How technology can help insurers improve customer experience

In the life insurance industry, insurance sales are highly influenced by price. The site is competitive, agents and customers always drive prices – even down to pennies.

This favorable shopping environment has forced carriers to reevaluate their pricing. What benefits can insurance carriers offer other than a very attractive price?

As a company, we know that we can put as much potential as possible by making the most of every opportunity to help more people find real security. For us, it means putting people at the heart of every decision we make, looking for better ways to meet their needs.

Before the outbreak, about 50% of Protective’s insurance business was done electronically; that number has risen to 85%. As the pace and adoption of digital tools in the life insurance industry has increased, so have customer expectations.

While many carriers’ technology suits have been supporting the digital life insurance application process, these companies continue to evolve and find new ways to leverage technology to improve the customer experience.

Technology designed for customers
Although our company has always relied on face-to-face interaction, customers want to buy their plans on time, that is how it will help them. Finding seemingly small ways to create effective customer inquiries can have huge benefits. It not only increases customer satisfaction, but also the number of families we are able to protect.

As the application process becomes easier, potential customers are more likely to complete the process. As a carrier, our teams focus on behaviors such as the number of steps a customer has to fill out a form, how many clicks, the efficiency of the tool, or how many screens the customer experiences from start to finish.

At Protective, customers can search for an appointment over the phone when they apply online, eliminating the steps and need for back and forth phone calls to schedule. Integrating calendar functions into all electronic calls provides customers with calendars and voice reminders for their phone inquiries, including details about interviews and important documents at that time.

Some potential clients will give up on the process when it comes to preparing for a telephone interview – and commit to the unpleasant part of the process. Creating an online application process also removes one more barrier to people getting protection.

As we use higher degrees of automation and robotics to improve customer service, we will continue to shave more time off the user experience.

Not every customer prefers digital channels, so personal access is easily available at the click of a button in any channel. Customers want to be in control, so let’s give them the options they need to help more people get insured.

Help designed for helpers
With constantly changing prices and price changes, agents are attracted to products or carriers that have customer experience, backed by technical expertise and guaranteed agent support.

Agents waiting to hear back about questions, lawsuits, or written decisions can result in poor visibility and lost sales. Accessible, expert support combined with customer service is one way to serve a wide range of customers and distributors.

To meet customer needs and stay current with industry expectations, carriers must continue to invest in digital services, always striving to find new and better ways to protect people. Continuing to improve our digital tools is just one way we’re honoring our commitment to helping more people have the safety and security they deserve.