"Insurance needs to bring empathy back to overcome the lack of trust."–Brian Carey
Customers and insurers
Most insurers tout their customers as their priority, and many refer to their customer-centric missions, which in some cases date back more than a century.However, a look at social media and recent news reveals that customer experience is still a sore spot.
- A 2024 D. Power survey of individual life insurance in the US found that only 29% of customers believe their insurer makes complex policies simpler.Less than three-quarters say their policy fully meets their future needs;
- A 2024 LIMRA and Life Happens Insurance Barometer study finds that only half of American adults have life insurance.While 42% say they need one or need a higher oneinsurancelife;
- Ernst &Young reports a "historically low level of customer confidence" in insurance in 2024. All this reveals a significant gap between insurance and its primary purpose of being financial.It is a safety net to support policyholders in difficult times.
The solution?The technologies
Turning to an intangible tool to restore empathy in the insurance industry may sound counterintuitive.The truth is that technology can reaffirm companies' commitment to consumers by improving the quality of customer service.The great work done by all professionals who face clients every day continues to be extremely important and vital.However, through streamlined processes, improved analytics and diverse communication channels, brokers can strengthen the relationship with their clients.Insurers can also make great strides in helping policyholders restore trust in companies.This way, they will feel confident that they will be provided exactly when they need support the most.
Technology can reform manual processes, freeing agents and brokers to focus on policyholders
Life insurance agents and financial advisors often have to juggle multiple responsibilities.This means that effective time management through optimized processes is essential.However, many insurers ...
"Insurance needs to bring empathy back to overcome the lack of trust."–Brian Carey
Customers and insurers
Most insurers tout their customers as their priority, and many refer to their customer-centric missions, which in some cases date back more than a century.However, a look at social media and recent news reveals that customer experience is still a sore spot.
- A 2024 D. Power survey of individual life insurance in the US found that only 29% of customers believe their insurer makes complex policies simpler.Less than three-quarters say their policy fully meets their future needs;
- A 2024 LIMRA and Life Happens Insurance Barometer study finds that only half of American adults have life insurance.While 42% say they need one or need a higher oneinsurancelife;
- Ernst &Young reports a "historically low level of customer confidence" in insurance in 2024. All this reveals a significant gap between insurance and its primary purpose of being financial.It is a safety net to support policyholders in difficult times.
The solution?The technologies
Turning to an intangible tool to restore empathy in the insurance industry may sound counterintuitive.The truth is that technology can reaffirm companies' commitment to consumers by improving the quality of customer service.The great work done by all professionals who face clients every day continues to be extremely important and vital.However, through streamlined processes, improved analytics and diverse communication channels, brokers can strengthen the relationship with their clients.Insurers can also make great strides in helping policyholders restore trust in companies.This way, they will feel confident that they will be provided exactly when they need support the most.
Technology can reform manual processes, freeing agents and brokers to focus on policyholders
Life insurance agents and financial advisors often have to juggle multiple responsibilities.This means that effective time management through optimized processes is essential.However, many insurers still rely on pen and paper.When there is an important event in the life cycle of the policy, there is often a pile of paperwork to accompany it.
While these documents and their information are important to effectively serving policyholders, the hours advisors spend filing forms take valuable time away from providing support to their clients in their hour of need.This is where technology comes in.
Insurers can demonstrate their commitment to customers by streamlining the underwriting and claims processing process through technology.The use of electronic applications and forms makes the process as convenient and hassle-free as possible for agents, brokers and policyholders.
The right technology can help insurers better understand customers and tailor their processes to their needs
In today's times, traditional interactions between insurer and insured are not enough.With the advent of streaming services, users have access to libraries of content tailored to their preferences.Other financial services industries have also caught on, creating rapidly evolving consumer experiences.A simple sign-up email from an insurance company every few months leaves a lot to be desired among consumers who are losing faith in the industry.
Additionally, brokers often work with hundreds of clients and insurance companies serve millions of policyholders, making it nearly impossible to send individual emails.But with the help of a strong customer relationship management solution, brokers and underwriters can spend less time managing data and more time working with customers.
When seamlessly integrated with an organization's streamlined core systems, companies and brokers can use technology to extract trending information and use it in prospecting.This removes some of the administrative burden and allows them to focus on serving these customers.
Technology coverage is especially important today as financial literacy remains low.As a result, customers may not be aware of different insurance products.They can be used to best secure yourself and your loved ones.By using specialized CRM software, brokers will have more time to discuss what other insurance products are available to support policyholders' specific needs.
Diversified communication channels are a must
Hinsurers must meet customers where they are.These days, consultants don't just meet one type of consumer—they work with clients spanning multiple generations and walks of life.As a result, a one-size-fits-all approach to reaching the customer will not be sufficient.A phone call may be preferred among older generations, while Gen Z and Millennials may be more receptive to texting.
In order to effectively support all policyholders, insurers must have diversified communication channels that are connected to their core back-end systems.These channels can offer valuable insights into customer behavior that brokers and companies can use to improve and tailor the customer experience.
Multichannel communications are especially important in today's dynamic environment, where consumer attention spans are highly limited and variable.A 2019 CDC study shows that Americans have an average of five hours of free time per day.When they can use it for social activities, sports, travel or recreation, they rarely choose to talk to financial advisors.Insurance companies can demonstrate their commitment by providing customers with diverse, flexible and convenient communication channels.
Empathy is an integral part of the customer experience
Empathy is fundamentally about understanding.This requires underwriters and brokers to put themselves in their customers' shoes and see things from their perspective.While empathy is critical to building relationships, the work that counselors and service staff do to build trust is too often undermined by human error in work processes.
However, integrating technology into insurance practices can help carriers fulfill their core mission of putting the customer first.With streamlined administrative tasks, more communication channels and improved CRM and data analytics, insurance companies have the opportunity to significantly increase the trust of their customers.Using technology allows them to spend time on more engaging and personalized interactions, fostering stronger and more trusting relationships between them and policyholders.
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"Insurance needs to bring empathy back to overcome the lack of trust."–Brian Carey
Customers and insurers
Most insurers tout their customers as their priority, and many refer to their customer-centric missions, which in some cases date back more than a century.However, a look at social media and recent news reveals that customer experience is still a sore spot.
- A 2024 D. Power survey of individual life insurance in the US found that only 29% of customers believe their insurer makes complex policies simpler.Less than three-quarters say their policy fully meets their future needs;
- A 2024 LIMRA and Life Happens Insurance Barometer study finds that only half of American adults have life insurance.While 42% say they need one or need a higher oneinsurancelife;
- Ernst &Young reports a "historically low level of customer confidence" in insurance in 2024. All this reveals a significant gap between insurance and its primary purpose of being financial.It is a safety net to support policyholders in difficult times.
The solution?The technologies
Turning to an intangible tool to restore empathy in the insurance industry may sound counterintuitive.The truth is that technology can reaffirm companies' commitment to consumers by improving the quality of customer service.The great work done by all professionals who face clients every day continues to be extremely important and vital.However, through streamlined processes, improved analytics and diverse communication channels, brokers can strengthen the relationship with their clients.Insurers can also make great strides in helping policyholders restore trust in companies.This way, they will feel confident that they will be provided exactly when they need support the most.
Technology can reform manual processes, freeing agents and brokers to focus on policyholders
Life insurance agents and financial advisors often have to juggle multiple responsibilities.This means that effective time management through optimized processes is essential.However, many insurers ...
"Insurance needs to bring empathy back to overcome the lack of trust."–Brian Carey
Customers and insurers
Most insurers tout their customers as their priority, and many refer to their customer-centric missions, which in some cases date back more than a century.However, a look at social media and recent news reveals that customer experience is still a sore spot.
- A 2024 D. Power survey of individual life insurance in the US found that only 29% of customers believe their insurer makes complex policies simpler.Less than three-quarters say their policy fully meets their future needs;
- A 2024 LIMRA and Life Happens Insurance Barometer study finds that only half of American adults have life insurance.While 42% say they need one or need a higher oneinsurancelife;
- Ernst &Young reports a "historically low level of customer confidence" in insurance in 2024. All this reveals a significant gap between insurance and its primary purpose of being financial.It is a safety net to support policyholders in difficult times.
The solution?The technologies
Turning to an intangible tool to restore empathy in the insurance industry may sound counterintuitive.The truth is that technology can reaffirm companies' commitment to consumers by improving the quality of customer service.The great work done by all professionals who face clients every day continues to be extremely important and vital.However, through streamlined processes, improved analytics and diverse communication channels, brokers can strengthen the relationship with their clients.Insurers can also make great strides in helping policyholders restore trust in companies.This way, they will feel confident that they will be provided exactly when they need support the most.
Technology can reform manual processes, freeing agents and brokers to focus on policyholders
Life insurance agents and financial advisors often have to juggle multiple responsibilities.This means that effective time management through optimized processes is essential.However, many insurers still rely on pen and paper.When there is an important event in the life cycle of the policy, there is often a pile of paperwork to accompany it.
While these documents and their information are important to effectively serving policyholders, the hours advisors spend filing forms take valuable time away from providing support to their clients in their hour of need.This is where technology comes in.
Insurers can demonstrate their commitment to customers by streamlining the underwriting and claims processing process through technology.The use of electronic applications and forms makes the process as convenient and hassle-free as possible for agents, brokers and policyholders.
The right technology can help insurers better understand customers and tailor their processes to their needs
In today's times, traditional interactions between insurer and insured are not enough.With the advent of streaming services, users have access to libraries of content tailored to their preferences.Other financial services industries have also caught on, creating rapidly evolving consumer experiences.A simple sign-up email from an insurance company every few months leaves a lot to be desired among consumers who are losing faith in the industry.
Additionally, brokers often work with hundreds of clients and insurance companies serve millions of policyholders, making it nearly impossible to send individual emails.But with the help of a strong customer relationship management solution, brokers and underwriters can spend less time managing data and more time working with customers.
When seamlessly integrated with an organization's streamlined core systems, companies and brokers can use technology to extract trending information and use it in prospecting.This removes some of the administrative burden and allows them to focus on serving these customers.
Technology coverage is especially important today as financial literacy remains low.As a result, customers may not be aware of different insurance products.They can be used to best secure yourself and your loved ones.By using specialized CRM software, brokers will have more time to discuss what other insurance products are available to support policyholders' specific needs.
Diversified communication channels are a must
Hinsurers must meet customers where they are.These days, consultants don't just meet one type of consumer—they work with clients spanning multiple generations and walks of life.As a result, a one-size-fits-all approach to reaching the customer will not be sufficient.A phone call may be preferred among older generations, while Gen Z and Millennials may be more receptive to texting.
In order to effectively support all policyholders, insurers must have diversified communication channels that are connected to their core back-end systems.These channels can offer valuable insights into customer behavior that brokers and companies can use to improve and tailor the customer experience.
Multichannel communications are especially important in today's dynamic environment, where consumer attention spans are highly limited and variable.A 2019 CDC study shows that Americans have an average of five hours of free time per day.When they can use it for social activities, sports, travel or recreation, they rarely choose to talk to financial advisors.Insurance companies can demonstrate their commitment by providing customers with diverse, flexible and convenient communication channels.
Empathy is an integral part of the customer experience
Empathy is fundamentally about understanding.This requires underwriters and brokers to put themselves in their customers' shoes and see things from their perspective.While empathy is critical to building relationships, the work that counselors and service staff do to build trust is too often undermined by human error in work processes.
However, integrating technology into insurance practices can help carriers fulfill their core mission of putting the customer first.With streamlined administrative tasks, more communication channels and improved CRM and data analytics, insurance companies have the opportunity to significantly increase the trust of their customers.Using technology allows them to spend time on more engaging and personalized interactions, fostering stronger and more trusting relationships between them and policyholders.