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LIFETIME RELATIONSHIPS AND EMPLOYEE LOYALTY: HOW THE TOTAL EXPERIENCE APPROACH
IS TRANSFORMING INSURANCE


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BUSINESS


LIFETIME RELATIONSHIPS AND EMPLOYEE LOYALTY: HOW THE TOTAL EXPERIENCE APPROACH
IS TRANSFORMING INSURANCE

By Monica Hovsepian, Global Industry Strategist for Financial Services, OpenText

The insurance industry is undergoing a generational change as customers migrate
to the digital world. The pandemic accelerated customer expectations for digital
experiences and many insurers struggle to effectively respond to their
customers’ changing needs, due to legacy information systems which are becoming
inadequate for modern purposes, according to McKinsey.

Meanwhile on the other side of the desk, as it were, 70% of employees in the
sector have more work to do than they have time for – without outdated systems
adding to the frustration around workloads and the inability to seamlessly meet
customer demands.

Balancing these two challenges is arguably the most important thing insurance
companies need to address going forward. The customer experience (CX) and the
employee experience (EX) are the key pillars that drive the success of any
business, requiring a fine-balance of back-office optimisation and
customer-facing excellence.   The added benefit is that by delivering on the
Employee Experience (EX), Customer Experience (CX) is improved, and Operational
Excellence (OX) is achieved.

It might once have been the case that CX and EX could be viewed as independent
of each other. But now, as the digital transformation of the industry continues
apace, we’re finding them increasingly interlinked. Insurance companies need to
recognize that EX is the driver for CX and it delivers OX and the underlying
concept is TX.

Taking this holistic approach can help insurance companies keep up with the
disruption caused by digital migration, and differentiate themselves in a
fiercely competitive market.

Managing customer data more efficiently

Again according to McKinsey, companies that manage CX effectively can see a 20%
improvement in customer satisfaction, a 15% increase in sales conversion, a 30%
lower cost-to-serve and a 30% increase in employee engagement.

The first step on the road to harnessing those benefits is to transform the way
customer data is managed to make it more efficient and agile. This is ultimately
about understanding your customers better, and can be achieved by leveraging
technology to streamline internal systems, bringing information into a single,
360-degree customer view.

Technology which integrates systems and breaks down siloes provides employees
with readily available insights, which they can then use to elevate the
experiences they offer to customers, including joined-up interactions and
personalised service.

Fueling seamless experiences across channels

Once a 360-degree view is in place, insurance companies can then begin to roll
out a seamless, frictionless and personalised experience across different
channels, whether on a website or application, over the phone or even in person.

For example, technology can enable self-service options, which can reduce the
burden on employees and allow them to focus on delivering more strategic,
valuable experiences elsewhere.

The hot topic in almost all industries right now is AI. While many are still
working out how to deploy it effectively, there are already demonstrable use
cases for AI in insurance. Taken together, AI and analytics can help to manage
information overload and optimise customer marketing and support, by giving
customer-facing teams the AI-driven intelligence to anticipate the next-best
action, next-best offer, and next-best channel via which to best engage
customers.

The Total Experience Future

Total Experience is not just a cool-sounding concept. The recent Gartner CIO and
Technology Executive Survey found that “Improving the customer experience (CX)
ranked higher in the survey this year than more strategic focuses, such as
growing revenue or new products/services development to support transformation.”

Alongside that, operational efficiency is top of mind as insurance firms
continue to navigate economic turbulence. As an approach that finds harmony
between CX excellence and streamlined operation, TX is therefore key to driving
success in an era of constant change, with benefits including:

 * Building lifetime relationships with customers by providing rich, relevant,
   and targeted communications across all channels
 * Empowering and engaging employees by ensuring they have the most current and
   relevant information across critical business systems with a single source of
   customer truth
 * Making better business decisions by leveraging AI to deliver actionable
   insights to employees.

George Orwell once said that “each generation imagines itself to be more
intelligent than the one that went before it, and wiser than the one that comes
after it.” We might not be able to guarantee the supremacy of our wisdom over
future generations, but with the rate that technology is advancing, we can
certainly use the information available to us with more intelligence than our
predecessors.

By doing so, we can offer the kind of cohesive and integrated solutions for both
employee and customer experiences that are central to business success in the
digital age.

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