Insurance Trend #3: Real-time experiences

The novel coronavirus pandemic has forced insurance companies to reevaluate how contact centers are leveraged, how employees deliver relevant customer experiences, and how digital channels can be used to support customers. Customers are emerging from the crisis with higher expectations of digital experiences.

Insurance Trend #3: Real-time experiences

They will seek digital insurance offerings that are personalized, real-time, relevant and seamless—and leading carriers are already considering how this impacts the design of their customer experience. Here are some examples of insurers that are building customer offerings and channels ready for a new, real-time digital normal.

Toggle (US)

Farmers Insurance decided to create a startup from within, bringing together a small group of innovative thinkers to attract and build loyalty with modern consumers. The result is Toggle—insurance designed to meet the needs of today’s renter. It was built to be an ‘open peril policy’ for transparency. Covered items are divided into six categories that customers ‘toggle’ up or down to customize their coverage. Real-time price changes educate the customer about the price / coverage trade-off so they can make better decisions.

FWD (Hong Kong)

JoChek Biometric eKYC from FWD is a biometric ‘know your customer’ innovation allowing for real-time and low-cost customer onboarding, using AI facial recognition technology and optical character recognition for document matching. FWD developed the solution in response to the high costs and fragmented nature of eKYC solutions in Southeast Asia. This makes eKYC checks more viable in markets with low annual premium equivalents such as Indonesia or Vietnam, as well as for low-premium products like phone screen insurance.

Aditya Birla Sun Life Insurance (India)

Aditya Birla Sun Life Insurance’s Client for Life initiative aims to deliver a superior digital experience to customers, from paperless, seamless and real-time customer verification and onboarding, to tele- and video FMR underwriting and AI-enabled WhatsApp, to a chatbot for servicing.

To read more, download your free copy of 'Innovation in insurance trends 2020: Realigning the fundamentals after COVID-19'

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Keywords

Customer service Customer experience Customer acquisition Insurance Products & Services Innovation

Geography

International
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