Nothing satisfies an insurance customer more than having a positive personal-negotiation experience with a company—even their insurer. That’s all it takes to meet their expectations of a personalized, seamless experience for a claim, purchase, or regular contact such as billing and payment. It’s about creating an “Amazon experience” for insurance.
Of course, when these interactions are isolated, frustrating, complex, redundant, the opposite is true. Customers become disillusioned and dissatisfied with the insurer.
It will be encouraging to report that all insurers are making great strides in their efforts to enhance customer-experience capabilities through new digital tools, data and processes. But, while some insurers are getting better at digitizing customer-engagement capabilities, the clear reality is that for the most part, most are lagging.
The challenges are well known: Customers do not want to visit different portals or apps for servicing, billing or claims. They don’t want to be stuck on a web landing page, staring at a screen and wondering what key they need to press to move on to the next step. Or, if they navigate to the right page, they get annoyed when they have to input personal information too many times when they need to switch from screen to screen. They want a holistic, personalized experience. In 2020 customer of Majesco research, we found that insurers need to redefine the scope of what they offer to customers, moving from a transactional to an experience that includes exposure products, value-added services and an engaging, holistic customer experience.
Majesco, in conjunction with the KPMG LLP insurance practice, is introducing a new solution to achieve a 360-degree customer experience built on Majesco Digital1.St.® Insurance platform that allows customers to easily, seamlessly connect with their insurer.
Behind the vision of the customer, this innovative solution is as impressive as it is powerful. The solution is a customer-experience engagement platform that provides 360-degree capability for commercial property and casualty (P&C) customers to connect with insurers’ front-, middle- and back-office systems as well as with value-added services. be able to join together without the customer actually realizing it. They neither need nor care about the details going on behind the scenes… they just need to get their information or work done quickly and painlessly.
Majesco leverages the KPMG Connected Enterprise function, a modular and agile delivery methodology, to enable insurers to define and align customer experience ambitions, set strategy, optimize solutions for target organizations, and rapidly drive benefits to customers and insurers It was created to help you move forward.
If nothing else has clarified over the past year, we’ve all learned that customers of all ages – perhaps by necessity – have become better informed about how digital technology is fundamental to today’s business landscape. It seems, we all want to engage better with businesses, and we become better educated about how to use technology that we may have avoided using a while back. We’re using chat bots to communicate our needs a lot online, scanning and sending documents with a tap on a smartphone, and we’re increasingly impatient with businesses that don’t have digital capabilities.
The new 360 degree customer experience solution is designed to deliver a customer experience that places great emphasis on choice, speed, convenience, transparency and clarity. This is why insurance CEOs around the world are accelerating operational digitization efforts.
The recently released 2021 KPMG Global CEO Survey shows that 45 percent of respondents said their insurance company has “rapidly accelerated” its digitization-upgrade efforts since the start of the COVID pandemic, giving their organization “be where we expect it to be.” Another 55 percent said that progress on digitization “accelerated within a few months.”
These drivers are expected to be faster. Forrester reports that digital customer-service interactions will increase by 40 percent in 2021. In addition, Gartner reports that business customers are developing a strong preference for business-to-business self-service, with 44 percent of Millennials preferring no human interaction.
Majesco Digital1scheduled tribe®With the KPMG Connected Enterprise Program, a 360-degree customer experience initiative, we provide next-generation user-friendly experience solutions that include:
- A cloud-native, multi-tenant, low code / no code digital platform hosting a plug and play ecosystem, supported by a breadth of content.
- An EcoExchange insurance marketplace that acts as a partner ecosystem hub. It uses third-party services with a standard semantic layer that allows for easy integration and a true “plug and play” environment for traditional and InsurTech partners. Eco-Exchange offers a wide range of partner apps (such as Lexis Nexis Risk Solutions, Verisk, Twilio, Splice and Chase, among others) that can perform a myriad of tasks.
- Capable of rapid data ingestion with pre-populated forms that leverage outstanding claims reserve capabilities, machine learning, deep learning and natural language processing.
This next-generation digital experience for customers represents an important response to a need in which insurers are increasingly finding themselves: to stand out in a crowded, and increasingly more agile, highly competitive industry. an existential need. We believe that success requires a range of solutions built around customers.
In our view, customers will be attracted to insurers who excel in post-purchase tasks, complex-service tasks, easily manage payments and claims management. Insurers struggling in these areas due to legacy information technology (IT) reasons may face serious challenges in the short run.
For those reasons, we believe that a 360-degree view of the customer provides a way to identify and manage customer needs in one place. The idea behind the 360-degree approach is to allow insurers to deliver exceptional and consistent experiences across the value chain.
Instead of offering separate apps, portals and interfaces for sales, billing, payment, claims and policy service, Majesco Digital1scheduled tribe® Solutions provides access to all of these capabilities (and more through partners) from a single customer engagement platform. The platform aims to enable connectivity with an array of backend systems to meet multiple needs, which is the foundation for a holistic, optimal customer-facing experience.
Using the Customer-360 capability, customers attach a dashboard that links them to the services they need at any given time, and it gives them a holistic, end-to-end view of managing their policies. The digital platform approach simplifies the interaction for the user and can be viewed as follows:
Knowing the wishes of the customers, insurers will be well served by thinking like a customer and then thoroughly examining the existing ways of interacting with customers throughout the policy lifecycle. Where do pinch-points and gaps appear? Insurers should clearly oversee their IT capabilities, paying particular attention to how IT components do or do not support customer interactions. Insurance-company leaders must now decide whether they will invest in digital platform technologies that enable customer 360 views. If not, they should consider whether that decision will lead the business down a path where growth through improved customer experience would be impossible.
As we enter this new decade, the future of insurance is rapidly unfolding with a strong digital business model. As the industry emerges from the COVID era, Majesco and KPMG are committed to helping insurers keep their customers satisfied through next-generation user-experience technologies. With the belief that retaining customers is dependent on customer perceptions about insurers, it is time for insurers to invest in capabilities and tools that create better customer experiences and enable growth in this competitive environment. help in.
Mike Adler, Principal, KPMG
Dennis Garth, Chief Strategy Officer, Majesco
 Predictions 2021: It’s all about empathy, digital and virtualizing customer care, Ian Jacobs, Forrester, October 2020.
 The Future Of Sales 2025: Digital Options To Meet The Demand Of B2B Buyers, Rama Ramaswamy, Gartner Group, December 2020.
 Customer Experience in Action: An Approach to Customer Service in the Digital Age, Karen Furtado and Mark Breiding, Strategy Meets Action, April 2021
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