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Customer Experience

How Insurance and Finance Optimise the Digital Customer Experience

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In a recent ‘FinTech Finance Virtual Arena’ episode, Barry Webb of BGL Group and I discussed digital customer experience during the COVID-19 pandemic. More importantly, how the insurance industry has adjusted to the new digital environment focusing on customer experience.

The pandemic has forced the need for digitized customer experiences for everything from accessing relatives and medical advice to managing insurance or finance. But how has the pandemic affected the way companies provide those experiences?

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Prior to the pandemic, industries were pushing customers toward more digital interactions. Insurers, specifically, had been well on their way to digitizing the customer experience for many years. Customers could process claims, communicate, and even sign up as a new customer using online services. However, the biggest challenge has been getting customers to engage with their insurer’s digital channels.

As a result of pandemic restrictions, digital laggards have become more educated and skilled at using digital tech. Prior to lockdown, an entire cohort of customers chose not to engage in digital defaulting to high street branches or telephones to access services and support. Since the pandemic, these customers were forced to learn and use technology for nearly everything in life, on a daily basis. They are starting to understand and recognize the value in digital services but organisations must make sure that the human touch is there as a safety net if these digital novices need help.

To offer an exceptional digital customer experience, insurance and finance organizations will need to

  • Gain true insight into emerging new customer group.
  • Understand and illustrate a unique customer journey map.
  • Provide tailored services by optimizing their digital engagement strategies.

Clearly defined digital customer experience efforts must cover everything from exceptional user experience design right through to technical deployment, ongoing support, and engagement analytics.

Insurance and finance industries, specifically, have seen a surge of these new customer groups over the past year. But it’s how they’re approaching and overcoming some of the past challenges that existed prior to COVID-19 that’s making a difference. By placing greater emphasis on customer experience and mapping out the engagement journey, insurers are securing successful customer digitation and ultimate conversions.

To watch the full interview with Stuart Dorman and Barry Webb, visit the FinTech Virtual Arena.

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