www.vizolution.co.uk

Transforming the general insurance market through customer experience

The Case for Customer Experience

An Industry Under Pressure

Price Competition

Declining Profit Margins

Pressure from price

comparison sites

Compliance and Remediation

Commoditised Market

Low switching barriers

£

£

Every customer journey has breaks, whether its stopping the process to get a form signed or at the point of renewal or to request documentation.

A Customer Journey Under Pressure

These temporary stalling points can turn into permanent ones or even a lost customer.

A Motor Insurance Study, by McKinsey identifies these top 4 factors driving customer satisfaction

Employee Courtesy

EmployeeKnowledge

Transparency and ease ofthe process

Speed of claim

settlement

CX – delivering a long term competitive advantage

of organisations expect CX to be their differentiator

more than

A recent Gartner

study found that

in 2017

And predicts by

2018

89%

of organisations will direct their investment to CX innovations50%

How can insurance providers deliver improved CX?

Identify the breaks1

Improving CX in Insurance

Delivering best-in-class CX is about breaking down these customer journeys

Mapping out the journeys at a granular level highlights the friction and breaks in a journey

Where are the breaks and stalling

points?

What are unhappy paths

that your customers

experience?

What are the difficult journeys

and where is the friction

happening in these journeys?

What are the uncommon

questions that create stalling

points?

Omni is the new multi2...and

it’s here to stay

Customers expect to decide

how their buying journey

will happen and they want

organisations to be the facilitators of these journeys not the directors.

Fixing and facilitating

streamlined journeys is the

obvious end game and this is where technology can really transform

a customer experience in

measurable ways.

Omni is the new multi

Providing a smooth transition between channels

is essential whether that’s

moving from self service to agent assistance if the journey requires

it or the other way around, journeys

need to be flexible.

89% of their customers, compared to

33% for the weaker strategies

Research by Aberdeen Group Inc.

Omni channel journeys deliver business benefits

Companies with the strongest omni-channel customer engagement strategies retain an average of:

Deliver Transparency3

Compliance is always a thorny issue but essential to building customer trust and protecting the organisation from some of the remediation issues that have badly affected the industry over recent years.

Delivering Transparency and Measuring CX

Finding ways to ensure the customer knows what they are signing and what their products will deliver is especially important and essential to building customer trust and protecting the organisation.

Leverage Technology4

Technology facilitating the customer journey

identifying the breaks is a critical

starting point for improving CX.

using the RIGHT

technology can make all the difference.

whether it’s analysing real time customer data

enabling customers to digitally share and sign documents

connecting up your different channels

IT ALL COMES DOWN TO….

Fixing and facilitating streamlined journeys

Proof that it works

Proof of this has been shown in the German P&C markets where

there has been a direct correlation between

providing a consistent best-in-class customer

experience and profitability.

Source: McKinsey

30% higher profitability than

organisations with inconsistent customer focus

Source: McKinsey

2 to 4 times more

growth in new

business.Source: McKinsey

…so it’s clear that the shift hasn’t gone unnoticed

Hence the Digital Transformation

in the Age of the Digital Insurance Customer Report

shows that:

63% of insurers plan

to improve their online customer

experience

Vizolution is a CX tech company that streamlines customer journeys. To find out more or arrange a demo visit

www.vizolution.co.uk

To get the full Whitepaper go to: www.vizolution.co.uk/insurancewhitepaper