Feb 16, 2024
How to increase customer engagement
In the constantly evolving landscape of customer expectations, the health insurance arena is at a pivotal juncture in 2024. With consumer demands soaring, driven by the ease of online interactions in the marketplace, brokers, carriers, and other entities serving consumers are compelled to elevate their customer engagement strategies to unprecedented levels. The imperative lies not just in meeting but surpassing these expectations to secure customer loyalty and attract new clientele. Brokers in particular usually want to up their game from a yearly transaction to becoming a trusted advisor by building relationships beyond just annual enrollment.
Here, we delve into the latest insights and strategies shaping customer engagement in the insurance domain, and how Amwins Connect can help address marketplace demands to keep you prosperous.
Personalization: Catering to Specific Needs
According to Insurancenewsnet.com trends reveal that one of the paramount concerns in 2024 for health insurance clients is personalization. They noted, “If there was a common thread for the insurance sector in 2023, it was - customer experience matters more than ever.”
A personalization strategy lets you identify segments of your audience with distinct preferences or needs, and then create targeted experiences for them.
Understanding the unique needs and preferences of each policyholder or business is essential for building strong rapport and fostering lasting relationships. By actively engaging with existing clients and discerning their pressures and expectations, you as a broker and trusted advisor can establish a personal connection that resonates deeply.
Insights from research utilizing data analytics and AI algorithms offer invaluable glimpses into customer behavior and preferences. By leveraging these insights, you can tailor offerings and services to address specific nuances, thereby enhancing the overall customer experience. Building your reputation as a knowledgeable problem solver goes a long way in this time of algorithms and impersonal transactions.
According to Forbes, “73% of consumers rank customer experience as their primary decision-making criterion, overshadowing other factors. Customer-centricity is paramount. Companies are recognizing the immense value in ensuring positive customer experiences, which has led to an increased demand for tools and solutions in this space.”
Research from Liberty Mutual shows that agencies with higher rates of digital adoption are achieving greater growth than digital laggards. The question then becomes, which technologies will help brokers achieve these goals? What can insurance organizations do to meet customer engagement challenges as expectations continue to rise? That’s where a partnership with Amwins Connect can be invaluable.
5 top trends predicted in 2024:
Advanced Technologies
The use of cutting-edge technologies is a critical enabler to help you meet customer engagement challenges head-on. Amwins Connect keeps up with the latest advances and provides you with tech solutions that save you time and simplify workflows. Research indicates that agencies embracing digital innovations witness substantial growth compared to their counterparts lagging in digital adoption. Hence, the pertinent question arises: which technologies hold the key to unlocking enhanced customer engagement? We offer a variety of tools and resources designed to help you be the most effective advisor for your clients.
Revolutionized Customer Interactions with AI
Artificial Intelligence (AI) takes center stage in revolutionizing various facets of the insurance business. Generative AI (GenAI) promises transformative impacts across risk assessment, claims processing, marketing, sales and service.
What sets the AI revolution apart in 2024 is its empathetic nature. AI models are being developed to emulate human empathy, enriching customer interactions with a touch of emotional intelligence. If you haven’t taken advantage of AI as a tool to help you create robust and relevant communications, you can easily access several AI resources and try it out here: ChatGPT (openai.com) and Bard - Chat Based AI Tool from Google. Here’s a YouTube video to get you started.
Mobile-First Approach
The ubiquity of smartphones underscores the importance of adopting a mobile-first approach. With a significant portion of insurance customer interactions occurring via mobile devices, prioritizing mobile-friendly solutions can add up to a winning strategy. Offering your client businesses access to this type of technology is a trend we see increasing.
Hyper-Personalized Policies and Self-Service
Hyper-personalization is emerging as a game-changer, enabling insurance professionals to offer clients tailor-made policies that align with individual lifestyles and preferences. Additionally, the proliferation of self-service options empowers customers to manage their insurance needs autonomously. From automated voice response systems to intuitive self-service portals, an era of unparalleled convenience and empowerment is being ushered in.
In case this is a new term to you, hyper-personalization is a marketing strategy that uses AI and real-time data to deliver highly relevant and customized content, products, services, and experiences to each individual customer. Hyper-personalization goes beyond the traditional methods of segmenting customers by demographics and aims to meet their specific, individual wants and needs at any given time.
Omnichannel Engagement
As brokers navigate the digital transformation landscape, embracing an “omnichannel” engagement strategy becomes imperative. Another new term! Omni-channel engagement is a customer engagement process where a business provides access to their products and services through all channels, platforms, and devices. The goal is to provide a seamless and consistent customer journey across all touchpoints, regardless of the path the customer takes. Omni-channel engagement requires a new model of agile teams, design thinking, digital engagement, and analytics to deliver the right message at the right time through the right channel.
Looking ahead
The insurance industry stands on the cusp of a transformative journey in 2024, where prioritizing people-centric solutions is paramount. By embracing personalization, leveraging advanced technologies, and championing omnichannel engagement, brokers with Amwins Connect can navigate the evolving customer landscape with confidence, ensuring unparalleled experiences for their clientele.
Contact your Amwins Connect Regional Sales Manager for strategies and solutions.
