Today, the needs and demands of customers have changed a lot. We go from traditional clients to more digital clients, who browse the internet and are more specific when it comes to meeting their needs, approaching those companies that offer them what they so badly need: better experiences and prices.
Within the insurance sector, there has been a clear stagnation at the operational and evolutionary level, since despite being one of the oldest industries, it had been difficult for them to get out of their comfort zone. However, due to Covid-19, this evolution occurred in a hasty manner and without many hands that could lift the possible collapse that this entails.
The online environment brought with it cheaper prices, where the digital consumer had channels with products and services at a more competitive price. The customer experience has become the differential value of companies, and must even be at the same level as companies in other sectors, since customers, once they have had a good experience with a service or product, demand that degree of excellence regardless of the sector we are talking about.
If we talk about the insurance sector, the price pressure has had a really considerable impact. An example of this can be found in the auto branch, where the average third party insurance premium fell from almost $ 560 in 2004 to $ 395 in 2016, affecting the profitability of the business. To reverse this trend and break commoditization, insurers count on the customer experience as a key point.
In this same sense, the transformation that insurers have been undergoing has made it very clear that their new products must be oriented towards offering a new and better experience. A good customer experience through well-managed Customer Service has a positive and favorable impact on business results.
So far, the interactions of insurance companies with their clients have been distinguished by being occasional and only at times such as payment in the hiring or renewal or when a claim has occurred. Other sectors differ by establishing a more recurring relationship with their clients.
Therefore, it is vital that insurers take maximum care of the few contacts they have with the client, and even that they proactively try to create new moments of contact to improve the service provided. In this regard, technological tools will be decisive to enable and allow the service to be converted into a differential and promising customer experience.