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 1. Home/
 2. Insurance CX: How to Go from Average to Assured


INSURANCE CX: HOW TO GO FROM AVERAGE TO ASSURED




Insurance industry CX is stuck in a plateau. Here are some recent benchmark
data:



1. Same performance for P&C, life, and health insurance in 2022 and 2021 in the
latest ACSI CSAT benchmarks

2. CX performance for auto and home insurance was lower in 2023 than its score
in 2020, per the Forrester CX Index

3. Commercial health plan member satisfaction declined, largely driven by a
33-point decline in satisfaction with customer service (Source: J.D. Power,
2023)

4. State of Digital Customer Service Report 2020, (Source: Dimensional Research)

 * 63% of P&C and health insurance consumers complained that they got different
   answers from different channels and contact center agents for the same
   question

5. State of Agent Experience Report 2022 (Source: BenchmarkPortal)

 * 66% of agents said that member queries are getting more complex and yet, 64%
   have no access to knowledge-based conversational guidance tools with a
   whopping 37% reading through long documents or running to the next cube for
   answers when members were on the line

So, what should P&C insurance carriers do to get out of the CX rut?
Interestingly, many of the findings in items #4 and #5, outlined above, lead to
the poor performance outlined in items #1, #2, and #3, offering a roadmap for
P&C insurance carriers to get on a path to CX and EX (employee experience)
transformation. Here are some steps they should take:


1.
DIGITALIZE THE SERVICE



Accelerated by millennial and Gen Z preferences and the pandemic lockdowns,
consumers have doubled down on digital with 80% saying that they had increased
the use of digital channels during the pandemic and 90% of digital novices
saying they will remain digital, according to research surveys conducted by the
likes of McKinsey and others. Moreover, today’s digital customers want to go
beyond simply checking and paying their bills online to accomplishing more
complex tasks such as research and selection of plans and human-assisted, video
chatting for tasks such as reporting property damage, and secure form-filling.
Where they are not able to self-serve, they are looking for answers through
human-assisted digital channels such as live chat and messaging apps, where they
often “live.” This would require P&C insurers to go beyond the basics to provide
service through touchpoints like next-gen chatbots, messaging, live chat,
cobrowsing, in-app service, and proactive notifications.


2.
“HUB” THE CONVERSATIONS



While self-service is getting increasingly smarter and more effective, there are
still queries from digital-first customers that require human assistance over
digital channels like messaging and chat and if all else fails, over the phone
or in person. Unless customer conversations are all “hubbed” or unified into a
single desktop, agents won’t have complete context. They then wind up asking the
consumer to repeat information, a big no-no for good CX.


3.
“HUB” THE KNOWLEDGE



The biggest deterrent to good CX is getting inconsistent answers across
touchpoints and lack of knowledge among customer service reps, according to a
Forrester survey of 5,000+ consumers, sponsored by eGain. As mentioned earlier,
63% of consumers point to this problem when it comes to insurance customer
service. The cause? Inconsistent knowledge silos across the enterprise. The
solution? An omnichannel knowledge hub with content management, conversational
AI, generative AI, and analytics, all unified and orchestrated in one place.
This approach will ensure that the knowledge—content, knowhow, and insights—is
correct, consumable, compliant, and consistent.


4.
SELECT THE RIGHT SOLUTION PARTNER



Technology matters as the world goes digital and AI. So do best practices and
domain expertise. Make sure you pick a partner whose technology is proven, who
has had success at scale in the P&C insurance sector, and who is compliant with
privacy and security standards. Does the vendor provide end-to-end services,
including training/education, implementation, and managed services? Do they have
a formalized customer success program? Do they offer risk-free production
pilots—not just a toy sandbox—to try out their solution with expert guidance,
all free of charge in the pilot phase. Vendors’ willingness to put real skin in
the game shows their commitment to your success and confidence in their own
solution.


CLIENT SUCCESS STORIES



 * US P&C insurance giant is transforming CX at speed by eliminating dozens of
   knowledge and content silos, unifying all enterprise knowledge and
   conversational guidance in a trusted and compliant knowledge hub. This
   centralized knowhow will serve members with personalized, digital-first
   answers via self-service and contact centers – across business units and
   languages.
 * UK insurance provider is outgrowing competition by reimagining member
   experience with a knowledge hub, while keeping a firm lid on the cost of
   service.


FINAL WORD



Prioritizing member service digitalization, unifying conversations and knowledge
with omnichannel hubs, and working with a proven solution provider will enable
P&C insurance CX to go from average to assured of quality and wow!
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