Back-office inefficiencies, lack of systems integration, wonky workflows, and poor communications are among the culprits making a hard job even harder.
Insurance companies across Europe face a formidable challenge: Upgrade systems without upending the business. Forward-thinking organisations are open to change but that change can’t break the bank or compromise the customer experience.
In fact, enhancing the customer journey at every touchpoint is the only way forward to maximise lifetime value of hard-won current customers — and to win over friends and family they refer to your company when treated well and needs are met. Companies that grew by acquisition, or are saddled with legacy, siloed systems that don’t play nice together, fantasise about a holistic operating environment but often lack a roadmap to get there.
The status quo is not sustainable. Friction must be removed to keep the ball moving.
About 88% of CX issues plaguing insurance companies in the EMEA region stem from fund withdrawals, associate communications, platform accessibility, mismanagement of funds, and claims processing, according to TTEC research. Enlightened companies are leveraging technology to manage these areas more efficiently, such as Spain’s CaixaBank, whose objective is “to make the most of the opportunities that the digital revolution offers banking in order to offer a better service and improve our management capacity in all spheres of the organisation.”
A platform that optimises the experience, minimises cost
Challenges vary widely across the EMEA region. Whether it’s new regulatory demands and rising competition from nonprofit mutuelles in France or low product awareness and poor engagement of consumers in Spain, insurance companies can’t ignore internal obstacles and limitations of their own operating environment.
Let’s look closer at what emerging insurtechs and startups targeting specific customer segments, such as low-income or over-50 age groups already know. The ecosystem is changing fast, fuelled by new entrants that win customers with more personalised services and products, diverse and convenient communications channels, and broader opportunities to interact, such as the digital social community, advice, and advocacy platform hosted by the London-based startup Rest Less.
All these developments whet consumers’ appetite for more personalisation and a higher level of service. They are open to considering new products, such as cyber insurance, weather insurance, and policies to protect pets, but it’s crucial to understand which customers are most receptive — and when.
CX optimisation within reach
Outsised and budget-busting IT-driven projects that often flame out are falling out of favour. Instead, progressive organisations are stretching their imagination to adopt new approaches that provide unprecedented flexibility to pivot as they need. By forgoing long-term investment commitments and uncertain ROIs, companies can leverage AI-enhanced solutions to optimise CX. TTEC’s AI Centre of Excellence features a wide array of battle-tested, AI-enhanced solutions for automation, associate augmentation, and other tools that streamline processes and save on costs.
Here are a few ways to automate and streamline current operations without breaking the bank.
- Conversation and business intelligence: Organisations leverage AI-enhanced data analytics involving both customer and employee interactions to improve decision-making and performance.
- Knowledge enablement: Contact centre associates provide a better experience with access to AI-enhanced knowledgebases.
- Learning and development: Speed to proficiency is essential and companies using AI bots find the role-playing function lifts confidence before associates advance to live calls.
- Workforce optimisation: Companies can reduce the number of FTEs and payroll costs, thanks to forecasting analytics and predictive modelling to optimise workforce scheduling and management.
- Contact centre as a service: With CCaaS, companies can cherry pick the technology they want — without committing to all the other bells and whistles they won’t use. CCaaS, which can be deployed both as a cloud-based solution and on-premises, is flexible, scalable, and cost-effective because all IT, integration, and technology is built in. It’s an option many prefer over the “rip-and-replace” method that can be disruptive to business.
Insurance companies in EMEA have plenty to contend with as market dynamics shift and new competitors troll for your customers. Delivering superior CX while containing costs is within reach with new options now available to implement solutions that work you — and keep the ball moving forward smoothly, without friction.
Find out more about TTEC’s deep experience in the insurance sector and how our unique consultive approach delivers on goals and objectives.
