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“Insurance is a very logical industry. It is risk-based and analytical, built on detailed processes and procedures. Complementary thinking is important,” says Feast.
Cogito’s AI software analyzes phone conversations and provides real-time coaching and guidance to call center agents. The goal is to increase empathy and build stronger connections during these customer interactions. The tech company counts personal insurance companies such as MetLife among its customers.
How satisfied are customers with their insurance company?
Insurers are under pressure to improve the customer experience. Tech giants such as Amazon, Apple, and Google are leveraging data analytics and cutting-edge tools to set incredibly high standards in customer experience.
According to the latest American Customer Satisfaction Index (ACSI), customer satisfaction in P&C insurance is 78 out of 100 this year, unchanged from 2021. He found that only 77% of customers were satisfied with the speed with which claims were processed and completed. The call center had an 80% satisfaction rate, while the insurance company’s mobile he app had an 88% satisfaction rate and website satisfaction rate of 82%. 12,841 people voted in this survey.
Another study by JD Power shows that overall customer satisfaction with the insurance company’s digital claims process has declined for the second year in a row. Research reveals that clunky interfaces, infrequent updates, and frustrating workflows force many customers to find agents over the phone.
Clearly, the industry still has room to grow when it comes to satisfying customers. Further complicating the mission is the fact that companies must coordinate multiple communication channels – digital, face-to-face, or phone.
For Feast, AI technology is a powerful enabler for improving insurance customer service. AI can streamline the billing and underwriting process and deliver faster results to your customers. However, the emotional journey should remain central to an organization’s strategy for increasing customer retention and loyalty.
“We can deploy technology [to improve customer experience]But most importantly, remember that insurance is a human industry and the emotional connection you have with your customers is one of the most powerful levers for long-term business.
How can the insurance industry support the emotional journey of its customers?
Cultivating an emotional connection with customers is key for insurers to build long-term relationships and build a foundation of loyalty. One tangible way to do that is by empathizing with your customers when they ask for help.
The phone is one of the most direct channels for insurers to communicate with their customers. So it’s important to show empathy and emotional intelligence in these conversations. However, talking to a support or claims representative over the phone is not the first option for most people.
A survey conducted this year by OnePoll comically shows the fear people associate with the customer service process. We asked 2,000 Americans what they would rather do than call customer support. Of the respondents, 30% said they wanted to pay taxes, 24% said they wanted their heads shaved, and 22% said they wanted to spend a night in jail.
“Customers have to deal with phone calls with insurance companies, which is not something they do on a daily basis,” says Feast. “For them, each interaction is important and often very emotional. So a very poor experience can have lasting negative consequences. A strong emotional connection not only drives customer retention, but can create cross-sell and up-sell opportunities when the initial service experience is positive.”
Supporting customers’ emotional journeys presents both challenges and opportunities for the insurance industry. But the good news is that AI and other technologies can be used to enhance the human side of the process.
Mr Feast said: “Technology must be put in place to ensure a consistently positive experience for customers during these complex interactions.”
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