What are the latest customer service trends in the insurance industry? How are the interactions between insurance companies and their customers evolving? How is the digital transformation impacting insurance companies?
Discover our infographic on customer relations in the insurance industry through 25 key market stats.
Key customer service statistics on the state of the insurance industry
Insurance in a post-crisis world
The Covid crisis has forced insurers to embrace change and find new ways of operating. Post-crisis, policyholders now expect to be able to interact 100% digitally with their insurance companies. To meet these expectations, insurers need to rethink their customer acquisition and service models, accelerate their digital transformation and adapt to recent changes in consumer behaviour.
Today's consumers and insurance
The insurance sector must transform itself and adapt its approach to respond to the intentions and new behaviours of consumers (data sharing, hyper-personalisation, automation, etc.), particularly those of the newer generations.
Designing products and services around the customer experience in a customer-centric approach transforms insurers into trusted advisors, which leads to greater customer loyalty and, ultimately, to the increase of policyholders.
Insurance user journeys
Customer journeys for insurance buyers are long, even if they are on the path to being shorter thanks to new players who are 100% digital entrants. Even so, consumers take several weeks to move from decision to action.
They first do online research via search engines, compare prices of offers and look for information directly on the insurers' website, often with the need to interact directly with customer advisors to validate their decision to buy or not. However, these behaviours are set to change: more and more consumers are ready to carry out operations or research for policy plans 100% online.
Insurance, self-service and customer autonomy
Today, the most successful insurers offer numerous self-service options throughout their user journeys (search for information on the offers proposed, request for an online quote, claim declaration, after-sales service requests, etc.).
This is why it is important for insurance companies to diversify their channels and to go beyond the traditional channels (telephone, e-mail), which are becoming less and less standard for customers for whom fluidity, simplicity and immediacy have become the norm. Insurance customers advisors will be better able to focus on handling high value-added requests.
The rise of artificial intelligence (AI) in insurance
Artificial Intelligence (AI) technologies are increasingly present in business and in our daily lives. The health crisis has disrupted the timeline for AI adoption by dramatically accelerating the digital transformation of insurance companies. Virtually overnight, insurance companies had to adapt to work remotely, digitise their tools and processes, and strengthen their communication channels.
Although most insurers have not yet invested heavily in AI, the growing emphasis on digital transformation and a greater willingness to embrace change puts them in a better position to integrate AI into their customer service strategies.
