Try : Insurtech, Application Development










Dev Ops(3)

Enterprise Solution(22)




Augmented Reality(17)

Customer Journey(12)


User Experience(34)

AI in Insurance(31)


Product Innovation(37)





Telehealth Care(1)


Artificial Intelligence(109)



Cognitive Computing(7)

Computer Vision(8)

Data Science(14)


Intelligent Automation(26)

Machine Learning(46)

Natural Language Processing(13)

A Synopsis of Customer Review and Feedback Systems

Customer experience is a top priority for businesses. While customer feedback is important to improve products/services according to user preferences; reviews play the role of word-of-mouth communication in the digital world. For instance, 86% of millennials admit they’re influenced by negative reviews, according to Dimensional Research.

Organizations have started to invest in customer feedback systems to prove their customer-focused vision. However, the benefits from customer feedback converge to responding to them at the right moment. Let’s take a look at the importance of capturing customer opinion at the right time instead of behindhand traditional methods.

Why Act on Customer Opinions Promptly? 

According to the Bright Local consumer review survey, 44% of customers consider more than a month’s old review as irrelevant. Upgrading the product as per customer feedback in a short time is indeed a challenge.

Traditionally, organizations employ advocacy, legacy, support teams, and community managers to look after customer reviews on different social platforms. Monitoring different platforms and communicating internally to resolve customers’ concerns are tedious and account for a delay in action. This is where the customer feedback system simplifies the process. But before, let’s look at the benefits of addressing customer feedback in this era of the consumer internet.

  • A chance to improve products and services: It’s obvious, brands do thorough market research before finalizing a product. But still, the final product carries some scope of improvement. Apart from beta testing, customer feedback is also a useful resource to improve product post-release. 
  • Delivering value to customers: Customer loyalty is hard-won in the world of over 200 million companies! With empathy and understanding how a customer feels for the product brands can establish an emotional connection with the customer and hence their loyalty.
  • Helps in making a fact-based business decision: The decision to accommodate customer preferences in the existing product or introduce a new product should not be based on loose guesses. Analyzing customer reviews can help organizations make better business decisions.
  • Measure customer experience and satisfaction: Customers are the actual brand advocates. Their experience and satisfaction determine a product’s success. Walker study predicts- by 2020, customer experience will become the key brand differentiator surpassing price and product. In this regard, Zappos’ customer service is an epitome of customer experiences.

Also, read – Customer Journey is the NEW Product.

Customers use different channels to share their opinion about a product or service. Microsoft reports, “66% of consumers have used at least 3 different communication channels to contact customer service.” This indicates that customers want organizations to address their feedback or complaint immediately. 

How Are Organizations Leveraging Customer Feedback and Reviews?

Customer reviews are a reliable source of information about a product/service to potential customers. According to Bright Local, 93% of customers read reviews to determine how good or bad a local business is. Customer reviews are therefore an influential source for branding and marketing. Freethinkers have identified the importance of customer feedback and that’s why we see a growing number of e-commerce marketing platforms. 

For instance, Yotpo provides a one-stop solution for visual marketing, loyalty, and referrals based on customer feedback. Companies can collect customer reviews and share them across different social media channels. They can also build loyalty and referral programs to develop a long-term association with customers.

Similarly, Trustpilot has over 300,000 businesses reviewed by customers. It is providing companies with a platform to leverage customer reviews to influence future buyers. It helps startups to get more reviews, engage with customers, and analyze the results to improve.

Final Thoughts

According to Womply, businesses with a free listing on at least 4 review sites earn 58% more revenue. This indicates that customers easily trust strangers who’re not friends to the company. Organizations can leverage the power of reviews through a customer feedback system to create ‘beyond satisfactory’ experiences for customers. 


Knowledge thats worth delivered in your inbox

Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.

Chart, line chart

Description automatically generated

Source: Deloitte Services LP Economic Analysis

For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies

Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.

Double down on digital

For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.

Using AI to curate a bespoke customer experience

Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.

Chart, sunburst chart

Description automatically generated

        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.

The way forward

The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.


Knowledge thats worth delivered in your inbox

Loading More Posts ...