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720-Degree Customer View

Customer Satisfaction is an important factor for every company across various industries. With multiple companies offering the same services and providing customers with an array of benefits, companies fail to understand the gap in attaining complete customer satisfaction, which makes it difficult to retain customers and acquire new ones.

Today, in the Insurance Sector, there are several companies working towards streamlining processes, making every step towards claiming insurance easier, faster, and better.

However, streamlining processes isn’t enough.

Customers tend to get attracted by personalized services. They like to be heard loud and clear and want to find solutions at the earliest. Customers appreciate fast and easy processes but are also looking for strong customer support with a powerful engagement to support their needs and clear their queries.

How can this happen?

In this digital era that is rapidly evolving towards excelling in customer service, organizations need to understand our customers' needs better.

By making the best use of technology and realigning the services, we can meet the 720-degree view of every customer, thereby achieving every pre-requisite to make our customers happy.

What is a 720-degree customer view?

The Consumer interaction with the Enterprise consists of first 360-degree (All purchases, Payments, complaints, structured and unstructured data) while there exists an additional layer of information about the consumers across external channels such as Social channels, relevant online interactions, and so on.

Integrating both the interactions and data provides a 720-degree approach to influencing consumer behavior. 720-degree view of consumers is the next level of consumer engagement that can help the businesses grab new opportunities.

Infusai’s solution to achieve a 720-degree view by predicting the future needs of customers.

The first step is to gain a 360 view of your customer

When you look into the past, present, and future of a customer’s relationship with your company, it helps you capture, analyze, and respond to them accordingly. Hence, by collecting data about every customer from various touchpoints, you can obtain a comprehensive view that helps understand customer intelligence, build loyalty, and gives you direction as to what should be your next step.

Next, Personalization

When services are personalized, customers feel positive about the company and their ways of serving them. They tend to build their trust with the company and share their experiences with others, taking a step forward to engage better, and taking the leap of faith with the services provided.

Therefore, to enhance customer engagement we need to focus on the key elements of personalization.

a) Profile-based: Customer personalization should be attuned to their uniqueness and demographics, rather than generalization, hence creating a 'segment of one'.

b) Behavior-based: The customers' past decisions with different products, interactions, choices of services offer insights, which further offer a better understanding of your customer.

c) Collaboration-based: Customer engagement should be followed by the use of their prior experience, relevant tools, and touchpoints

d) Adaptive: With the evolving world, there is a drastic change in our lifestyle, and thus in our lives. Therefore, our behaviors also change accordingly. Using feedback systems, closed-loop communication, companies must be flexible to the evolving behavior of customers.

e) Channel-optimized: Today there are multiple channels to reach and engage with customers. We must identify and focus on these channels to optimize its effectiveness.

Few basic guidelines that help ensure success,

● Scale
Adapt to platforms that allow consumer scaling without costly measures, providing a necessary innovative customer experience.

● Simple Solutions
Choose simple solutions that give customers what they need in the fastest and easiest manner.

● Data
Data is the most valuable asset insurers have and by leveraging key data elements, valuable insights can be derived. Focus on quality data.

● Customer Feedback
Valuing customer feedback and adapting to the feedback. 85% of the relationship with an enterprise will be managed without manpower by the end of 2020, building tech-based solutions are the key.

Three main areas for insurers to take specific direction are cost management, customer acquisition and retention, and new products/pricing.

  1. Effective cost management
    With so many programs in line to improve customer engagement, enhance personalization, Insurers who’ve integrated technology and data in the process, must work on cost management. As mentioned in the beginning, retaining customers is costly to serve and hence, we must proactively work on the ways to enhance customer loyalty and trust.
  2. Leveraging customer acquisition
    Using technology in the digital context to build a rich repository of customer insights is as valuable as retaining loyal customers. These analytics must be used to understand customer intelligence, thereby leveraging these insights to increase business value, acquire potential new customers, and uncover new opportunities.
  3. Informed products and pricing
    Insurers should make use of real-time insights derived from data for positioning and pricing products that can be used to boost opportunities.

Customer experience and service are becoming an essential differentiator in the insurance industry. Companies are focusing on meeting consumer demands throughout the customer journey. Hence, companies are taking the big leap into the digital era, adopting new ways of working, reshaping themselves by integrating technology and operations, and collecting tools to match the customers’ preferences.

It is important that companies should also build capabilities to work extensively towards demonstrating a commitment to take tech initiatives in order to excel.

Interested in leveraging tech-based customer engagement solutions for your Business?

About Us: Infusai is an end to end Microsoft business and platform service provider. We are Microsoft’s Official Partner in India, Australia, Canada & US