A new international study of insurance industry leaders and technologists suggests the next two years will see even more change in how insurers use real-time decisioning systems to help make customer service experiences much more responsive, richer and personalised.
What’s striking from the study is the extent to which insurers admit that their current levels of investment in improving customer experiences will not keep pace with customer expectations. More than one in two (56%) insurers agree the current customer experience they provide will become unacceptable to most customers within the next two years.
The driver for this seems to be customers’ higher expectations for their experience. Today’s customers demand the customer experience must be flawless, and that insurers must understand them completely at whatever time and place they are at. A sense of this pressure for changing current customer experience is demonstrated by most insurers (72%) reporting that customers now expect businesses to know everything about their interaction with the business in real-time and communicate accordingly.
And, of course, the study repeats how the pandemic is an accelerant for change in insurance with 72% of insurers saying COVID-19 has made it more important to use real-time decisioning.
Commenting on the findings, Tony Tarquini, director of insurance, Pegasystems said:
“What this demonstrates is that for far too long insurers have relied on customer communications which are done in batches and not personalised, because that is what their competition is limited to too. Today, instant, personalised, relevant and ethically tested communications are the norm in other industries. Some insurers are now planning for how they move to the new world and they will be stealing a march on the laggards they compete against.”