CUSTOMER LOYALTY to take action at least some of the time , while 30 % said they took action on personalised messages either all or most of the time .”
These platforms allow for real-time , two-way communication , enabling insurers to provide instant support and updates .
AI-powered chatbots are playing an increasingly crucial role in this communication ecosystem .
René explains : “ Chatbots could be used to help customers with basic enquiries such as checking information and completing common transactions , and filling in documents , to quicken the claims management process .”
These chatbots , powered by natural language processing algorithms , can handle a significant portion of customer queries , freeing up human agents to deal with more complex issues .
Claims : AI and IoT The modern claims process , a critical touchpoint for customer satisfaction , relies on modern IoT technologies . René continues : “ Leveraging AI-driven image recognition tools and IoT sensors can remotely analyse images and assess the extent of damage . With automated processes , it can then forecast repair costs and book the repair with a verified provider , and share the details with customers instantly .”
Matt Sherwen of Sherwen Studios , a digital transformation expert asks : “ Can you create a timeline so individuals can log into their personal accounts and see the real-time status of their claims and what to expect ?
Insurers should make sure that policy documents and coverage options are easily understood by customers without jargon and what is covered is clearly communicated .”
Challenges of customer loyalty programmes and how to solve them
While loyalty programmes have become a staple in the insurance industry ’ s customer retention toolkit , they face several significant challenges . Recognising and addressing these hurdles is crucial for insurers aiming to create effective , long-lasting customer relationships .
One of the primary challenges facing insurance loyalty programmes is the inherently low-touch nature of the industry . As René points out : “ Insurers have a very intermittent relationship with their customers . There is little to no engagement between them from policy selling or renewal to making a claim .” To overcome this , insurers must create meaningful touchpoints beyond the traditional policy lifecycle . This could involve leveraging technology to offer proactive risk management services . René suggests : “ Our annual major consumer study found that the majority of customers ( 68 %) in the UK would be interested in proactive services from insurers that sent warnings to prevent losses before they happened .”
The personalisation paradox While personalisation is key to effective loyalty programmes , it presents its own set of challenges . Richard warns : “ Trust has to be earned and businesses can build and maintain
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