Digital Customer Experience… where to start with this hugely important topic, it has many broad strands each undergoing continual, exciting, even exponential change and so in my experience requires engagement and good coordination across the business. Certainly the Culture and Organisational model plays a key part in getting the right CX outcomes. Who should set the agenda for transforming your Customer Experience is something I have seen change over recent years. When Digital became a ‘thing’ about a decade ago Customer Experience became rather siloed by Channel ‘owners’ and then there was a tussle between CMO and CIOs for omnichannel experience, this gave way to the CDO (Chief Digital Officer). Although the CDO today is more commonly used for your Chief Data Officer, with CX typically being owned by the Chief Customer Officer (CCO). Although respective remits often tend to be company specific.
Digital Customer Experience in many ways is becoming the deciding battlefield on the insurance landscape as to who will win through. Much of the inspiration is coming from the InsurTech community who are helping to realign to customer expectations, to be more in line with their experiences in other digital interactions. The goal is naturally to provide a superior experience that differentiates from your competitors.
The industry incumbents have in recent years largely been battling with the much maligned legacy systems with pockets of innovation that often don’t make the grade past proof of concept, usually down to the approach taken; the adage ‘if not Enterprise class won’t get to Enterprise size’ springs to mind. However during this period Customer behaviour and ways of interacting shifted, so now the race is on to evolve digital CX to meet expectation but also pivot for future change.
As ACORD’s recent benchmarking study shines a light on, there is a need to conduct an evaluation of your digital experience assessing gaps in application performance against emerging customer needs, and to benchmark how efficient and effective you are in delivering upon these.
Emerging Technology will certainly be an area I want to cover in my session at ACORD’s symposium March. Artificial Intelligence whilst in its nascent stages in insurance has made real inroads in other sectors (especially Retail) and is well embedded in the customer journey. It has successfully fused the physical with digital where technology such as Voice Recognition (VR) and Intelligent Automation (IA) to help navigate Customers through their purchase and service journey.
At CGI I am working with Clients who are using Artificial Intelligence (AI) to better understand digital traffic patterns to then personalise content, experience and of course price. As we operate across a number of sectors, such as Government, Telecoms, and Retail Banking, we are able to augment this work with best practice that allows for that optimal insurance customer experience and to help stand out from the pack.
The core business metrics around Acquisition, Service, Retention and overall cSats/ NPS largely remain the same, how you achieve these though has very much changed and hopefully this is something we can bring to life at the ACORD’s Digital Customer Experience Symposium – If you haven’t already, register here as we would very much hope to see you there!