Driving change in insurance

Driving change in insurance

As insurance firms continue to look towards the future, trust seems to be the key to unlock the full potential of companies. 

The Smart Communications team recently attended the Duck Creek Formation conference of 2023. The focus of the day was on the vital role of the human experience in steering the next insurance era. The sessions explored the importance of fostering trust, gaining loyalty, and creating lasting value through significant interactions. Let’s delve into what insurers can learn from this event to maintain their customer-centric focus.

Throughout the day it became clear that the key to greater trust is effective communication throughout policy and claims lifecycles. In our interconnected world, insurers need to leverage cloud-based technology to foster a digital-first customer experience. Transparent and proactive communication, particularly during policy changes, is crucial in ensuring customers feel secure and confident.

Communication clarity is vital. Customers rely on insurance companies for asset protection and expect their insurance partners to stand by them during times of need. Reinforcing the value of policies and the protection they provide, through easily comprehensible explanations of policy language and coverage limits, should be a focus area. Additionally, customer education on risk minimisation and loss prevention further enhances the value and protection offered.

Moreover, to deliver a more human experience, insurers must personalise their approach. Customers desire authentic interactions that make them feel valued, not just another face in the crowd. When handling claims, they appreciate empathy, a human touch. To meet this expectation, insurers should strive to personalise their communications, giving policyholders a range of interaction options and using specific policy details.

In conclusion, the rapidly evolving industry and the existing economic climate push insurers to rethink their business approach, especially in how they engage and communicate with policyholders. By zeroing in on these focus areas, property and casualty (P&C) insurance companies can cultivate enduring relationships with their customers and distinguish themselves from their rivals.

Smart Communications stated that its alliance with core system providers, such as Duck Creek, empowers it to assist insurers in constructing technology ecosystems. These systems are designed to strengthen customer relationships, stimulate loyalty, and deliver remarkable customer experiences.

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