Insurance customers expect more: instantly, seamlessly, and exactly the way they want it. The stakes are high, as insurance customers typically only interact with their carriers once or twice a year—a stark contrast to the frequent interactions seen in banking.1 The low frequency of touchpoints makes it crucial for insurers to ensure each one is a positive experience.
Getting it right means offering seamless, orchestrated and omnichannel customer journeys. It’s an ambitious vision that’s not always the reality of today’s insurance experience. A study from McKinsey finds the insurance customer journey is fragmented from the start with six out of 10 customers switching channels pre-purchase.
One in six customers reports no follow-up from insurers after an initial discussion related to financial advice. And of those who do hear back, 40 percent report interacting with two or more people, which can lead to a disjointed experience. Insurers can—and must—do more to close these gaps and ensure that customer interactions can move seamlessly between offline and online channels.
It’s a reality that goes straight to the bottom line. Insurers that offer personalized experiences and tailor-made products see an 81% increase in customer retention and an 89% increase in customer engagement.2
And 78% of customers say they’re more likely to respond to personalized messages – so having enough first-party data to tailor your marketing is crucal.3 The Boston Consulting Group predicts that over the next five years, $2 trillion in revenue will shift to companies that know how to create personalized experiences and personalized communications.
Delivering a better experience can also tap into a powerful source of meaning for employees,4 which can, in turn, lead to higher rates of employee satisfaction and retention. Successful customer-centric transformations in insurance typically lead to a 20 percent uplift in employee satisfaction.5
Soar to new heights with the power of GenAI
GenAI can assist insurance communications teams in enhancing policyholder communications. To optimize these experiences, insurance companies must generate new communications and refine existing ones to improve simplicity, understanding, and empathy towards customers. OpenText Communications with Experience Aviator enables insurance companies to craft appealing, personalized web communications, emails, and dynamic landing pages that resonate with your policyholders and foster long-term customer loyalty.
Reduce the time, effort and cost of migrating to the Guidewire Cloud with OpenText Communications and OpenText Information Archive
OpenText is looking forward to attending the Guidewire Connections event from November 17-20 to discuss the future of policyholder communications and claims experience. Visit us at booth number PS-B4 for a personalized demo on how OpenText™ Communications (Exstream) can help optimize customer engagement with the design and delivery of ultra-personalized, consistent and compliant communications. OpenText™ Information Archive is a complete platform for ongoing active archiving and legacy decommissioning at enterprise scale. It provides archive search, reporting, GenAI-based natural language analysis, contextual record display with original attachments and regulatory compliance features for data retention, holds, and disposition.
OpenText is trusted by the world’s leading insurance companies for personalized customer communications. Find out how Universal Insurance Group uses OpenText Communications with Guidewire InsuranceSuite for policies, billing and claims.
- 4, 5. McKinsey.
- Accenture.
- Salesforce.
