The insurance industry has certainly felt the brunt of the global economic downturn and providers are realizing that there customer relationships are more valuable than ever. In these tough times, it is imperative to maintain balance between managing risk and managing the customer experience. Customer needs are changing, and product and price are no longer the sole deciding factor in attracting or retaining customers. Customers are demanding better treatment and a higher level of personal insurance products and services. This is a determining factor in provider brand loyalty and profitability.
A new model for the customer relationship that delivers experiences designed to support the insurance customer’s view of the relationship needs to be created. We all know that CRM promises to help providers sustain customer relationships and increase satisfaction and loyalty. The problem is CRM doesn’t have the technological sophistication needed to improve different customer experiences for different insurance customers. CRM solutions’ data aggregation and process integration just won’t cut it.
Customer experience management (CEM) for insurance is required to respond directly to individual customer needs that are ever-evolving. CEM solutions can help insurance providers create unique, positive customer experiences that anticipate customer needs prior to each interaction and make next best action recommendations.
Especially pertinent in these tough economic times, CEM techonologies take the needs of the insurance provider into account. CEM solutions make sure that the propositions are also designed to support the provider’s business goals. At the same time the provider gains a better understanding of their customers, they will begin to see better sales numbers. Providers need to understand, now more than ever, that these customer experiences can make or break; and CEM technology can mitigate loss and provide a competitive edge.
