Cloud-Based Insurance Software Solution: Earning customer loyalty is no easy feat, especially in an industry where the offers are abstract and the specific benefits are not easily understood by many customers.
But before one even considers customer loyalty, they will first have to think of ways to improve the overall customer experience (CX).
Thankfully, using the right insurance software and configuring it properly can help insurers improve the baseline customer experience, which goes a long way toward helping earn customer loyalty.
Why Is Customer Experience Important for Insurers?
Generally speaking, people and businesses alike view insurance as an unfortunate necessity.
For a lot of individuals, insurers are not a welcome presence because of the stresses associated with meeting premiums and filing claims.
Traditionally, the experience of dealing with insurance companies is seen as a net negative, with customers often consciously or unconsciously deprioritizing insurance.
This state of affairs opens up opportunities for insurers to stand out by delivering a better-than-expected CX.
While product development and training salespeople are obvious areas to facilitate an improved customer experience, using the right insurance software should also be a part of any strategy to earn loyalty.
How Does Cloud-Based Insurance Software Solutions Help Improve CX?
Using the right cloud-based software and configuring it properly can help insurers gather data effectively.
This will enable them to consistently address various customer pain points, improving their overall experience, thus cultivating loyalty and increasing retention.
Additionally, of all the tools that you could use to earn customer loyalty, insurance software is probably the most scalable and customizable.
Having a cloud-based software solution can help CX in the following ways:
1. Increases Convenience
With a cloud-based system, customers no longer need to get in touch with their agent or visit the insurer’s office whenever they have inquiries.
All the customer has to do is create an online account and they should have access to all the relevant policy information they need, whenever they need it.
Because the system is cloud-based, customers can access their policy information even if they’re traveling or based overseas.
Making such systems all the more useful if the insurer specializes in international or travel insurance.
2. Saves Time –
Most people don’t want to spend more time than they have to on claims resolutions, inquiries, and other things involving insurance.
For this reason, insurers who are interested in cultivating customer loyalty will do their best to optimize turnaround times.
Using a cloud-based system can create opportunities to save time in several different areas.
We previously mentioned accessing policy information as one such area but software can also be used to quickly facilitate claims as well.
The software could be customized to allow appointments at approved locations, such as healthcare centers and repair depots.
This can save customers a significant amount of time and improve their overall experience with the insurer.
3. Cloud-Based Insurance Software Solution can Simplifies Processes for Both Customers and Employees
As the saying goes, if you take care of your employees, they will take care of your customers.
A more user-friendly system will be of benefit for employees, allowing them to focus on customer needs rather than tool management and compliance.
This will ultimately improve the customer experience and help the insurer cultivate loyalty from employees and customers alike.
4. Improves Personalization
The software can be used to personalize the customer experience, depending on their preferences or the product types they have.
For instance, the insurer can give the customer the option to subscribe to or opt out of monthly email newsletters.
Software tools could also be personalized to facilitate automatic payments for premiums, removing the drudgery of setting up transactions every period.
5. Increases Data Transparency Due to Cloud-Based Insurance Software Solution
A well-designed system offers transparency, making it simple to view different data points at all parts of the customer journey as they pay premiums, file claims, and interact with your employees.
This can reveal any customer pain points, allowing the insurer to make conscientious fixes.
Another benefit of this transparency is that it makes it much easier for insurance companies to have a single source of truth (SSOT) for all data.
This helps reduce the possibility of some kinds of insurance fraud and helps keep different parts of the insurance business properly aligned.
When it comes to data, irrespective of their department or geographic location.
6. Quickly Improve Offers and Policies
A well-integrated insurance software system can identify areas for improvement that aren’t necessarily problems.
This could be invaluable for identifying which customers are good candidates for a policy upgrade as well as for developing new offers and processes.
In turn, these could help create customer delight, something that is foundational to long-term loyalty.
It Is Time to Update Your Insurance Software
Cloud-Based Insurance Software Solutions today offers a level of convenience and flexibility that benefits both insurers and their customers.
By updating to a solution that better fits their intended niche, insurance companies can not only save time and money facilitating each transaction.
But they could benefit from a happier more loyal customer base as well.