Insurance go-to-market strategies are complex, to put it mildly. The various lines of business, the vast array of channels and the state-specific regulations all make engagement and customer journey orchestration that much more challenging when it comes to policyholders.
Not to mention that the need to push the boundaries of customer experience (CX) is growing every year — particularly with new digital-first competitors offering more contextualized, personalized brand experiences.
Marketing and technology leaders must work together to deliver short- and long-term value to policyholders and move beyond basic offerings to provide additive value. And this is where customer data becomes essential.
The value chain needs to be mapped out correctly and a complex set of audiences will need to be activated to ensure experiences are consistent across carriers, agents, policyholders and households.
Not sure where to begin? Get started by using these three tips to help you transform your policyholders’ experiences from end to end.
3 Ways to Transform CX for Your Policyholders
1. Power Data-Driven Decisions by Investing in the Right Capabilities
Data is one of the most valuable assets across all industries, particularly in insurance. But, for the most part, the data disconnect within the insurance space is bigger than that of most industries.
Insurance companies are notorious for having siloed data not just across systems and departments, but also across agents, smart devices and lines of business (LOB), as well as each department within an LOB. This makes data-driven decision-making messier and more ambiguous than the norm.
And with third-party cookie deprecation, getting first-party data strategy under control is that much more important (check out The Financial Services Advertiser’s Guide to CX in a Cookieless World).
Data across multiple sources and LOBs should be aggregated, enabling insurers to gain a better understanding of their policyholders, which in turn will help them to influence behaviors and adjust their offerings and communications based on the individual customer’s or household’s needs.
When data is aggregated and leveraged to generate new customer insights, insurers will be able to close the gap between themselves and more digital native providers.
And, with a customer 360 (a 360-degree view of the customer), marketers will have the ability to build more targeted campaigns while providing stakeholders across the organization and partner networks with the data they need to improve customer acquisition and servicing.
2. Extend Customer Relationships by Moving Beyond Life Event Communications
Traditionally, insurers only interacted with customers at the time of policy purchase, renewal or during claim filing stages. But now the expectation is to deliver and cultivate more meaningful and frequent interactions with policyholders.
Marketers need to attract individual customers and households that have the potential to purchase multiple products across their lifetime. The challenge lies within their ability to identify engagement opportunities beyond key life moments.
When data across the organization and its systems is integrated, you’ll be able to execute experiential marketing efforts. Life event marketing and communications remain important, but the potential to improve policyholder lifetime value will be lifted through these additional programs and offers.
For example, State Farm’s safe driving rewards program provides the brand with the opportunity to engage policyholders beyond the point of purchase or when a claim is being submitted. To do this, insurers need to understand audience segmentation and surface new insights across segments (see our audience segmentation tools).
This audience data is critical for customer service representatives, advisors and marketing teams when executing new experiences, programs and promotions while pursuing more profitable segments.
3. Automate Data Analytics to Build Real-Time Experiences
Insurers are experiencing a pivotal shift when it comes to customer experience for policyholders.
For example, rising claims costs, policy price hikes and more stringent underwriting criteria are making it more expensive to acquire customers. Not to mention the emerging competitors who, without the burden of legacy technologies, are putting pressure on delivering more personalized omnichannel experiences.
Commoditized communications and processing paths are no longer acceptable, be it with the insured, an advisor or any other entity involved.
Insurance companies are investing in CX solutions as a means to differentiate themselves, but a lot of the tools out there only add to complexity and cost. ActionIQ’s real-time experiences capabilities allow insurers to market and engage with speed.
By combining all historical knowledge with contextual and behavioral data, marketers can create triggers that allow them to engage policyholders at the right time and place.
Learn More About Transforming CX for Policyholders
Get in touch with our experts to learn how the AIQ CX Hub can help you deliver better customer experiences for policyholders.