Learning about enhanced customer experience from Insurtech companies
Insurtech is a relatively new word that stands for all the companies that noticed opportunities brought by digital innovation and other technology disruptors in the industry. Term combines two words – Insurance and Technology – similarly to its ancestor Fintech.
In order to be a leader in the insurance industry, you need to provide an exceptional customer experience, and a lot can be learnt from Insurtech companies. Insuretech companies have a digital mind set that leads to making better products and services and increasing customer experience but let’s expand this a little bit.
First of all, insurance companies need to learn how to make consumer their main focus. A lot of existing companies put a higher emphasis on the back office rather than the front office. Insuretech companies showed us that heavy focus on consumer has many advantages including increased brand knowledge, better relationships with clients and enhanced customer experience.
Customer engagement is another area to focus on in 2017. Technologies made it possible to personalise messages, reply to your customers in few seconds or let them use your services on multiple devices. Those are just few of many examples, but it’s clear that customer engagement leads to a stronger product and service, that links with improved consumer experience.
Finally, we should speak about the future of insurance industry. A lot of start-ups and smaller companies are already transforming their business and taking the advantage of digital technologies. The only route for more mature insurance business is to implement technologies into existing processes in order to be efficient, stay competitive, and most importantly to provide top notch customer experience.
In our 2017 Digital Transformation in Insurance conference, we will have multiple sessions focusing on the front office and how to increase customer experience. Digital transformation is happening now, and we believe that you will benefit from this conference by learning from industry experts and networking with industry peers. Join us in May and enhance your customer experience!