Only 5% of carriers across the world are "best-in-class" for customer satisfaction, according to research from the Capgemini
For high-quality customer service, the report emphasizes the modernization of the onboarding, self-service and claims processes. Combining AI-enabled processes with human interactions to provide an efficient onboarding process and customer experience is crucial, according to the report.
Samantha Chow, Capgemini's global leader for life insurance, annuities and benefits sector, wrote to Digital Insurance about how carriers can find the balance between implementing advanced technology and maintaining an adequate level of human interaction.
"An insurer does not only have to deal with their policyholder and the demands of prospective clients when it comes to product and experience, but also with the internal needs of their underwriters, claims reps, service staff and agents, brokers or advisers. Each stakeholder has a wide range of requirements to be kept happy. Thus the 'paradox' or customer experience divide we find ourselves today," said Chow.
She continued, "For this reason, change must be intentional and not just for change's sake. The use of AI and GenAI need to have purpose and add value to the end user in order to improve the experience. Where you start with your advanced technology use cases will not matter as long as the change is intentional and intended to improve the way you do business. That change will resonate across the organization, if done correctly, and all segments of the value chain are consulted and benchmarked, which includes creating KPIs to properly measure the impact."
Capgemini also suggests that carriers can prioritize transformation around revamping legacy systems, employing technology like generative AI, improving data management and promoting a customer-centric approach through talent and partnerships.
"When it comes to maintaining the human interaction, the customer, whether internal or external, needs to be at the heart of these types of implementations. For example, if you implement a new underwriting workbench with more advanced technology that will automate underwriting or uses GenAI to summarize the underwriting documentation for ease of underwriting review, this will have an immediate impact on the underwriter. But also, the agent and applicant, due to speed of issue and reduced back and forth," said Chow. "In addition, this same summary information that was provided can be used in claims and service to improve claims and potential servicing of a policyholder."
The top performers identified by Capgemini reveal how advanced core processes and tech, as well as implementing new talent strategies, led to successful transformations that demonstrate commitment and drive customer experience value.
"The value of this change isn't just in underwriting. By understanding the connections across all personas and the policy lifecycle, and by creating the benchmarks and identifying the right KPIs, you will see that the impact, while technical in nature and meant to improve underwriting, creates a critical customer experience," said Chow. "This experience not only sets the outlook for the new customers, but also maintains consistent personal touchpoints throughout the user journey. The customer, whether internal or external, needs to be at the heart of any technology implementation. Once this cultural shift is embraced, the impact can be extremely successful."
