Sharper data collection is key to better insurance CX

29th May 2022, 11:20 in the morning.

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Lately, digital transformation has become a significant focus for insurance companies. The substantial potential that big data and analytics offer for generating quotes, analyzing risks, and improving underwriting efficiency is undeniable. However, numerous insurers face challenges when it comes to utilizing the vast amount of customer data available to them.

According to a study conducted by EY, it is evident that about 80% of respondents prefer to purchase insurance online and two out of three customers prefer digital interactions. These days, customers are more digitally inclined, which highlights the importance of infrastructure needs for data collection processes.

Insurance companies have the ability to extract information from various sources like social media, wearables, telematics, interactions with agents, and smart homes. Nevertheless, the presence of manual procedures and obsolete workflows hinders the creation of memorable customer experiences (CXs) in the insurance industry.

By modifying their methods of gathering data in the subsequent ways, insurance companies might have the potential to revolutionize their enterprises.

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Faster customer onboarding for insurance

The typical onboarding process for insurance customers is a tedious one, where the customer fills out multiple forms and requests a ton of paperwork before finally mailing them to the company. The customer then waits for the insurance agent to respond to their request for a medical paperwork quote.

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The onboarding experience is seamless and hassle-free, as further information requests are automatically screened, and consumer-relevant data is centralized and captured online. This eliminates the need for manual processing and ensures that the agent seamlessly connects with the consumer’s specific needs.

Companies can identify customer risk thresholds based on time limits for requesting quotes, issues, and documents. Underwriters can make quick decisions since all customer data is centralized. This not only benefits backend processes, but also provides a seamless customer experience.

By implementing a scalable digital procedure and enhancing profits, the digital enhancement of data collection procedures can decrease the time required for onboarding from months to weeks. In the case of business-to-business (B2B) insurance, the time required for quote timelines is even longer, ranging from three to six months.

Offering agile plans

In order to enhance loyalty, the most convenient method for insurance companies is to ensure a consistent stream of underwriting income. Individuals, given the abundance of choices at their disposal, are extremely sensitive to receiving subpar services from their insurance providers. In today’s era, customers are also lacking in patience.

Insurers often face difficulties in conveying the underlying value of their policies due to a scarcity of information on customer value drivers. This approach merely compels customers to perceive insurance as a generic product, and thus, in order to foster loyalty, many insurers rely on offering discounted prices.

Insurers can only collect and pre-fill data that is required. These datasets can transform granular processes as they enter information into forms. Insurer healthcare can leverage wearables data to assign risk parameters and segment their customers. The company offers potential for creating highly customized and agile products using this data.

The main focus is shifting away from manual data collection. In this aspect, Nurnberger insurance encountered a difficulty. The company’s capability to provide valuable and lucrative plans was lacking in terms of providing valuable information, despite the fact that their customers were requesting adaptable products.

By centralizing customer data and gathering pertinent information, companies can greatly enhance brand loyalty through agile policies. This enables customers to customize their insurance plans by pausing, adjusting, or canceling them. The company has effectively utilized data to empower their customers, automating tedious underwriting risk analysis and reducing the workload of agents. As a result, customers are able to input their specific requirements.

The benefits are twofold, as not only are the customers more loyal, but Nurnberger has also experienced a decrease in operational costs, which has boosted their margins and may potentially assist them in achieving free float.

Reduce consumer healthcare costs

The insurance marketplace has evolved with changing customer attitudes and consumer demand for cost-effective healthcare. Healthcare providers and insurers expect technology leverage to achieve this goal.

Atrius Healthcare, as a way to monitor the health of their patients with diabetes, needed a method to encourage greater self-care and manage health between visits. Given their vast customer base, it was not feasible for Impossible to conduct in-person screenings. Their objectives included improving patient satisfaction scores.

Glooko’s wearable technology-powered remote health monitoring services, Atrius, present healthcare providers with a comprehensive view of patients’ blood glucose levels, exercise activity, and carbohydrate levels on a central platform. It also eliminates data silos and enables the monitoring of vast amounts of patient data.

Crucially, these datasets are automatically shared with consented patients. The implementation program’s data sharing was found to be extremely easy, with an indicated patient participation rate of 80%. In addition, patients were actively involved in their health monitoring, with their blood test frequency doubling.

Better data collection for better insurance customer experience

Care providers can reduce patients and operational expenses by implementing proactive health management solutions. Customers feel less overwhelmed when data is shared and less effort is required. The higher the customer satisfaction, the more effectively data collection is integrated. Customer satisfaction is closely connected to data collection.

Tal Daskal serves as the CEO and co-creator of EasySend.

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