This article was provided by Ben Legg (pictured), chief product officer at Open GI.
Reports of the death of excellent personal customer service amid the increasing use of digital technologies have been greatly exaggerated. Rather, what’s feeding through the insurance market is increasing recognition of the opportunity these technologies represent to deliver the best of both worlds for your customers.
Embracing new digital technology is critical for brokers to stay competitive and grow their businesses. But it goes beyond that in today’s operating environment - it is also an opportunity to add value through delivering more personalised support while aligning with the ever-changing expectations of customers.
When creating new user journeys and customer experiences, it is important for brokers to review their business and closely examine the problems they are trying to solve. Digital tools are important, but they’re only part of the solution.
So, how have customer expectations changed? Customers are increasingly technology savvy, and with 50% of internet traffic on mobile devices, many now run their lives online and on the go, from banking and shopping to paying their bills and accessing the latest boxsets.
It is estimated that at least 25% of the UK workforce is under 30, (a number that will only increase) known as ‘Gen Z’ this group have high expectations when purchasing goods and services. They want instant access through personalised experiences and individual user journeys, whenever they want, wherever they are. And, perhaps more to the point, they now expect this access, almost as standard.
New digital platforms can meet these changing needs and requirements. The solutions these provide run the gamut from delivering simple and convenient policy processing and payments through a quote and buy website, to the quick delivery of policy documents through their personal customer portal. Digital solutions have enabled automation that speeds up processing and produces paperwork quickly while giving customers what they want.
Enrichment solutions providing access to key collections of data at the point of quote and implementing automated workflows can drastically speed up the application process, delivering on customer expectations which saves time and increases efficiencies for the broker.
With new digital solutions and increasing levels of automation, it is essential that new and existing customers can access insurance services and support in a way that suits them – and importantly is right for the product they are purchasing.
For example, a niche provider of insurance for mobile phones - a low-value, high-volume product - must implement a 100% digital customer journey to make it viable. That digital journey must enable a quick and simple customer experience that delivers the right policy to the customer in minutes.
When selling personal lines insurance like motor or home, digital applications have become essential in creating an efficient customer journey. Supporting these with elements of personal customer support and expert advice help to create the holistic user experience that customers crave.
Customers have high expectations for the communication and support they receive from their broker, requiring a quick if not immediate response to their questions. Digital can transform your broker business but if the right level of customer support is not in place, all that effort could be wasted.
It’s a testament to brokers that they take such pride in the level of personal expertise and advice they provide to their customers, with some segments and policies needing more one-on-one conversations than others.
The customer journey for purchasing commercial SME insurance is a case in point. Relying less on the automated workflows, and more on open questions and conversations to build an accurate view of the business and the risks involved. This will ensure the right information is discovered, leaving both the broker and customer feeling confident that the right policy has been produced.
Today’s broker is too busy to provide the same level of support to every customer, but the nature of insurance ensures that this is not required. Yet with so many innovative communication touchpoints available for the broker to use, from emails to phones or even AI Chatbots, there is no longer any excuse not to provide some level of support to every customer throughout their purchase journey.
Brokers can integrate digital applications that automate processes and increase efficiency, selecting those that will deliver the biggest impact for their business. This doesn't mean the end of the personal service but rather an opportunity to deliver a complete digital and personal service and support package covering all your customers' needs – and surpassing even their most elevated expectations.
Mobius, our cloud-native broking platform presents an easier way to manage your business. Access our pre-built ecosystem with easy connection to the digital applications you need and the partners you want to work with. With the digital systems in place Mobius gives you the time to deliver the personal support your customers need and the service they expect.
To find out how we can help you manage your business the way you want, go to our Mobius website.
