>\n

Register Now<\/a><\/p>\n<\/div>\n<\/div> <\/div>\n <\/div>\n<\/section>\n\n","protected":false},"excerpt":{"rendered":"

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