Why Does the Insurance Industry Need Omnichannel Contact Center Software?

omnichannel contact center software

Many insurers think that their insurance policies and products play a huge role in ensuring their business’s success. No doubt they do. But one more factor also plays an equally significant role (if not more). That’s customer service.

In today’s digital era, as a majority of customers demand seamless and personalized experiences across multiple channels, insurance companies that use sophisticated communication tools such as omnichannel contact center software have a huge edge.

A recent survey found that four out of every ten customers value seamless omnichannel communication. They use multiple devices and channels to communicate with insurers. However, just one in every ten decision-makers in the insurance sector focuses on omnichannel experiences.

This blog post explores the reasons why the insurance industry needs omnichannel contact center software and the benefits it brings to insurers and customers alike. Read on and thank us later.

1. To provide customers with multiple options to interact using a wide range of channels

In today’s time, when almost everyone has a smartphone, internet access, instant messaging apps, and multiple social media accounts, different people prefer different communication channels to contact their insurers.

One new research found that when insurance customers need any kind of support or face any issue, almost half of them will contact their insurers and speak with a customer service representative directly.

What’s interesting is that more than a quarter of them prefer mail and 15 percent prefer mobile apps to contact their insurers. When insurance companies use omnichannel contact center software, they can provide their customers with a wide range of options.

2. To meet customer expectations

Over the last few years, customer expectations have radically evolved. Many of them expect prompt responses from insurance companies irrespective of the channel they use. Be it by phone, text message, instant message, email, live chat, or social media.

To meet these expectations and stay competitive, insurance companies need to adopt omnichannel contact center software. This technology enables insurers to provide a unified and consistent customer experience across all communication channels, resulting in improved customer satisfaction, increased operational efficiency, and enhanced business outcomes.

By using sophisticated omnichannel contact center software, insurance companies are not just able to meet customer expectations but also enhance customer loyalty and build long-lasting relationships.

3. To provide customized and tailored services to customers

The one-size-fits-all approach doesn’t work in the insurance industry. That’s because different types of customers prefer different types of policies and services as per their needs and preferences. The same goes for communication as well.

An IBM study revealed that over 50 percent of customers prefer tailored communications from insurance companies. However, only 17 percent of insurers focus on customized communications. One Accenture research found that 70 percent of customers would share personal information with insurers in exchange for customized services.

By leveraging omnichannel contact center software, insurance firms can access relevant customer information as well as past transaction details and their purchase history. The data can help insurers gain valuable insights into their customers and help them offer tailored communication and services.

4. To enhance customer experience and satisfaction

As per research conducted by Accenture, when insurance companies provide customized services the customer retention rate is 81 percent. The same study found that when insurers offer customized services they enhance customer engagement by 89 percent.

As omnichannel contact center software empowers insurers to provide their customers with tailored experiences, it results in enhanced customer experience and satisfaction. By integrating customer data from various touchpoints, agents can provide tailored solutions and recommendations to customers, which leads to a satisfying customer experience.

Moreover, omnichannel capabilities in contact center software allow agents to switch between channels without losing context. It saves customers the hassle of providing their relevant personal information and other contextual data repeatedly.

5. To improve agents’ efficiency

Traditional insurance contact centers often struggle with inefficient processes and siloed communication channels. This results in repetitive tasks, manual data entry, and longer resolution times.

A KPMG study revealed that automation in the insurance sector can reduce the claims processing time by 50 percent and cut down the repetitive work of agents by 80 percent! Apart from enhancing productivity, automation will also eliminate inefficiencies and enhance customer satisfaction and experience.

Omnichannel contact center software can automate several routine tasks related to customer service. By doing so, it can enable agents to focus on more complex customer inquiries and provide value-added services. It can also streamline customer interactions and enhance the organization’s overall efficiency.

6. To be flexible and scalable

Insurance companies often experience fluctuations in call volumes due to several factors ranging from external events, seasonality, marketing campaigns, etc. In older times, when insurers witnessed a spurt in calls, they were unable to handle all those efficiently. And that sometimes led to missed business opportunities and dissatisfaction among customers.

But omnichannel contact center software provides contact centers with huge flexibility and scalability. By using sophisticated software, insurers can easily scale up (or scale down) their operations and adjust their resources and capacities based on demand.

Omnichannel contact center software offers on-demand scalability. It enables insurers to add or remove agent seats as needed. This flexibility ensures that insurers can effectively manage customer interactions during peak periods without compromising service quality or incurring unnecessary costs during lean periods.

7. To gain a competitive advantage

As per data released by IBM, 51 percent of insurance companies use the telephone and 50 percent of them use traditional mail to interact with customers. The methods aren’t just expensive but also extremely inefficient. Using these traditional tools in the current digital age is just similar to riding a horse-drawn carriage in the space age.

Omnichannel contact center software gives insurers a massive competitive advantage in the market. Not only do they stay ahead of the curve than a majority of their competitors, but also provide seamless and tailored customer experiences.

With communication and customer service a major differentiator in the insurance sector, insurance companies that use omnichannel contact center software will provide greater customer satisfaction. Apart from maintaining a competitive edge, insurance companies that prioritize omnichannel capabilities will drive considerable business growth.

8. To ensure proactive customer engagement

In the insurance sector, proactive customer engagement is extremely crucial. Omnichannel contact center software enables insurance companies to engage with customers proactively. By leveraging data analytics and customer behavior insights, insurers can anticipate customer needs and reach out to them at the right time and through their preferred channels.

To give an example, omnichannel contact center software can trigger automated notifications for policy renewals, claim updates, or personalized offers. By doing so, it will manage to catch customers’ attention and keep the communication channel open.

Proactive engagement not only enhances customer satisfaction but also increases cross-selling and upselling opportunities. It not just enables insurance companies to reach out to their existing customers and new customers regularly, but it also drives massive business growth for them.

9. To handle claims efficiently

Claims processing is an important aspect of the insurance industry. It often involves managing claims from multiple customers as well as a series of interactions between customers, agents, and third-party service providers. Previously, insurance companies had to manage claims from separate platforms manually. But the advent of omnichannel contact center software changed that.

By using sophisticated omnichannel contact center software, insurers can streamline the claims-handling process and facilitate seamless communication and collaboration across all stakeholders.

Agents can initiate, track, and manage claims from a centralized platform, which ensures great efficiency and transparency. The software’s integration capability with external databases and backend systems enables faster verification and processing of claims and reduces the overall claim settlement time.

10. To ensure robust security

According to data released by Cybersecurity Ventures, at least five businesses or customers fall prey to cybercriminals and hackers every minute. In the next seven years, the rate of attacks is going to increase five-fold!

It’s no secret that insurance companies deal with a lot of sensitive customer information and personal data. That’s why they must take all possible steps to safeguard their customers and policyholders from data theft and security breaches.

By providing features such as encryption, access controls, and call recording, omnichannel contact center software can help insurers enhance their security and make customer interactions much safer.

11. To gain real-time access to analytics and reporting tools

Data-driven stats and insights are extremely valuable for making informed business decisions. Omnichannel contact center software provides insurers with real-time analytics and reporting tools. It offers valuable insights into key operational metrics and generates reports in real-time.

By studying the metrics, insurance companies can determine agents’ performance, identify bottlenecks, provide necessary training and coaching, and optimize their contact center. By doing so, they can measure the difference between actual and desired results, which will help them to bridge the gap.

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At last,

Using omnichannel contact center software is no longer a luxury but a necessity for contemporary insurance companies. It can provide them with the necessary tools and capabilities to adapt to changing customer expectations and deliver exceptional customer service across all communication channels.

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