According to an EY reportmore customers are going online to make purchases, including for insurance coverage.
More than half of those surveyed said they were willing to buy homeowners insurance online, up from 45% three years ago. And 33% said they’d buy car insurance online, rising 10% since 2018. Shoppers can also find other types of insurance online — renters, natural disaster, health, identity theft, etc.
This move to digital from agent-driven sales is only one of the pain points the insurance industry faces in trying to provide excellent CX in a very competitive industry. Below are three ways to address this paint point (and others) and offer better CX.
1. Collect and Leverage Customer Data
According to Jeff Piotrowski, market leader, insurance at Verisk Marketing Solutions, the insurance industry is locked in a race to offer the same products and services at the lowest costs. Why? Because more consumers are comparison shopping online, seeking out savings.
But instead of succumbing to razor-thin margins, he added, industry leaders are creating better experiences by leveraging what they know about existing and prospective customers.
“Rather than sending thousands of emails to thousands of contacts and hoping something sticks,” said Piotrowski, “focus your resources on people who are best suited to your products and most likely to complete a purchase in the near future. This requires access to real-time, third-party data and the ability to reconcile that data with contacts that are already in your CRM.”
Such a strategy also opens the door to a true omnichannel approach. Insurers can meet customers in market — when and where they’re searching — and also allow them to pick up the phone