Resulticks recently held a digital discussion on the issue of enhancing customer experience in the insurance industry. The speakers included Rupinderjit Singh, Head, Digital Sales, Care Health Insurance; Vaibhav Kumar, VP & Head, E-commerce & Digital Marketing, Max Life Insurance; Balachander Sekhar, Co-founder, Renewbuy and Mani Gopalaratnam, Chief Technology Officer, Resulticks.
The discussion covered topics such as Insights on managing evolving customer experience in the insurance industry, Major current challenges in the insurance industry and how to overcome them, best practices for realising omnichannel customer engagement in Insurance industry, how marketing automation can help meet rising customer expectations and Innovative use cases that elevated customer experience.
Following are the statements from the participants at the webinar –
“I think the customer is looking primarily to solve his problem and solve it with a lot of empathy, and also ensuring that there is a lot of transparency in how he receives service. Customers who can successfully navigate the online medium to find policies are very less in India. Majority of the customers are still comfortable with agents. We have put the agents in between our App and customers to create a relationship and simplify the process. We have digitised the agent.”
–Balachander Sekhar, Co-founder, Renewbuy
“What we have understood in the last eight years of our journey is to be as transparent as possible with customers. We have put the control in customers’ hands enabling them to use our web platforms and Apps, so that customers, whatever platform they are using to access the policy, make necessary corrections, they can do that on their own. If health insurance is growing at 25% to 30% CAGR, Digital businesses are growing between 50% to 70% y-o-y. We have done extensive user studies to understand the expectation of customers at every stage of the sales funnel and implement the learning on the consumer-facing technologies whether it is the website, email, SMS, to be able to solve a problem for the customers and provide them with the right experience throughout the customer journey.”
–Rupinderjit Singh, Head,Digital Sales, Care Health Insurance
“We don’t sell a product or service; we sell promises which span over 25 to 30 years. When you sell long term promises, trust becomes a critical index. We spend a significant amount of time on solving queries/issues improving customer experience. We understand through our experience that Independent customer persona (customer who needs less communication from the business) is increasing and it is essential how we serve every customer through technology and provide them with right customer experience which will determine the profitability of the business in the future.”
–Vaibhav Kumar, VP & Head, – Ecommerce & Digital, Max Life Insurance
“A huge amount of customer experience is in delivering the right operational communication. You need to be very clear in what is the expectation of the customer and need to deliver over and beyond that. We focus on simplifying the process. Experience is all about understanding how to make the customer win. Optimizing customer communication knowing how to engage the customer and what value you are offering to them is most important.”
–Mani Gopalaratnam, CTO, Resulticks
Overall, the discussion highlighted the strategies to provide a better customer experience.
For the IT Partners community, this is a learning webinar discussion, as it can throw light on how they can provide a customers experience in a more enhanced manner. This can help them achieve better growth.