While there are a number of factors that may contribute to such high levels of churn, one area that remains a problem for the industry is customer communications. In fact, new research has revealed that better customer communication can lead to better loyalty and retention, and this is even more important when it comes to approaching the
Millennials
.
Insurance companies are under pressure to improve customer relationships and maintain loyalty in an increasingly competitive market, while reducing the cost of service. As a result, many have been presented with an interesting dilemma: how to respond to the expectations of consumers, who are now demanding proactive, personalized, relevant and easy-to-understand communications, through the channel of their choicein an environment where the omnichannel platforms that support them are becoming increasingly complex. Any deficiency in delivering the right message, at the right time and in a digestible format, risks inadvertently increasing the propensity for abandonment, not to mention the cost.
Consumers, while still primarily motivated by price, are increasingly responsive to a more complete and holistic experience from their suppliers. As a result, many organizations are transitioning from “customer service” thinking to “customer experience” thinking.
Insurance companies have been facing this challenge for years, and now the highly competitive nature of the market and strict regulations are driving the search for a better customer experience. A key aspect has been the implementation of systems that allow them to interact effectively and efficiently with their customer base, through a range of platforms with omnichannel communication strategies.
As companies focus on providing simple and transparent communication channels, the delivery infrastructure to support these risks becomes increasingly complex, fragmented and costly – the opposite of what insurance companies strive to achieve.
While the merits of the MCC ecosystems (Customer Communications Management) are evident, one of the biggest hurdles is to implement these in a consistent and cost-effective manner, in order to reap all the benefits of a single customer view and conversation, without having to manage a large number of suppliers and systems. which then make digital transformation slow and difficult.
By centralizing communication management and deploying enabling technology, companies can deliver a truly omnichannel customer experience in the digital age, as well as put value on the communication experience within their business. These systems enable organizations to design, manage and deliver a high volume of on-demand personalized communications from a single centralized platform, across the entire Customer Journey.
The benefits of moving from a model that integrates multiple CCM platforms to one that uses a single unified end-to-end solution are enormous. The next-generation CCM platform can not only facilitate integration with legacy systems, but can also streamline processes and eliminate operational silos, while reducing the risk of non-compliance.
The result is a vastly improved experience, with greater consistency in branding and messaging across channels and journeys, with the added benefit of greater operational efficiency and lower costs.
Content extracted from
Paragon
.