Digitalisation: An end-to-end experience enabler
With Artificial Intelligence (AI), e-commerce, apps and versatile digital payment modes seeping across sectors and consequently, into our day-to-day lives, India continues to witness significant digital and technology transformation. The way consumers consume and interact with products and services is also undergoing a radical shift, and in turn, so is their perception of them.
Customer experience (CX), the quantifiable yardstick at the core of the ever-evolving face of customer-orientation has become a mandate for brands across segments in today’s times where myriad industries are one-upping each other in setting service benchmarks. It is rightfully taking the centre-stage in this era where superior products and services alone are no longer sufficient to attract and retain customers. In the parlance of insurance brands, upon whom customers entrust their hard-earned savings to meet their financial goals, focus on CX sets a new order of improvised strategy to leave favourable impressions across versatile channels of customer touchpoints.
We will address the varied connotations of CX that enable customer loyalty:
Awareness and simplicity in service delivery:
A core aspect of customer expectation in the ever-evolving digital era is simplicity, i.e., a one-click purchase experience, real-time, 24×7 access, quicker turnaround, availability of relevant information about a product’s benefits, and intuitive , tailored services. Towards delivering customized and targeted offerings to customers, big data and analytics continues to refine the way insurers understand their customers.
Modernization of service delivery made possible through the Digital India push has enabled insurers to truly walk their financial awareness talk. Thanks to cross-platform avenues available to do so, enhanced awareness levels among masses and penetration of insurance products among wider customer segments in the inner belts of the country, is now a reality taking shape gradually.
As a service provider, insurers are able to support the sales personnel as well as customers by facilitating ‘selling right’ and purchase of most appropriate product, respectively, through making comprehensive information available . Further, financial tools are also provided to empower customers to analyse their financial needs and select a suitable product.
Reach and Servicing:
Cost and operational efficiencies are a by-product of automation of processes. Enhanced efficiencies paved the way for creation of mass market insurance products with low-priced premium – the need of the hour to successfully implement the larger goal of financial inclusion. In this context, Digital is evolving to be a bridge for narrowing the gap for citizens yet to be brought into the insurance fold. Clearly, digitalisation of insurance services spells convenience and access to customers from India (Metro and Tier I cities) as well as Bharat (Tier II and Tier III towns).
For support services, an “on-the-move” imperative now drives the strengthening of a whole range of tasks one could accomplish via mobile applications and chat bots, and naturally thus, customers relying on helplines, contact centres or bank branches, to address concerns are steadily reducing.
The key aspects of secure digital transactions have transformed the way businesses are conducted. Real-time transfer of money through mobile banking apps, wallets, UPI, etc., have contributed to adding to the customer convenience quotient.
Consistency in service delivery across channels
When a service provider has achieved the ability to provide a superior, consistent service experience, they have achieved “self-actualisation” (i.e., operating at full potential) levels, others can only hope to emulate.
Access to the full range of products and services offered by an insurer, is what today’s customer assumes s/he will receive across all channels. Without a doubt, retail and other industries have set a standard of experiences which customers come to expect of insurance companies, too. Insurers for their part continue to bring contextually fit experiences across the insurance value chain towards achieving customer delight, through thoughtful features such as continuing from where one left off, across platforms, without the need to repeat processes.
Similarly, insurers have also built platforms with functionalities available on multiple devices for sales and distributors, and user front-ends, resulting in uniformity in quality of service and customer experience.
In all of this digital disruption the customer is the eventual winner.
Author:
R M Vishakha
(Managing Director & CEO, IndiaFirst Life Insurance)
She has a rich experience of working across public and private companies in banking & financial services industry. Over the last 30 years, she has been accredited for her leadership skills and contribution to the industry.