Categoría: Clients Satisfaction

The way to exploit customer data through the Customer service must be aligned with the expectations that the customer has of the service, which correspond to two main characteristics:

1. Personalized attention: not only referring to your profile, but also to your specific circumstance.

2.Immediate attention: where we can solve any matter in a simple way, in just one contact.

It is important that these two characteristics are present both in self-service procedures and in those carried out through an agent.

• Everything is about personalization

Initially, all the products were made in an artisanal and exclusive way, then with the era of industrialization, mass production began and also began the segmentation of that production according to the profiles of the users. This personalization is clearly not feasible without technological support, since thanks to Artificial Intelligence, specifically, we can exploit the data of each insured, personalizing their interactions through various channels, in a massive way and even modeling it in real time based on the progress of said interaction.

The particularities of the insurance sector make it possible that this customization should not only be done depending on the product or service according to each client, but also based on empathy.

Empathy was only achieved thanks to the interaction with agents, but currently it has been developing in robotic interactions. In this sense, the evolution of chatbots is based on the understanding of the interlocutors and expressing themselves based on the person who is communicating.

• Immediate resolution and without so many complications

We all know that policyholders and any client that is talked about, looks for easy and fast solutions. They want to solve problems and managements in a single contact and it frustrates them that the process is cumbersome and requires a large amount of data that is sometimes even repeated.

As an example we can say that if your car has just broken down in the middle of a highway, and you are blocking the flow of vehicles, the least you want is to give your identity card number more than three times and wait for a menu of options for phone call keep you online for more than 5 minutes.

Thanks to the knowledge of the client, giving a more efficient, simple and personalized service will be much easier. Likewise, the contact channel, the ease of contacting the insurer (an easily locatable telephone, a user-friendly website, the waiting time or the amount of data requested) is also relevant.

What the insured wants, how they want it and when they want it…

There are interactions in which the insured does not require human contact and the best way to offer a personalized and immediate service is self-service (what the client wants, how he wants it and when he wants it). With a good self-service, we can save the insured the need to carry out procedures by anticipating them and thus avoiding customer service.

Some advantages of self-service:

1. For the insurance companies: it means savings in operations due to the reduction of people needed to carry out the procedures.

Likewise, insurance companies must consider in which cases they can facilitate self-service for their policyholders, for which procedures and under what conditions.

2. For policyholders: self-service not only makes management easier but also gives them access to information and control over said management, which allows us to speak of transparency and a positive impact on their satisfaction.

Insurance Companies must be able to identify and create relevant moments for each of their policyholders, taking into account their profile, the products contracted with their coverage, and manage them dynamically so that they feel supported at all times.

Once the insurers have already put the client at the center of their strategies, it will be essential to go one step further in the management and service of the client: generating a relationship with the client, based on dialogue and understanding of their experience.

To carry out any type of customer management action, it is essential to know the customer in depth and constantly, which will allow to actively develop a constant and fluid communication in really vital moments. Clearly, this knowledge will have different levels of maturity in each insurer, depending on the capabilities, objectives and needs of the same.

It is essential to constantly enrich and update the information available in a continuous cycle of collection, analysis and exploitation of knowledge, regardless of the level of maturity of the customer’s knowledge:

A) Data collection:

It is estimated that insurers currently possess 80% of idle information through conversations and emails, which is not being exploited.

The challenge for insurers should be to consolidate all the information in a single knowledge base. All information must be continuously enriched, as this will be the foundation on which we can build a personalized, simple and immediate Customer service that will add value to the insured.

B) Customer data analysis:

Once the data is collected, it must be transformed into useful information, predictive and descriptive knowledge. They must also be analyzed to obtain in real time, the intelligence necessary for proper customer management.

The boost of artificial intelligence

The use of technologies such as Machine learning and even Deep learning are capable of enabling insurers to go further: algorithms will be able to locate meaningful information in unstructured data sources, acquiring answers to questions that had not even been exposed, allowing a personalized proactivity without equal.

Artificial intelligence will put a big twist on the work of experts. Segmentation, referring to Customer service, has become outdated since it does not reach personalization at the individual level, which is a determining factor in the future, which currently can only be achieved thanks to AI.

C) Exploitation of customer data:

Once the data has been collected and analyzed, the challenge for insurers will consist of taking specific actions that will be carried out in each of the clients.

Taking action in an agile way, guided to the client’s needs and in line with the objectives and strategy of the company depends, almost entirely on the governance model, which must break with the traditional hierarchical structure and promote communication fluidity between strategic teams, allowing them to have more information and to carry out new projects and actions more directly.

Knowing the client and anticipating their needs, unquestionably marks a differential value within the insurance industry, which has begun to adopt technologies that help it thanks to the collection, analysis and exploitation of data, which lead to a better way to operate.

Applying technologies such as Artificial Intelligence in the traditional insurance industry is necessary and advantageous, since with this useful data can be extracted and used to offer better products and services.

At LISA we strive to provide traditional insurers with cutting-edge technology, streamlining their processes and guaranteeing better experiences for their policyholders.

Insurers must provide their clients with a complete and satisfactory experience that gives them differential value and thus they can stay competitive. To do this, they must focus on defining a customer service model that integrates various channels (traditional, digital, conversational platforms and mediators), taking advantage of all the information they can and have collected during contact with their customers.

Likewise, they must be able to identify and create relevant moments for each of their policyholders, taking into account their profile, the products contracted with their coverage, and manage them dynamically.

Once the insurance companies have already put the client at the center of their strategies, it is essential to go one step further in managing and serving the client: creating a relationship with the client, based on dialogue and understanding of their experience.

There are 2 types of key moments to manage:

1.Traditional: these are moments of economic and benefit significance of the relationship with an insurer, that is, hiring, use or renewal.

2.Emotional: these are situations in the life of the insured, which are related to personal milestones, hobbies or unforeseen events, in which the service or help of an insurance company is outside the contracted coverage, where its use can generate a truly differential link.

Identifying and creating emotional moments requires insurers to constantly monitor certain activities, trends or news. An example of this could be the monitoring of areas with a rise in car theft, which can generate a favorable moment to interact with the customer and thus offer a product with which they can protect their vehicle.

Creating relevant moments, as well as the customer service management that is done during them, requires constant communication, but you must be careful with the use of proactivity, since if it is used in the wrong way or misguided it can lead to be counterproductive. Let’s take these 4 key proactive points to better understand what we are talking about.

1. Who to be proactive with? First of all, the people who have or are not predisposed to receive business contacts must be differentiated.
2. Through what channels can I be proactive? Insurance companies tend to select communication channels with their insurers taking into account internal criteria such as channel availability and cost.

In spite of this, it is common for them to leave the client’s preferences “regarding” the communication channel with the company. The choice of the channel considering which was the one used by the client in the first instance or the one that he has been using most frequently according to the type of interaction allows the approach to evolve.

3. When to be proactive? The moment of contact should not only contemplate the temporal dimension, but also the theme and tone of the interactions that have occurred so far, especially the most recent ones.

4. How to be more proactive? The circumstance or the moment in which the contact with the insured occurs determines the type of attention and channel required for communication and / or attention. When it comes to identifying the type of care, it is essential to have a joint and complete vision of the client, which requires taking advantage of the information that insurers have today.

Today, the needs and demands of customers have changed a lot. We go from traditional clients to more digital clients, who browse the internet and are more specific when it comes to meeting their needs, approaching those companies that offer them what they so badly need: better experiences and prices.

Within the insurance sector, there has been a clear stagnation at the operational and evolutionary level, since despite being one of the oldest industries, it had been difficult for them to get out of their comfort zone. However, due to Covid-19, this evolution occurred in a hasty manner and without many hands that could lift the possible collapse that this entails.

The online environment brought with it cheaper prices, where the digital consumer had channels with products and services at a more competitive price. The customer experience has become the differential value of companies, and must even be at the same level as companies in other sectors, since customers, once they have had a good experience with a service or product, demand that degree of excellence regardless of the sector we are talking about.

If we talk about the insurance sector, the price pressure has had a really considerable impact. An example of this can be found in the auto branch, where the average third party insurance premium fell from almost $ 560 in 2004 to $ 395 in 2016, affecting the profitability of the business. To reverse this trend and break commoditization, insurers count on the customer experience as a key point.

In this same sense, the transformation that insurers have been undergoing has made it very clear that their new products must be oriented towards offering a new and better experience. A good customer experience through well-managed Customer Service has a positive and favorable impact on business results.

So far, the interactions of insurance companies with their clients have been distinguished by being occasional and only at times such as payment in the hiring or renewal or when a claim has occurred. Other sectors differ by establishing a more recurring relationship with their clients.

Therefore, it is vital that insurers take maximum care of the few contacts they have with the client, and even that they proactively try to create new moments of contact to improve the service provided. In this regard, technological tools will be decisive to enable and allow the service to be converted into a differential and promising customer experience.