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Blog » Cogneesol Provides Support in Improving CX for Insurers

Cogneesol Provides Support in Improving CX for Insurers

Last updated: 24 Aug, 2023 By | 6 Minutes Read

Customer Experience Outsourcing

AI-driven World of Today and Tomorrow

With Artificial Intelligence (AI) making fast and drastic inroads into the hitherto realms of what humans had only imagined, every aspect of our day-to-day life are undergoing massive tectonic changes. This includes business landscapes. Accelerated by the Covid 19 pandemic, the adoption of AI and digital technologies across businesses has seen a frenzy without any signs of abating.

The insurance industry, too, is at the cusp of impending changes. It is making a shift from being a ‘responsive’ industry so far, to a ‘proactive’ industry for the future. This shift is an imperative and is attributed to the emergence of integrated user experiences owing to the confluence of digital technologies with homes, devices, vehicles, etc. Additionally, the widescale adoption of advanced technologies is also propelling the world of insurance to heightened value differentiation in products and services.

Yet, Customer Experience will Remain the Differentiator in the Growth and Expansion of your Insurance Business

As per the PwC’s Global Consumer Insights Survey June 2022,  ‘Always meets my expectations’ ranked 53% and ‘Provides exceptional customer service’ ranked 52%’ pointing to an extremely important aspect of client servicing – that even in an AI-driven, digital servicing world, customers will still demand a ‘great experience’, both with respect to products as well as servicing.

Insurance companies, across service lines, therefore, will have to design technology-enabled products on one hand and create phenomenal insurance customer experiences on the other in order to hold on to existing customers and make new ones.

So, What Entails a ‘Great Customer Experience’?

It is the experience that will have the right balance of accurate solution, convenience, speed and human touch.

“27% of respondents put access to knowledgeable and helpful sales associates on top—with half of Baby Boomers ranking that as the leading factor.”.”

– PwC’s Global Consumer Insights Pulse Survey February 2023

Going forward, it is a given that technology will be the biggest enabler in creating stronger and emphatic customer experience programs, but the human relationship aspect will elevate the customer experience. In the insurance industry, it will include the following:

  • Easy access, at all times, for policyholders to reach out to their insurance agents
  • Easy-to-use digital user interfaces with built-in security
  • Frictionless and swift claims addressal procedures

Read Here: Cogneesol Positioned as Major Contender in the Everest Group’s P&C Insurance BPS PEAK Matrix(R) Assessment Report

Cogneesol Helps Insurers in Improving Their Customer Experience

At Cogneesol, we address all of the above. Our approach involves leveraging our deep understanding of the insurance domain and utilizing innovative data-driven solutions for proactive servicing. Additionally, our responsive customer management solutions contribute to comprehensive support. It is important to note that it is not only about helping clients optimize their operating models and reduce their functional costs. We also help clients elevate their customer experience through a wide range of touchpoints:

We help insurance clients design best-in-class functions.

After all, it is sound and well-run processes that can deliver the best outcomes to a client’s customers. We offer an extensive range of services, including policy, commissions, and claims management, as well as underwriting and property/casualty services. Our goal is to help clients identify and eliminate non-value added activities. This results in lean, efficient, and customer-responsive functions that adapt to changing demands.

We enable clients infuse data-driven insights into their customers’ servicing.

We use well-defined analytics processes to design multi-touch point programs for enhanced insurance customer experience for our insurance clients. On the basis of existing data, we derive insights that enable our clients to reach out to their customers on a proactive basis to service existing policies. Our analytics also provide our clients with an overview of the buying patterns of their customers with similar demographic characteristics. This helps our clients in taking decisions on the next-best products for existing customers.

We facilitate the creation of personalized customer interactions.

For the past fifteen years, Cogneesol has been a steadfast partner to its insurance clients. Together, they’ve embarked on a journey to craft enduring product/service experiences for their customers. We help clients develop a customer-centric strategy across their post-sale value chain. The focus is on post-sale customer support and customer care scenarios in order to ensure the customer has been onboarded with care. We further plan and chart corrective courses of action, ensure the training of personnel to maintain a continuous cycle of customer care. Our focus is on helping our clients deliver prompt and real-time resolutions. This amplified experience builds trust and establishes long-term relationships.

    Experience is Everything! Elevate How You Engage with Your Customers.

    Irrespective of the pace of technology advancements, companies will be able to build successful businesses on the back of responsive, intuitive, and personalized customer care programs. The biggest differentiator being a consumer-centric model focusing on Customer experience, it is time for insurance companies to make a determined shift in holding their customers’ care primary.

    At Cogneesol, we help you unlock this very potential of your business. We harness technology and methodologies to design and implement best-in-class customer care programs that will raise your CX value and will keep you ahead of the competition.

    Contact us at +1 646-688-2821 or send an email to [email protected].