{"id":140189,"date":"2020-01-20T07:57:45","date_gmt":"2020-01-20T07:57:45","guid":{"rendered":"https:\/\/news.sap.com\/africa\/?p=140189"},"modified":"2023-09-27T19:10:40","modified_gmt":"2023-09-27T19:10:40","slug":"360-degrees-of-experience-management-in-the-insurance-industry","status":"publish","type":"post","link":"https:\/\/news.sap.com\/africa\/2020\/01\/360-degrees-of-experience-management-in-the-insurance-industry\/","title":{"rendered":"360-Degrees of Experience Management in the Insurance Industry"},"content":{"rendered":"

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Leading-edge consumer brands have transformed reactive, legacy service into proactive care-focused experiences, establishing a new consumer expectation benchmark.<\/p>\n

Now, this transformation is rewriting the rules for customer experience (CX) in the insurance industry. In the highly competitive industry, delivering best-in-class customer experiences can be a critical differentiator. Combining operational data (O-data) with experience data (X-data) provides the insights that enhance the customer experience offerings and give insurers a competitive edge.<\/p>\n

CX Imperative: Why the Insurance Industry Lags Behind<\/strong><\/h2>\n

Customers typically have few \u2013 if any \u2013 interactions with their insurance company. In fact, without a claim or policy change, there is often no interaction at all. This means when an interaction does occur, it takes on a greater level of importance. Furthering this challenge, consumers are becoming more discerning and less forgiving. One in three customers will walk away from a brand they love after just a single bad experience, according to PwC<\/a>.<\/p>\n

How can insurers get a broader picture of the customer journey? The first stop is O-data, which reveals the what<\/em>. Policy renewal rates are decreasing, attrition rates are increasing, new customer acquisitions are decreasing. This data tells us the insurance company has a problem, but we don\u2019t know why<\/em> the problem exists.<\/p>\n

This is where X-data comes into play, revealing customer pain points — a difficult claims process, a poor digital experience, a slow reimbursement process — that are causing the problem. Together, this data can help insurers uncover the causes of customer churn and identify actions to best address pain points, such as automating the claims process, reducing call wait times, or optimizing digital channels for claims submission.<\/p>\n

Combining O-data and X-data makes it easier for insurers to unlock powerful business outcomes and:<\/p>\n