Hear the Voice of the Customer in Insurance: Beyond Claims & Costs

Published on — Written by Wonderflow

insurance

For insurance companies to keep up with the changing expectations of their policyholders, they must be more agile, work faster, and focus on resolving more than claims complaints and costs but also offering a superior customer experience (CX). 

Insurance providers also often find themselves inundated with large amounts of customer data, a goldmine for improving CX and profiting off high return on investment (ROI), but they simply just don’t know how to effectively leverage it. 

In this article, we’ll explore why voice of the customer (VoC) data is essential for insurance businesses to succeed, specifically how they can better utilize customer feedback to improve their call center operations and CX.

What is Insurance Data Analytics?

Broadly speaking, with insurance data analytics, data is collected, analyzed, and processed so that valuable insights can be derived to manage risks and determine insurance contracts that are most optimal for firms. This is basically a combination of big data analytics and the insurance industry that helps companies analyze their data and convert it into useful insights.

Insurance companies have always relied heavily on data to operate their call center operations (hence another key phrase, call center analytics), all due to its data-driven nature. In spite of the fact that every insurance company has a tremendous amount of data, they fail to make the most of all that data with actionable insights. Because the sheer amount of data they possess makes it hard for insurers to process and manage.

Insurers benefit from data analytics in three main ways: 

  1. Helps them well manage data
  2. Helps extract insights valuable enough to drive impactful business actions 
  3. Helps to deliver the right kind of data to the right departments or people and at the right time

In marketing, the voice of the customer summarizes customers’ expectations, preferences, and aversions. Specifically, VoC is a research method businesses use to learn more about their customers. It allows you to gain a deeper understanding of your consumer behavior, their difficulties, preferences, and wants, allowing you to better serve and communicate with them.

VoC data can be represented as your insurance brand’s customer satisfaction score (CSAT), customer retention, customer effort, and service-level agreement (SLA) performance. When it comes to improving your customer care or call center operations, VoC analytics is critical to your insurance firm’s success.

Why Voice of the Customer Analytics Can Help Transform Insurance Brands

From sales through delivery and service, VoC insights can revolutionize insurance success and improve both customer experience and the provider’s brand image. Thanks to advances in technology, artificial intelligence has made all this possible. Merchants can see how the Voice of the Customer empowers insurers in the following ways:

Gain loyal customers 

Customer experience is more important than product or service quality to 86% of customers, and 79% believe that a company’s CX is just as vital as its products or services.

But it doesn’t stop there, the importance of excellent customer service is growing, and customers are leaving in droves because of poor support: If a company does not provide the level of customer care ‌ customers expect, more than half of customers say they will stop doing business with the ‌company.

Increase customer satisfaction

Upselling and cross-selling can be increased by 15-20% when customer feedback is collected and analyzed, and organizations that adopt VoC programs spend 25% less on client retention.

Machine learning techniques like sentiment analysis and keyword extraction can automatically assess online reactions to marketing efforts and find new trends in the industry as they occur.

Improve or develop new services

52% of product management leaders say that customer feedback is the primary source of inspiration for new products and services. For example, VoC can help you understand why customers feel the way they do, especially when it comes to specific characteristics of a service that may be defective or absent, we can better understand the price sensitivity of some features or even the redundancy of others. Developing a VoC program is a natural extension of your product development strategy.

The Future of the Insurance Industry 

Statista 2022: Forecast of the global insurance market in 2020, with forecasts from 2020 to 2025 (in billion U.S. dollars)

The insurance sector is redefining itself and charting a new course for the future with the help of new technology. A compound annual growth rate of almost 6% is expected for the industry, bringing its estimated 2025 market value to nearly $6.4 trillion.

In order to better serve policyholders in their daily lives, a digital transformation helps to modify business models and customer experiences. If you want to fully meet and surpass consumer expectations, achieve customer-centricity, and unlock fresh growth, you need innovators to re-invent the foundation of your organization. 

With smooth, secure, and personalized client involvement, the insurance firms that become an integral part of their customers’ lives will win.

A Wonderful Use Case Example: How VoC Analytics Improved an Insurance Brand’s Sales & Customer Service

An Italian insurance provider was experiencing a higher-than-average volume of customer complaints. Puzzled by this situation, they found Wonderflow. We enabled them to enhance their call center operations and customer experience using advanced VoC analytics.

Based on our granular and unique insights, this insurance client understood that the heart of their problem mainly lay in their poor customer service. The team took the following key actions and implemented an online contact form for their policyholders to easily use for reporting car-related accidents, resulting in fewer email complaints by nearly 50% within the first six months. Plus, much more. Read the full success story here.

About Wonderflow

Wonderflow empowers businesses with quick and impactful decision-making because it helps automate and deliver in-depth consumer and competitor insights. All within one place, results are simplified for professionals across any high-UGC organization, and department to access, understand, and share easily. Compared to hiring more analysts, Wonderflow’s AI eliminates the need for human-led setup and analysis, resulting in thousands of structured and unstructured reviews analyzed within a matter of weeks and with up to 50% or more accurate data. The system sources relevant private and public consumer feedback from over 200 channels, including emails, forums, call center logs, chat rooms, social media, and e-commerce. What’s most unique is that its AI is the first ever to help recommend personalized business actions and predict the impact of those actions on key outcomes. Wonderflow is leveraged by high-grade customers like Philips, DHL, Beko, Lavazza, Colgate-Palmolive, GSK, Delonghi, and more.

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