{"id":20982,"date":"2024-02-19T14:09:03","date_gmt":"2024-02-19T14:09:03","guid":{"rendered":"https:\/\/fintech.global\/insurtech100\/?p=20982"},"modified":"2024-02-19T14:09:03","modified_gmt":"2024-02-19T14:09:03","slug":"why-insurtechs-need-to-focus-on-the-customer-experience","status":"publish","type":"post","link":"https:\/\/fintech.global\/insurtech100\/why-insurtechs-need-to-focus-on-the-customer-experience\/","title":{"rendered":"Why InsurTechs need to focus on the customer experience"},"content":{"rendered":"

In today\u2019s business landscape, prioritising the customer experience (CX) has become a ubiquitous concern across all industries. In the InsurTech realm, competition is intensifying, and insurance providers are increasingly recognising the pivotal role of the CX in attracting and retaining clients.\u00a0FinTech Global<\/a>\u00a0recently sat down with a pair of industry experts to dissect this phenomenon.<\/span><\/b>\u00a0<\/span><\/p>\n

Customer experience in insurance refers to the entirety of interactions and touchpoints between policyholders and insurers. It encompasses every phase of the customer lifecycle, from initial research and policy purchase to claims processing and ongoing support. A robust CX strategy evaluates each of these touchpoints, identifying opportunities to enhance customer satisfaction and loyalty.<\/span>\u00a0<\/span><\/p>\n

Technology plays a crucial role in shaping the new era of CX in insurance. InsurTech innovations are revolutionising the way insurers engage with customers, offering seamless digital experiences and personalised solutions.<\/span>\u00a0<\/span><\/p>\n

One key area that can boost the customer experience is that of automation. By doing so firms can cut down wait times tenfold, boosting profitability, and slashing customer withdrawal rates dramatically.<\/span>\u00a0<\/span><\/p>\n

Efrat Marmur, VP Marketing at\u00a0Air Doctor<\/a>, a start-up which connects travellers to private doctors worldwide, delved into how the automation of processes has assisted them.<\/span>\u00a0<\/span><\/p>\n

\u201cAs an InsurTech with an innovative digital solution, we have successfully developed a service offering that\u2019s provided significant demonstrated cost-savings to our partners, with an average of 48% demonstrated cost-savings on outpatient claims costs.<\/span>\u00a0<\/span><\/p>\n

\u201cBut the Air Doctor solution goes beyond mere efficiency gains; it is designed to be cashless and claimless, eliminating out-of-pocket expenses and lengthy claims processes for users. Instead, users experience a fully digital and seamless journey, from seeking medical assistance to resolving claims. This not only streamlines operations for our partners but also significantly enhances the overall customer experience by removing traditional pain points associated with insurance and assistance processes,\u201d she said.<\/span>\u00a0<\/span><\/p>\n

Is simplicity the key?<\/span><\/b>\u00a0<\/span><\/p>\n

From user-friendly mobile apps to AI-driven chatbots, simplicity, and ease of use has become a major priority for customers \u2013 and InsurTechs now have to adapt, or risk being left behind in a concentrated market.<\/span>\u00a0<\/span><\/p>\n

Air Doctor\u2019s Marmur explained how having a user-friendly product is now more important than ever.<\/span>\u00a0<\/span><\/p>\n

She stated, \u201cA user-friendly digital interface is absolutely critical in retaining customers. While a clunky app is a one-way ticket to customer churn. It\u2019s not just about aesthetics; it\u2019s about empowering customers to manage their healthcare easily, anytime, anywhere.<\/span>\u00a0<\/span><\/p>\n

\u201cAt Air Doctor, we\u2019ve found that simplicity and ease of use are key drivers in customer satisfaction. Our app ensures a seamless experience, allowing travellers (young and old) to connect with doctors effortlessly, regardless of their location.<\/span>\u00a0<\/span><\/p>\n

\u201cA straightforward interface is not just a convenience; it\u2019s a fundamental part of our commitment to providing accessible healthcare globally,\u201d she added.\u00a0<\/span>\u00a0<\/span><\/p>\n

Yifat Ben Yehuda, VP of Product at Air Doctor, echoed the belief of her colleague, expressing that simplicity and an urge for constant improvement is the key for customer retention.<\/span>\u00a0<\/span><\/p>\n

\u201cWe don\u2019t believe in tech that confuses. Our platform is designed with simplicity in mind. We use clear language and intuitive navigation to ensure everyone can find and book an appointment with a doctor when they\u2019re in need, regardless of tech savviness,\u201d she explained.<\/span>\u00a0<\/span><\/p>\n

\u201cTo ensure a seamless and user-friendly experience through our app, we continuously invest in user testing and feedback. Regular updates address user pain points and introduce new features based on customer preferences. This iterative approach ensures that our platform evolves in alignment with user expectations and needs,\u201d continued Ben Yehuda.<\/span>\u00a0<\/span><\/p>\n

This feeling is backed up in research too. According to\u00a0<\/span>a report from brand strategy and design firm Siegel+Gale<\/span><\/a>, the impact of the pandemic has ingrained in people a preference for simplicity and a willingness to invest more in streamlined experiences.<\/span>\u00a0<\/span><\/p>\n

The report highlighted that 57% of individuals are now willing to pay a premium for simpler experiences. Moreover, 76% are more inclined to recommend brands that prioritise simplicity, a notable increase from 64% in 2018. Remarkably, stocks of brands identified as the world\u2019s simplest by the company have significantly outperformed the major indexes, demonstrating a remarkable 1,600% increase since 2009.<\/span>\u00a0<\/span><\/p>\n

While this isn\u2019t specific to InsurTechs, the general consumer trend is clear to see across all domains.<\/span>\u00a0<\/span><\/p>\n

Personalisation is paramount<\/span><\/b>\u00a0<\/span><\/p>\n

Insurance addresses some of the most intimate aspects of an individual\u2019s life journey, spanning from acquiring their initial car to purchasing their first home, and safeguarding their family\u2019s well-being and health. Consequently, there\u2019s a distinct requirement for insurance to be a personalised service, whether it pertains to tailoring coverage or providing responsive assistance with inquiries.<\/span>\u00a0<\/span><\/p>\n

The insurance sector has traditionally excelled in offering tailored solutions to its clientele. However, customisable quotes and products only scratch the surface, in fact, offering a tailored holistic customer experience is now the goal that all the firm\u2019s operating in the sector now have to aspire toward.<\/span>\u00a0<\/span><\/p>\n

Based on research by\u00a0<\/span>Accenture<\/span><\/a>, 80% of consumers express willingness to share their data in exchange for various personalised advantages. With figures like this, it is clear to see why a bespoke experience is now \u2013 more than ever before \u2013 needed to retain customers.<\/span>\u00a0<\/span><\/p>\n

Air Doctor\u2019s Ben Yehuda explained how their product is designed to do just that, stating, \u201cWe\u2019re not about one-size-fits-all. Air Doctor works closely with our partners to personalise the experience for each customer.<\/span>\u00a0<\/span><\/p>\n

\u201cBy collaborating closely with travel and insurance partners, we can integrate our offering seamlessly into their platforms, and ensure we tailor our services to their customer needs.<\/span>\u00a0<\/span><\/p>\n

\u201cOur solution is like Lego blocks; each partner selects the relevant part they want to configure and implement into their offering. This way our partners can customise how our services align with their policies, ensuring a cohesive and complementary healthcare solution for their policyholders.<\/span>\u00a0<\/span><\/p>\n

In addition, within the Air Doctor app, users have the flexibility to personalise their search and filter results based on their specific needs and preferences. For instance, travellers can set language preferences, filter doctors based on specialties and more. This level of personalisation empowers users to find healthcare solutions that align with their unique requirements, further enhancing the relevance and value of our services within the broader context of our partners\u2019 offerings,\u201d she explained.\u00a0<\/span>\u00a0<\/span><\/p>\n

What is the future of CX?<\/span><\/b>\u00a0<\/span><\/p>\n

According to research by\u00a0<\/span>Sutherland<\/span><\/a>, by the year 2030, businesses will conduct comprehensive analyses of all customer interactions to extract valuable insights, including contextual and emotional cues that may not be explicitly expressed by customers but can be detected and interpreted through real-time sentiment analysis.<\/span>\u00a0<\/span><\/p>\n

These insights will be integrated with other customer data such as demographic information and previous purchasing behaviour, employing a combination of predictive and prescriptive analytics techniques.<\/span>\u00a0<\/span><\/p>\n

As per the aforementioned report, in ten years\u2019 time, the conventional practice of agents waiting to address customer inquiries will become obsolete. Instead, proactive outbound contact will become standard procedure.<\/span>\u00a0<\/span><\/p>\n

Harnessing machine learning capabilities at remarkable speed, brands will promptly identify emerging issues and swiftly deliver precise solutions. This will be facilitated by real-time digital engineering, seamlessly integrating omnichannel intelligence, content moderation, and customer care to provide a cohesive and efficient customer experience.<\/span>\u00a0<\/span><\/p>\n

With these steep expectations, companies that are not already prioritising the implementation of AI and other tools to bolster the customer experience, risk becoming completely obsolete as we look ahead to the next decade.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

While these visions are lofty, companies with boots on the ground, and in the field are feeling similarly about the future of the industry, as Air Doctor\u2019s Ben Yehuda cast an eye to the future regarding CX.<\/span>\u00a0<\/span><\/p>\n

She said, \u201cThe future is about personalisation, customer experiences, and using tools like AI to stay one step ahead. We envision a world where insurance adapts to individual needs, anticipates health concerns, and provides support wherever, whenever it\u2019s needed. It\u2019s vital that user interactions with our service feel like real-life conversations with their doctors. At Air Doctor, we\u2019re building that future, one doctor-patient connection at a time.\u201d<\/span>\u00a0<\/span><\/p>\n

The future of CX is seemingly brimming with potential for further innovation and advancement. With ambitious targets firmly in the mind\u2019s eye of industry experts, the field is poised to enter a new era. An era where the customer experience is of a much greater standard than ever before, which is exactly why InsurTechs now have to focus on the customer experience.<\/span>\u00a0<\/span><\/p>\n

Keep up with all the latest FinTech news\u00a0<\/span>here<\/span><\/a>\u00a0<\/span><\/p>\n

Copyright \u00a9 2024 FinTech Global<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In today\u2019s business landscape, prioritising the customer experience (CX) has become a ubiquitous concern across all industries. In the InsurTech realm, competition is intensifying, and insurance providers are increasingly recognising the pivotal role of the CX in attracting and retaining clients.\u00a0FinTech Global\u00a0recently sat down with a pair of industry experts to dissect this phenomenon.\u00a0 Customer […]<\/p>\n","protected":false},"author":4,"featured_media":20985,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"yoast_head":"\nWhy InsurTechs need to focus on the customer experience - InsurTech100 2025<\/title>\n<meta name=\"description\" content=\"In today\u2019s business landscape, prioritising the customer experience (CX) has become a ubiquitous concern across all industries. 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