Key ways insurance companies can craft a personalized customer experience 

As traditional buying and selling of insurance decreases and demand for protection grows, insurance organizations need to rethink their CX.

insurance personalized experience

Published ·July 10, 2023

Reading time·3 min

The last few years have been extremely challenging for businesses across all industries and verticals. The pandemic, climate change-driven natural disasters and wars have created an uncertain future. And, for many, that future is also unpredictable. The effects of these challenges are no different for insurance providers. Decreased in-person interactions have forced insurers to quickly adapt to large-scale changes and accelerate digital transformations to better serve those in need. 

Insurance consumers are more risk-aware than ever. They are generating demand for more insurance protection for what they have and protection against the unknown. As a result, insurance providers have an opportunity to attract new clients and rebuild relationships with current clients. According to Swiss Re, global insurance demand was expected to increase to 3.9% in 2022. To put this into perspective, by Swiss Re projections, the global insurance market should exceed $7 trillion in premium terms for the first time. 

Hyper-personalized insurance 

It’s no longer a one-size-fits-all insurance industry. Post-pandemic-induced awareness has decreased traditional buying and selling of insurance and increased the demand for insurance and financial protection. Insurance consumers want 24/7 access to quickly and easily receive a quote, open a policy and submit a claim to a provider that will supply the services they want and meet their needs while using the channels they already use. 

PwC’s June COVID-19 Consumer Insurance and Retirement Pulse Survey found that 45% of survey respondents reported financial stress and feared their household income would not return to pre-pandemic levels. These financial burdens fuel dissatisfaction and lead customers to seek better, more affordable solutions. Insurance providers can address some of these concerns by providing flexible billing options, including deferred payment options and alternative pricing policies. This will, in turn, help retain customers, strengthen loyalty and drive growth. 

Targeted Communications 

Insurance providers must create a new recovery and growth strategy to improve customer wellbeing and support the much-needed economic recovery. Ever-evolving customer expectations are triggering insurers to reexamine the products they offer today, predict the products customers will need in the future and accelerate digital transformation initiatives. So, how do you personalize insurance and reach your customers at the right time with affordable pricing, offers and messages? 

Targeted communications will lay the foundation for developing new innovative products that differentiate your company from competitors and drive revenue. Educate and empower your customers to make informed choices and decisions based on their needs, not yours. Access to an app, website or chatbot can be a significant step toward providing your customers with information that will help them make decisions quickly and easily. 

Leverage CX engagement via omnichannel platforms 

Insurers have been building out multichannel for many years, offering customers channel choice without supporting channel integration. Now insurers must integrate all channels to reach omnichannel status and provide customers with a seamless experience. Customers should be able to navigate the channel network easily and find the right channel combination depending on their needs while enjoying information consistency during the entire journey. 

An omnichannel approach integrates data across all channels available to the customer. Omnichannel is user-friendly and customer-centric, recognizing the various devices the customer is using. There is nothing better than getting what you want when you want it, and today’s consumers expect nothing less. 

Insurance providers who elicit customer feedback and opinions better understand customer expectations. An effective way to help determine your customers’ channel preferences is using Voice of the Customer (VOC) tools. VOC tools can also analyze the data and extract ways to improve and enhance customer experience. 

To learn how insurance companies worldwide are making customer experience (CX) a priority in their communications strategies, read the best practice guide “How insurance providers can maximize a modern CX.”