Delivering on Customer Experience and Digital Engagement in Insurance Industry
Insurance is one of the industries with low number of customer touch points. But the business process and the possibilities are so complex, each touch point is a potential nightmare, or a potential opportunity.
Customer experience for an insurance prospect starts with translating their requirements into the right insurance product. Many times, prospects want to compare products from different companies which tend to be very different from each other. Hence this communication is very critical for any insurance company to convert a prospect to a customer.
During sales stages, agents or representatives of the insurance company need to answer so many questions which tend to get difficult as the lead moves to higher levels. Allowing self-service builds credibility as the information presented is very transparent and people are given their choices so that they can make an informed decision.
At this stage there has to be complete integration between experience in various channels. For example, a prospect may see an advertisement in newspaper, call a number to get further details, register online and complete the process by making payment in a physical office. Each one of these steps may look different from system standpoint. But for the prospect, it is the single insurance company they are dealing with. They expect information to flow seamlessly, preferably at Lightning speed.
After the sales process is completed, there are other transactions such as payments, renewals, claims and queries in between. It is important that these are also provided in multiple channels with a unified experience. This helps in improved customer satisfaction and provides opportunities for cross selling and upselling.
Seen from the system perspective, this experience requires integration between multiple applications such as sales, support, product catalog, Web site etc. So, the best solution should seamlessly stitch these without making it a complex process. This is where modern customer experience systems start their thought process. System should be an enabler, instead of being a restrictive force. It should let the business users think in terms of different types of customers, their expectations from the system, different touch points they come across, choices they have in each one of those touch points, how communication flows as a journey.
Oracle’s Cloud solutions such as Sales Cloud, Service Cloud and Marketing Cloud allow companies to imagine their customers’ journey maps and model a solution which matches to that. Powerful analytics provided by these systems can be used to optimize performance at every stage.
For example, we implemented a solution using Oracle Cloud products where our customer moved their complex insurance application verification process from paper to system. At every stage, we looked at the business processes and the way customers would see it, react to it and modelled a flow which made the process a breeze to everyone. We could see immediate user acceptance and improved efficiency.
About CRMIT Solutions:
We are committed to provide customers with the best service in the industry. Everything we do – every order, every delivery, every service, every offering – centers on the satisfaction of our customers and making them more efficient at what they do.
Sr. Director – Innovations
Tags: #oow14, CIOREVIEW, CRM/CX, OOW, Oracle cloud, Oracle cloud application, oracle crm, Oracle Eloqua, Oracle Marketing Automation, oracle marketing cloud, Oracle Open World, Oracle Open World San francisco, Oracle Sales Cloud, Oracle service cloud, Oracle® Platinum Partner