Cris Villar, VP of Customer Success & Co-Founder at Landbot
The last two years have shone a light on outdated practices within multiple industries. The insurance sector is no exception. While the industry previously has avoided disruptive technology due to large amounts of regulation, traditional operating models had to be changed in order to keep up with the rapidly changing world.
Insurance has arguably been one of the busiest industries due to the pandemic, as customers require more support than ever with claims from travel, healthcare, and workplace insurance. Teams are at their limit and technology can help.
We know that by the end of 2022, nearly three-quarters of customer interactions will revolve around technology, including the integration of chatbots, AI, and even social media messaging. With this in mind, insurance companies need to adapt in order to survive.
Building a digital presence
Insurance can be complex. Customers need a simple, easy and convenient way to satisfy their needs. Customer engagement must be hyper-targeted, and data-driven or prospects will take their request elsewhere. Time is money, and time is not on our side.
As many sectors including e-commerce and travel alleviate their already solid digital foundations to meet new customer needs, the insurance industry is lagging. With difficult to navigate websites, error-laden forms, delayed emails and inundated call centres – it is no surprise other sectors are leading the charge.
As the landscape continues to shift, more information is obtained online and insurance policies can now be completed digitally, meaning effective communication is essential. Policies are changing more frequently than ever before. Customers must remain informed where they spend the most time to avoid long-lasting reputational damage.
Social media is the key to success
From sourcing quotes to submitting essential policy data and complaint management, the opportunities for insurers to maximise their service delivery is significant. Insurers must look to their digital strategies and the integration of modern technology to enhance their product and service offerings. Not only will they better engage with current and prospective customers but stand head and shoulders above competitors in 2022.
Fostering an environment where support is easily accessible, and trust can be built will win the all important golden ticket: loyalty. Having the right technology in place can improve overall performance and help insurers navigate the hugely competitive and saturated market.
As millennials mature and social media becomes a more mainstream tool for businesses to adopt as their main communication channel to customers, being active where your core demographic spends most of its time will enrich transactions for both parties.
Why Whatsapp?
Instant messaging channels like Whatsapp can engage, educate and encourage customers. All exchanges happen in one place, reducing the labour of combing through an abundance of emails to find a conversation or document. End-to-end encryption ensures customer information is protected and GDPR compliant – the benefits are significant.
Insurers can reach out to open an instant and real-time dialogue and economise precious customer service resources needed for more immediate requests. Given circumstances are constantly evolving, having an easy way to contact and update providers will be the difference between a retained customer and one that jumps ship.
The future of the customer experience
Technology was a rare success story of the pandemic. It served as a connection to family, friends and businesses during lockdowns and restrictions. While customer needs for the insurance sector remain within the same arena, the specificities are changing and businesses must embrace technology to keep up.
It’s clear that Whatsapp offers insurers an opportunity to improve their interactions with customers and ensure that personalisation is at the heart of the customer experience. In embracing the social media platform as part of its business strategy, the insurance sector can benefit from social commerce to drive a seamless customer experience.
