Three key levers to rebuilding the Insurance Customer relationship | The Insurance Blog

In today’s competitive environment, the lines between product offerings and price offerings among Asian movers are crazy, forcing companies to find new ways to gain customer attention and protect their business. Because of this, customer engagement and experience have become critical to success. Despite the insurance company’s efforts to prioritize customer-centric methods and personalized experiences, 74% of consumers are disappointed that they left an abandoned purchase due to feeling frustrated, according to “Empowered consumer“Global Accention Buyer umESEBHEPHA 2024. In addition, consumer trust and consumer loyalty are low, with only 39% of consumers believing that companies have a large profit at heart.

Why is this happening? Based on recent simulation studies, both globally and in the Chinese market, we have summarized some findings.

• Details in detail: Consumers are often overwhelmed with information, leading to frustration as they struggle to sort through and verify information. 62% of consumers feel overwhelmed by the number of options available to them.

• Full Market: between They are again in accordance with the age of overloadwe found that nearly 80% of Chief Marketing Officers (CMOs) in industries in China Note that product offerings and marketing strategies have become strategies. While many options exist, this has created confusion and decision paralysis among consumers.

• Customer expectations emerge: Consumers are increasingly focusing on buying products rather than just buying products, and a good product experience is very important to insurance as purchasing decisions are often compared to other consumer goods. To succeed in this complex environment, insurance providers must reinvent customer relationships – through adaptation, innovation, and powerful technology.

To address this, this blog focuses on three levers to promote and sustain profitable growth, by improving customer engagement and experience:

1. Call for AI-driven data marketing:

Advances in data analytics and artificial intelligence have enabled hyper-personalization, guiding customers through their decision-making journey. 94% of Chinese CMOs Believe that Gen AI capabilities can help improve organizational efficiency and agility in responding to market demands.

The integration of AI tools enables advertising campaigns to focus on relevant topics and future plays, generating marketing messages to stay top of mind. It also provides the power to recommend with personalized recommendations and advanced insights based on customer interests, engagement history and lifestyle factors.

We see a dynamic in insurance itself by developing AI capabilities that match products to customers based on various data elements, providing intelligence-based recommendations between products and customer needs. Demand for consumption and behavior-based products and services continues since the Covil-Era Spike in 2020.

While data is the cornerstone of AI capabilities, many organizations struggle, too 65% faced challenges in building a database for storage. It often lacks clarity on where the data works and is unsure where to start. As insurance navigates this complex landscape, prioritizing data organization and fostering collaboration between technology and human intelligence can unlock the transformative power of AI.

2. Embrace marketing technology to drive innovation and speed

68% are Chinese CMOs Realize that customer expectations are evolving faster than their companies can keep up. Being able to respond quickly to these demands is critical to success. To close this gap, the insurer needs to meet the marketing technology (Martech) to get important information on the customer’s choice, making quick responses through the automatic campaign of the campaigner and more targeted marketing. This means delivering campaigns at the right time and in the right format, tailored to each customer’s preferences.

To further improve their marketing strategies, insurance providers should consider integrating Martech into their operational and data platforms. This integration can create a seamless journey from campaign planning, to execution, to tracking, allowing sales forces to focus on their core business – driving creative innovation – rather than getting bogged down in administrative work. We have partnered with a leading financial institution in Hong Kong to raise its capabilities and improve its sales performance. They introduced a new customer-focused strategy that engaged with targeted marketing campaigns, using information from customer segmentation, product analysis, analytics, and various media channels. This comprehensive approach has resulted in impressive results: an increase in new business, a 10% increase in re-attachment of existing customers, and a 25% improvement in sales efficiency.

While aligning marketing strategies based on customer behavior and preferences, Martech must also enable omni-channel capabilities across multiple touchpoints. Ensuring consistent messaging and seamless transitions between channels helps insurers engage with customers effectively and deliver a cohesive experience.

3

When products and services between companies are highly customized, customers evaluate them not based on the exchange relationship, but more importantly, the broader experience they have with the product. They want unique and memorable interactions that may not be directly related to the product they are buying. 76% of consumers Those who find joy in shopping are more likely to recommend the brand to others, highlighting how a positive and engaging experience greatly influences brand loyalty and customer loyalty. This emphasis on unique experiences is especially important in the insurance industry, where purchasing decisions are often compared to other consumer goods.

Internet companies can build an ecosystem internally by combining different product lines and services, or by using collaborations with external Ecosystem partners to expand expertise. In fact, few insurers are already using nature to deliver more value-added experiences and expand their customer base. This can include partnerships with health and wellness organizations, shopping, entertainment, and travel to provide unique perks and experiences for policyholders. They might plan events like outdoor yoga classes, running events, and outdoor movie nights to position themselves as the perfect health and wellness partner.

For example, one of the insurers in Hong Kong has it come in Industry-industry cooperation through the Internet fOod and Beverage Guide platform to provide exclusive information on reliability, health incentives and being the first insurance in Hong Kong to provide protection against any risks related to the food experience.

To truly love, insurance providers must strive to provide a unique and memorable experience. While many customers may not notice the technical differences between different insurance products, they do when they experience ‘WOW’ moments. Assessing your current position among competitors and actively seeking ways to deliver unique experiences can help your brand leave a lasting impression on customers.

Lasting

Coming out with a unique experience is the key to gaining customer relationships and leading a strong insurance industry. As insurance navigates this challenging environment, its dedication to customer engagement and differentiation will be the carlyst of continued business growth. We believe that the insights we have gained in Asia can inspire leading insurers in other regions for their future customer engagement efforts.