Challenges in Insurance: Customer Clarity in Claims
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In insurance, the claims process and risk of customer churn always go hand in hand. According to Forrester, more than 30% of customers who endured a bad claims experience switched insurers within one year of the incident. This churn due to declining loyalty and poor customer experiences can represent as much as $470 billion in Life, Property, and Casualty premiums globally. Not to mention the cost to your staff and time spent working through claims inquiries. What if there was a way to reduce costs, to reduce second and subsequent calls to your claims center, and to drive digital adoption…all while increasing your claimant’s satisfaction throughout the experience? Watch our on-demand webinar as we discuss some of today’s toughest challenges in the insurance industry.
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Challenges in Insurance: Customer Clarity in Claims
- 1. Challenges in Insurance Customer clarity in claims Elizabeth Connors | Product Marketing Lisa Sutrick | Insurance Account Executive
- 2. Housekeeping Webinar Audio • Today’s webcast audio is streamed through your computer speakers • If you need technical assistance with the web interface or audio, please reach out to us using the Q&A box Questions Welcome • Submit your questions at any time during the presentation using the Q&A box. If we don't get to your question, we will follow-up via email Recording and slides • This webinar is being recorded. You will receive an email following the webinar with a link to the recording and slides
- 3. Welcome Elizabeth Connors Product Marketing, Precisely EngageOne Lisa Sutrick Insurance Account Executive, Precisely EngageOne 3 Agenda: • State of the market – CX and Digital Transformation • Precisely’s commissioned research • Claims process pitfalls • Video and Chatbot demos
- 4. “93% of Senior Management say great customer experience is critical to their success.” “CX Goes Mainstream” – UserTesting, Feb 2018 ”70% of CX initiatives are not successful… undifferentiated, unclear ROI.” “An Inconvenient Truth” – CustomerThink, Feb 2018 “Customers expect better, more personalized experiences.” “Elevating the Customer Experience” – DMA, Winterberry & Precisely – April 2018 In the Age of the Customer, experience matters more than ever. - Forrester By 2020 Customer Experience will overtake price and product as most important brand differentiators – most of it will be delivered via the digital channel. – WalkerInfo Customers will manage 85 percent of their relationship with the enterprise without interacting with a human. – Gartner 4
- 5. Great digital customer experience is even more important in insurance… 61% of insurance customers said they would prefer to use digital channels to check the status of their claims. 53% of customers said they would not recommend their insurers to others if they can’t interact digitally with them. 5 Source: Accenture
- 6. 42% 42% 57% 60% 77% 78% 0% 20% 40% 60% 80% 100% Omni-channel communications Digital transformation Improving customer experience July 2019 (PRE-COVID) July 2020 (POST-COVID) COVID-19 has clearly accelerated digital transformation. Customer experience and omni-channel communications have also grown more important. COVID-19: More emphasis on digital transformation and CX Top corporate initiatives Source: Aspire, Understanding the New Digital Reality, 2020
- 7. 7
- 8. Organizations have seen a massive increase in the use of digital channels 8 say the volume of calls to their call centres has increased say they are receiving more queries via messaging platforms or chatbots say the volume of customer interactions on their websites has increased say the volume of interactions on their apps has increased
- 9. The shift to a digital strategy ”The ability to automate has become more important for us…Whether it’s using technology to help validate and value claims or using apps to streamline the processing of claims…. It’s been really good seeing how technology is being used to benefit customers and get claims settled more quickly.” - Angus Rogers, Head of Claims Operations at Canopius Managing Agents 9 86% Of CX Leaders have because of COVID-19
- 10. The digital shift is reflected in new investment priorities
- 12. Consumers are moving to digital channels 12
- 13. Channels on the upswing 13
- 14. Top 5 CX traits that customers want 14 Having the ability to escalate to a live person who can help when I need it Communication is personalized based on my previous interactions with the organization Communication that allows me to digitally self-serve to get to the answers I need quickly Communication that's based on the current context of the engagement (i.e. the device I'm using, my location) An experience that allows me to select the engagement channels I want (i.e. physical mail, email, SMS, personalized video) 1. 2. 3. 4. 5.
- 15. Frustration ensues when you get it wrong 15 87% 13% Do you find it frustrating when you have to engage in multiple channels and have to repeat yourself in every new channel? Yes No 73% 27% Has this frustration ever led you to question why you are doing business with that company? Yes No
- 16. “65% of consumers said digital engagements during the global pandemic are not exceeding expectations. This should be a wakeup call for brands to strengthen their customer engagement channels and to create a competitive advantage.” - CMO Council & Precisely 16
- 17. 17 Your client has just had an accident. They feel anxious, upset and have no idea what to do next. They’ve filed their claim and expect to receive payment, but insurance terminology is confusing and they’re not sure what’s next…so they call your claims center.
- 18. 18 Second and subsequent calls to the claim center are expensive yet you want to help the customer feel at ease and reduce anxiety You have a strategic goal to get more clients attached to your digital channels for claim filing and status updates
- 19. What if you could provide a video experience that bridges the gaps in the claims process • educates the viewer on the process • their current status • outstanding actions • what is likely to happen next. One video experience that displays the details of the claim and automatically adapts it’s content as the claim status changes. Augmenting and encouraging adoption of your existing digital channels 19
- 20. Personalized Interactive Video: Create immediate engagement Greet the viewer by name Use real-time elements like time of day and time in journey to gain trust and interest
- 21. Personalized Interactive Video: Give viewers control You have 36 seconds to capture the viewers attention Allow viewers to self-select the content that matters most to them
- 22. Personalized Interactive Video: Make it relevant Make the experience personalized and relevant by integrating appropriate customer information into the video experience
- 23. Personalized Interactive Video: Deliver frictionless engagement Allow the viewer to action within the video itself vs. forcing a channel shift Respond in real-time to information collected from the viewer within the video journey Use this information to change the course of the video in response
- 24. Let’s take a look 24
- 25. But no two clients are alike
- 26. Everyone learns and understands at their own pace and their own level of detail Integrating a chatbot into a personalized interactive video experience provides a great way to enable your client to get all the information they need through a seamless user experience 26
- 27. Let’s take a look 27
- 28. Cognitive Chatbots Allow claimants to ask questions in their own language Respond in real time with answers from your existing FAQs All without leaving the video experience 28
- 29. Security First Create a personalized, engaging experience that serves tens of thousands of customers at once after a major hurricane. ?
- 30. Security First Security First Insurance’s video is designed to walk customers through their claim and the claims process. The service provides: • Live API integration into the SFI Claims System • A walkthrough of the claims process • Sets expectations on how long the process takes • Different tips based on the claim type • Access to support documentation • 15% of viewers updated their contact information • 6:46 seconds average viewing time • 58% of visitors watched the entire video • 5 star customer feedback rating 30
- 31. Hyperlocal Weather for Yesterday, Today and Tomorrow 31 Historic Weather • How badly has a property been affected by weather events in the past? • Fraud detection – did the damage happen due to a past weather event? • Assess your entire portfolio & prospective new customers against historic weather events to better risk assess them • Create more accurate rating territories based on historic weather in zipcode or geohash areas Near-Live Weather • We know you’ve just been hit by a weather event, how can we help you? • Save costs, use the hyperlocal weather data to quickly validate claims remotely • Notify your organisation daily of any upcoming weather events • Attend meteorologist hosted extreme weather webinars to get the detail on a major event Forecast Weather • Put your car away in your garage, there’s a hail storm headed your way • Get your claims adjusters in the right place at the right time • Based on the forecast, how exposed is my book of business during the upcoming storm?
- 32. Q & A
- 33. Thank you
Notas do Editor
- Thanks Amy, welcome again everyone My name is Elizabeth Connors, I’m part of the EngageOne Marketing team here at Precisely, and I’m thrilled to be joining you today along with my colleague Lisa Sutrick who is really an expert in the Insurance space. So today I’m going to start off by sharing a little bit of background on why we’re here discussing today’s challenges in insurance, and share some research WE recently commissioned at Precisely to dig deeper into these issues. Then Lisa’s going to take you through some examples of the claims processes, and demonstrate how we can truly transform that experience to provide a better result for your customer and your bottom line.
- So let’s start by taking a trip back….back to 2018-2019, pre-2020 time if you will. It seems SO long ago based on everything that’s happened since then, yet it really wasn’t. And we knew even at that time that over the next couple of years, customer experience and digital transformation were going to be big topics for companies. Forrester coined this term “The Age of the Customer”, and there were a lot of benchmark goals that businesses were working towards for 2020. Even years ago, 2020 was set to be the year Customer Experience became the most important brand differentiator. And our move towards this digital transformation was really picking up steam, with an estimation that customers would manage 85% of their communications without ever interacting with a human.
- And no where was this more important than in the insurance space. Even back a couple of years ago, a survey by Accenture showed this upward trend of customers wanting to handle their insurance and claims business by self-serving on digital channels. 61% said they preferred it, and 53% of customers said they wouldn’t recommend an insurance company who couldn’t provide this. This was about 5 years ago, and so we saw that things like digital transformation and customer experience were already climbing the slow climb as key business priorities. In all the research we’ve seen, each year they grew just a little higher year over year, so we saw this ramping up happening.
- Well when 2020 finally did hit, MAN did it catch a lot of us off guard. Suddenly, things like omnichannel communications, improving customer experience, and digital transformation, again already high up on the list, SKYROCKETED as business priorities, showing the highest jumps in the shortest amount of time we’ve seen. As businesses had to close overnight, call center reps had to be sent home, still customers needed help – needed to file claims, needed to refinance, needed to get help to keep their lives going…and many businesses who thought they were in good shape with their digital processes, were caught off guard and not prepared, and we saw growing customer frustrations.
- So at Precisely we wanted to find out just how much COVID has impacted the Customer Experience landscape and what it means for the future. In late 2020 we conducted 2 research reports, and both of these are available to you in the Resources section of this webinar I believe. The first was a study with Corinium Intelligence out of the UK, of Business and CX Leaders of large companies. And we did this because we really wanted to learn about what businesses are struggling with, what they were seeing from their customers, and how they’ve reprioritized so that we can understand just how permanent these changes will be as we prepare for the NEXT couple of years.
- And the first quantifiable results we found, unsurprisingly, was that organizations have seen a massive increase in the use of digital channels. 50% said the volumes to their call centers increased…and we talked to many companies who said they weren’t prepared to handle this, because although most employees could transition to working from home, many call centers didn’t have that option, and needed to shut down or operate on a leaner team while customer calls still continued to increase. 57% said they’ve been receiving more queries via their chatbots and other messaging platforms. 79% which is huge, said the volume of interactions on their websites has increased as customers have been trying to find ways to self-serve. And 59% said the volume of interactions on their apps has increased.
- And due to all of this, 86% percent of CX Leaders have reported that COVID-19 has been a catalyst in updating their strategies and needing to double down on a digital strategy. One contributor we spoke with, Angus Rogers, is the Head of Claims Operations at Canopius out of London. And he reflected on these strategy shifts, saying “The ability to automate has become MORE important for us. Whether it’s using technology to help validate and value claims, or using apps to streamline the processing of claims. It’s been really good seeing how technology is being used to benefit customers and get claims settled more quickly.”
- So when looking at the investments that companies will be looking to make this year and beyond, we see the following: 60% want to invest in data integration – Due to this digital shift, you must ensure that you’re using the most accurate, and comprehensive data to enhance your digital engagements. 46% say they’re going to be investing in multi-channel CX platforms so that they can easily reach customers on any channel they prefer. Next we see chatbots with Live Takeover capabilities, and with NLP. Now this is important to know – because not all chatbots are created equal – you must ensure that your chatbots have the elements that customers WANT to use. 37% say they’re investing in Digital Self Service platforms. Customers WANT to self-serve is what we’ve seen from this report. We need to get customers to the answers they want, and let them interact the way they want to. Finally, and most innovatively, 32% want to invest in interactive, personalized video.
- The second piece of research Precisely conducted was a second annual report in conjunction with the CMO Council. And this was a consumer survey – after hearing from business leaders, we wanted to speak with customers themselves. For the second year, we partnered with the CMO Council, and surveyed more than 2,000 consumers across 6 countries, representing all 5 key generations, to understand how COVID has affected their preferences in communicating with brands. What channels are they putting more importance on, and what’s really going to make or break their relationships with brands?
- One of the biggest shifts we found was that while overall customers still want a blend of channels when communicating with brands, 2020 showed an increase in customers who preferred digital-only communications from 10% the previous year to 21%. That’s quite a jump in just one year. One major theme we’ve seen over and over again in our researchh is this desire for customers to “self serve.” We’re living in the age of immediacy, convenience, and customers want to be able to live their lives on their devices of choice. So they’re really embracing this digital shift and we see it having lasting effects.
- Diving into the channels further, a quick note that email, a strong channel in 2019, actually jumped a couple positions and became the #1 channel for preference in 2020, beating out the telephone for the first time because people don’t want to be spending time on hold with unnecessary calls. They want to self serve and if they can do that in a quick email, that’s what’s preferred. But what’s really astounding that I wanted to bring your attention to, is the increase in the desire of customers who wanted to see more Videos from brands. Compared to our previous report, the number of consumers who want to see more video increased by 64%. And we’ve also seen an increase in chatbots and other self-service tools, while channels like the telephone and live-person continue to show a decline.
- So here’s what your customers have to say about how they want to be communicated with when interacting with you to do things like file claims: #1 – Having the ability to escalate to a live person who can help when I need it. Now we’ve seen from research that customers aren’t actually GOING to speak to a live person – in fact if they can self-serve that’s what they prefer. But knowing that they CAN escalate if needed is so key – because it removes that frustration of someone not getting the answers they need and the risk of brand abandonment. And we also know that not every problem can be solved by self-service…there’s no substitute for a live person in some cases. But what’s key here is having your channels work together so that they CAN escalate seamlessly if needed. Which brings us to #2 - Communication is personalized based on my previous interactions with the organization. Don’t make your customer repeat themselves – you’re going to lose them unless you can provide that seamless experience, and know their communication history, their policy details, and make it as easy as possible for them. #3 Again we see digital self-serve is what’s preferred, it’s all about having the right channels that allow customers to do this on their own. #4 Communication that’s based on the current context of the engagement - being able to feed the correct data into your technology that powers your engagements whether that’s their location, their current policy plan, or their current deductibles. And finally #5 an experience that allows me to select the engagement channels I want – engaging with your customers and prospects in an omnichannel way. Having your emails enhanced with videos, chatbots, and the ability to pivot to printed statements in real time.
- But what happens when you get it wrong? Well 87% of customers are frustrated when they DON’T get that seamless experience and have to repeat themselves every time they interact with you. And this frustration leads to 73% of customers questioning why they’re doing business with that particular company.
- So before I hand it over to Lisa to demonstrate how we can help to create a better experience during the claims process, I’m going to leave you with this quote from the CMO Council. 65% of consumers said digital engagements are not exceeding expectations. This should be a wakeup call for brands to strengthen their customer engagement channels and to create a competitive advantage. This is already a year a of significant change, and we must ensure that we can continue to support our customers going forward. So Lisa, I’m going to hand it over to you.
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- (approx. 5 mins) {Play Video}
- Another aspect of the Precisely Interactive Video is the integration of Dynamic Weather information powered by Precisely Location Intelligence platform. By combining hyper accurate geocoding services with real time weather information, the interactive video can provide up to the minute customer information to keep both lives and property safe during catastrophic events. Precisely, provides historic weather impact data that can provide information to policy holders on past hail, wind and water damage possibilities to property. Most importantly, Precisely Dynamic Weather delivers weather updates every 5 minutes as well as forecast detail up to 48 hours in advance. By leveraging real time and forecasted weather information with interactive video claims organizations can help to mitigate costly claims impact and most importantly, improve policy holder experiences during catastrophic events.