" class="no-js "lang="en-US"> Creating an Omnichannel Digital Experience for Insurance Companies - Fintech Finance
Monday, April 22, 2024

Creating an Omnichannel Digital Experience for Insurance Companies

Consumer needs and market trends unearth the need for digital solutions

Consumer desire for touchless, immersive experiences is now stronger than ever across all industries, making digital an necessary ingredient for your customer experience strategy.

Insurance providers simply cannot provide products and services without understanding the real needs of their customers. Technology has in great length enabled insurance companies to build efficiency into their programs, but some customer frictions still exist. For example, with a few clicks on a mobile app, the customers can choose a new car insurance policy, but when it comes to filing claims, they still have trouble, often leaving them to weed through a tedious and inefficient process. This and a lot of other customer challenges are very much evident by the customer reviews submitted via the Google Play and Apple App Store. Hence, it becomes imperative for insurance providers to loop customer feedback into the decision-making process and understand which aspect of the app, products, or features customers value the most while also discovering where they encounter the most friction with the app. The same is true for any other digital experience created by insurance companies.

With nearly 90% of people in a Mobiquity survey saying that they will continue to use digital technology to make daily life easier once the COVID-19 pandemic has resolved, insurance companies that want to attract, engage, and retain customers need to consider all of the digital solutions available to them in order to make the best customer experience possible.

Digital insurance solutions lead to better customer experiences

There are a number of digital and technology solutions that can support your customers – and even your employees – with their day-to-day tasks. Your strategy should consider what actions users will predominantly want to take on each device they use and then seek to enhance those experiences.

Here are a few ways that digital can enhance your customer experience:

Give your users the ability to interact with you quickly and efficiently via your mobile app. Provide them with the tools they need to keep them safer in the car and at home, like access to their accounts, the ability to manage claims, and an easy way to view their insurance portfolio when they need it.

Voice capabilities such as Amazon Alexa, Google Assistant, as well as website chatbots can reduce the burden on your staff by answering simple customer questions with smart technology.

The opportunities for contactless payments are on the rise and your clients will love you for it; see how it is used

For insurance companies, the importance of considering digital channels is compounded by the fact that more than 50% of traffic to customer portals is coming from mobile devices. Many of these portals are not optimized for a smartphone, leading to friction-filled experiences for customers trying to access their account from their mobile devices. Friction free insurance experiences start here.

The first step in building a lasting relationship with your customer is to make sure their first engagement goes smoothly ; see how we have helped multiple banks with digital onboarding.

Understanding customer needs and frictions

Customers’ expectations around their insurances aren’t always complicated. Maybe not trying to reinvent the wheel but a need to prioritize where to focus. By improving the right aspects of their mobile apps, insurance companies can make a big impact on their customer satisfaction (which will pay off in dividends now and after the COVID-19 pandemic). Every institution is unique in its offering and what customers need and want from its digital suite of tools. When creating a new digital strategy, we’ll examine and make recommendations on the features where you need to focus. These can include:

What customers want How insurance providers can improve
Contactless insurance Enhance your omnichannel strategy to ensure that your digital channels – mobile app, website, voice skill – offer truly touchless options
Easy digital onboarding Help new customers easily join your insurance app by making the digital onboarding process simple
Self-Service Grant customers the ability to upload claims, request approval, ask questions, efficiently and on their own timeline
Security & privacy Create a security strategy that keeps customer data safe from a breach and communicate the policy and its updates regularly

Find your friction

Mobiquity’s proprietary Friction Report offers business leaders insights into how the world’s top apps perform so that they can make meaningful decisions and enhancements to their own mobile applications.

Mobiquity has created a Friction Report tool for Property and Casualty (P&C) insurance providers to draw insights from customer reviews and identify the most common topics/features customers talk or complain about. The Friction report is a quick and simple tool to gain insights on (mobile) app user feedback about features and services of the product.

This enables insurance companies to understand what are the most prominent pain areas that the user is experiencing while interacting with the app. For example, some users are not able to make claims, the login page doesn’t load, or the user cannot access their policy documents.

For more information about Insurance Friction Report, click here.

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