Methods to Increase Personalization for Insurance Customers

Even with the clear consumer appetite and strong business case to be made for highly personalized products and services, and some insurers are already on board, there is room for improvement. Customers strive for personalized, real-time, digital or mobile services, and forward-looking insurers recognize the value in these types of services for reducing costs, limiting customer switching and improving customer retention and loyalty. For insurers still lingering, the time to act is now.

Serving customers in demographic segments is not as effective as serving them as individuals. But how can insurers manage hyper-relevance to millions of customers? Consumers want a satisfactory experience characterized by convenience and speed. 

Data Sharing 

Most consumers are willing to share their data for personalized services, lower prices, and faster claims processing. With the expansion of digital experiences, personalized insurance services have become a necessity rather than a preference. This shift has been driven in part by innovative offerings in other sectors by giants like Google, Apple, Facebook, and Amazon as well as companies embracing the sharing economy, like Uber. Most people’s interest in personalized pricing strategies tailors their behavior, such as insurance premiums linked to safe driving or healthy lifestyle habits. Most consumers are willing to share their data in return for a range of benefits, including lower prices, more relevant, personalized offers and alerts, and quicker claims processing. 

The Value of Personalization

Customers are happy to access product information and conduct standard transactions through online channels, but that they prefer to talk to an in-person advisor for more complex transactions, such as making an insurance claim. Individuals are pretty open to other ways of accessing this one-on-one service would be interested in remote face-to-face contact, via internet-enabled chat or video, for instance. 

This works well to move toward artificial intelligence, where in-person services are costly and difficult to scale. Artificial intelligence makes it possible to offer personalized engagement at scale. This is especially true for simpler transactions, where it can free up and support agents to deliver higher quality service where it matters most.

Modern customer service is not only about providing a variety of channels to suit customers’ different needs and preferences; it’s also about offering personalized recommendations based on an individual’s interests, life stage, and behaviors. Maintaining trust is vital to serving consumers as individuals, as is implementing the perfect combination of digital services and human-to-human interaction

About AmSuisse

Formed in 2013, AmSuisse, Inc. has quickly distinguished itself as a wholesale operation that specializes in working very closely with our agents and broker partners to develop responsive, individualized service for each client. Our unparalleled writing support, industry-specific expertise, marketing support, responsive proposals and quotes, strong customer service, and strong relationships with our carrier partners have all helped us to provide the best possible coverage for our clients. To learn more about our available coverage, contact us today at (800) 485-0229 to speak with one of our representatives.