In a highly competitive market like the UK insurance sector, every company has to find a niche to thrive and strive; one such differentiator is exceptional customer experience (CX). Today, the customers’ expectations are reaching new heights, and to balance that, insurance companies are embracing new customer service strategies.
The Shift from Reactive to Proactive Service
Generally, insurance companies react and respond when a complaint or inquiry comes into account. This is a reactive approach. However, this approach is not sufficient in a world where customers demand hyper-personalized and smooth experiences. Now, coming to the present scenario, proactive customer service comprises reaching out to customers before a problem arises and also identifying probable issues. This plays a major role in boosting CX and nurturing brand advocacy and trust.
magical tool deepens into data, spotting patterns and trends that help insurers foresee what’s coming.
The psychic mind reader of Customer Experience in UK
In today’s tech-enabled world, Predictive analytics and AI have become psychic mind readers. The future is all about walking a step ahead of the competitor. Now, the companies can’t wait for the customers to call them and explain their issues. Today, the new norm is knowing beforehand what your customer requires. The standard approach is proactive customer service, which means you ought to know what your customers want without superpowers.
A positive business impact was experienced by more than 80% of European life insurers that leverage predictive analysis.
Predictive Analytics: Your Customer Experience psychic mind reader.
Imagine a situation when your boss is asking you about your absence from work and you already have a reply ready, sounds so smooth and relaxing right? Similarly Predictive analytics empowers you with solutions on times no matters is a future issue or a policy lapse situation.
AI your accomplice in handling Customer Service
According to the latest data, about 63% of insurance executives invest in AI and machine learning.
AI has crossed the bridge and its not limited to sci-fi movies. AI in the customer experience in the UK Insurance sector is the perfect accomplice who is ready with personalized support and helps customers round the clock. Whether its chat-bots that handles both customer queries and frustrations to virtual assistants that reduces burden of agents, AI is taking customer service to a new height. Also, AI is on a continuous learning journey, evolving and programming itself for better and creating a better digital customer experience for everyone.
75% of executives in the UK financial services sector are concentrating innovation efforts on the alleviation and swiftness of opening accounts with the assistance of AI.
Proactive Engagement for customer retention
In the UK insurance sector, Proactive customer Engagement doesn’t only involve the exchange of words regarding problems and their solutions, it’s more about making your customers heard. Customers can be made to feel valued and prioritized through personalized offers as per preferences, routine updates, and periodic notifications.
With around 40% of customers switching home or car insurance, the UK insurance industry has the second-lowest customer retention rates.
Picture receiving a text that reads, “Your policy is up for renewable if you wish we can send a representative to receive the cheque”. This type of customized engagement promotes brand loyalty in the customers and facilitates customer retention.
The future has arrived: Thrive with impressive Customer Service in the UK Insurance sector
Almost 89% of companies notice an upsurge in profit when proposing personalized services.
So, what can we expect next for the customer experience in the UK insurance sector. Being dynamic! With the advancement of technology, the companies that will wholeheartedly embrace AI and predictive analytics will be market leaders. Anticipating customers’ needs and offering resolutions will be the new factors that will define the meaning of exceptional CX. And in a highly competitive sector your customer can be your best brand advocates.
49% of those in financially vulnerable circumstances, equating to 8.6 million people, said that increasing costs affected their ability to afford insurance.
Conclusion: be a part of the Proactive Revolution
The best decision is to be part of the proactive future and it’s possible through AI and predictive analytics. Make your customers feel valued, special, and heard so that they stick with you. Make them feel like VIPs as this is the new norm. Don’t wait, witness your CX enhance!
