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Insurers worldwide are faced with mounting challenges threatening to destabilize their world. The boom of big data, continual financial flux and the rapid rise of competition for customers play a detrimental role in defining the future of the insurance industry. These important influencers are here to stay. With growing competition and market demand in decline, industry revenue is at risk.
Attrition is a major cause for concern for insurers as traditional insurance communication methods are fast becoming a thing of the past and the rise of customer communication is the primary vehicle for customer retention in the digital age. Using insurance agents and brokers for services and direct sales is lessening as most insurance companies are moving towards online interaction with their customers. This shift is driving the need to improve the digital communication of insurance companies across the board – mobile, internet and social media channels.
The transition from communication with an insurance agent or broker to direct “online” communication means the loss of face-to-face contact. In a world synonymous with caring and committed to protecting the life and welfare of individuals, families and businesses, this loss is pivotal. It brings to the surface another difficulty for insurers who already have their hands tied in gaining trust for their financial security and protection services. Without face-to-face interaction, building a culture of trust and expressing security and empathy is an even bigger challenge. Personal connectivity needs to be reinterpreted and modernized in the new age of digital insurance.
Insurers need to assess the discrepancy between jaded and outdated insurance plan explanations and their 2015 audience’s needs. Speaking with each customer directly in a language they understand is a primary gateway to addressing the “face-to-face” contact and trust issue. There is no doubt that insurance companies are required to communicate highly complicated information to their customers, however, it’s imperative this information is easy to understand. Also, due to relgulation and compliance policies, insurance companies should be on the constant lookout for new channels to simplify their message.
Given these market disruptions, it is evident that companies have no other choice but to invest in creating outstanding customer experience for their growing segement – the Millennial generation. It’s not a question of if anymore but a question of how.
In our next blog in this series, we’ll share how this can be achieved via some of the most successful customer experience insurance campaigns.
Adam is a market associate at Idomoo, writing creative content, as well as, lending his voice for personalized video narration. He loves storytelling, bringing life to products with his words and insights. He also loves playing video games and watching sports. But when he is not at work you will find him with his kids and family. He is also on twitter @adamtitcher.