Try : Insurtech, Application Development

AgriTech(1)

Augmented Reality(21)

Clean Tech(9)

Customer Journey(17)

Design(45)

Solar Industry(8)

User Experience(68)

Edtech(10)

Events(34)

HR Tech(3)

Interviews(10)

Life@mantra(11)

Logistics(6)

Manufacturing(4)

Strategy(18)

Testing(9)

Android(48)

Backend(32)

Dev Ops(11)

Enterprise Solution(33)

Technology Modernization(9)

Frontend(29)

iOS(43)

Javascript(15)

AI in Insurance(41)

Insurtech(67)

Product Innovation(59)

Solutions(22)

E-health(12)

HealthTech(25)

mHealth(5)

Telehealth Care(4)

Telemedicine(5)

Artificial Intelligence(154)

Bitcoin(8)

Blockchain(19)

Cognitive Computing(8)

Computer Vision(8)

Data Science(23)

FinTech(51)

Banking(7)

Intelligent Automation(27)

Machine Learning(48)

Natural Language Processing(14)

expand Menu Filters

Is Insurance Moving Up the Customer Experience Value Chain

4 minutes, 36 seconds read

The insurance industry has been thriving to establish a strong connection with customers. The challenge is, however, intense with digital disruption and new avenues for customer risks. Insurance companies are catching the pace of the technological revolution and harnessing technology to bring more relevant products to the customers. While ‘customer satisfaction’ lies at the centre of businesses today, is insurance moving up the customer experience value chain? Let’s see.

Insurance Now and a Decade Ago

Traditionally, a customer would call the insurance company during instances of claims. The customer would hear from the company only when the policy renewal time is approaching. This indicates the need for an ice-breaker in the insurance-customer relationship.

A decade ago, insurers intended to harmonize customer interactions — the touchpoints. Normally, any insurance company can have 4-7 customer touchpoints. Even though individual touchpoints are performing, the overall experience for a customer might not be satisfactory.

Is Insurance Moving Up the Customer Experience Value Chain Satisfaction-touchpoints-X-customer-journey

Customer satisfaction depends on five factors: interaction; price; policy offerings; billing & payment; and claims. However, to train the entire organization to see the interactions with customers’ eyes is still a challenge. It’s not possible to revamp the entire system overnight, but identifying the pain-points and acting upon them can surely move insurers up the ‘experience’ value chain.

For instance, the year 2014-15 witnessed one of the hefty market slowdowns in the automobile sector. Despite this, the millennials expressed an increase in satisfaction for their car-insurance services. The main reason for the increased satisfaction in the customer experience value chain was measurably improved interactions. 

Resource: “Improved Interactions Drive Gen Y Increase in Auto Insurance Satisfaction.”

Addressing the fact that more touchpoints lead to more operational challenges and time to deliver results; insurers prototyped single-point-of-contact models during 2015-16. Here, a personalized agent would take care of the customer interactions. The results were profound, and this step is a milestone in defining the customer journey as a whole. McKinsey’s research finds that customer journeys are more strongly correlated with business outcomes than touchpoints.

Also read: Customer Journey is the New Product!

Today, organizations are leveraging technologies to speed-up processes like policy distribution, underwriting, and claim settlements. For instance, USAA (The United Services Automobile Association) is developing machine learning models to instantly predict vehicle damage from digital images and offer claim estimates.

Recent Developments in Insurance

According to Accenture, 76% of customers would switch providers for more personalized service and tailored product offerings. Insurers are, therefore, not only concerned about “what my customers want,” but also – “how my customers want.” 

Organizations are using technology to provide tailored solutions to customers specific to their requirements. Artificial intelligence (AI), Machine Learning (ML), IoT, Blockchain, and Data analytics are strengthening the insurtech sector. 

Carriers are using AI and ML to improve underwriting for mitigating risks. For example, Cape Analytics uses AI and geospatial imagery to provide instant property intelligence. Insurers can, therefore, accurately assess a property’s risk and value.

As mentioned before, claim settlement is one of the five major factors influencing customer satisfaction in insurance. Insurers are leveraging AI and cloud technology to settle claims in minutes or even less. For example, ICICI Lombard uses Cognitive Computing, Intelligent Character Recognition (ICR), and Optical Character Recognition (OCR) to automate the claim settlement process. Similarly for health insurance, ICICI Lombard is covering medical procedures like Cataract, Maternity, Appendicitis, Hemodialysis, and Hysterectomy for app-based claim settlement.

Also read – how AI can settle claims in 5 minutes!

Insurance companies are also automating workflows inline with their existing processes. It is helping insurers to bridge the technology gap between Gen X, Millennials, and Gen Z customers. Efficient insurance workflow automation solutions are trained to decipher industry-specific jargon and at the same time, interact with the user using NLP (Natural Language Processing) techniques.

Another remarkable advancement in insurance CRM is the adoption of chatbots. It is a viable solution to serve multiple customers concurrently. For example, Religare, a leading insurer was able to increase customer interactions by 10x through chatbots.

Religare Chatbot

The present time also sees customers’ growing intent towards micro policies, which serve a single purpose instead of an all-encompassing insurance scheme. Technology is also helping to distribute micro policies in scale with almost zero upfront costs. For example, Gramcover, an Indian microinsurance startup uses direct-document uploading and processing for distributing policies in rural areas.

What Customers Say?

The World InsurTech Report 2019 indicates that less than 25% of business customers and 15% retail policyholders believe they’re covered against all emerging risks. However, 28% of individual customers are amenable to share additional data for more comprehensive services. Also, 15% of customers are willing to pay an additional fee for relevant services

The takeaway —  ‘relevance’ is the key to today’s customers. Insurance companies can leverage this opportunity to provide products related to emerging threats like identity theft, privacy invasion, misuse of personal information, and attacks from ransomware. 

In 2018, about 30% of customers selected their insurer in a single day, according to a survey from the Insurance Information Institute. Through creating exceptional customer experiences, insurers can set themselves apart from their competitors. And the answer to ‘how’ to create this exceptional experience lies in focusing on the journey more than the customer touchpoints.

The customer interaction preferences will keep on changing. Today, millennials prefer to interact with insurers via digital self-service. Tomorrow, Gen Z might want complete automation, i.e. no interaction at all. How fast the insurance industry adapts to the changing preferences will determine the level of satisfaction in the customer experience value chain.

We provide insurtech solutions for business-specific challenges. Feel free to drop us a line at hello@mantralabsglobal.com, illustrating your requirements.

Cancel

Knowledge thats worth delivered in your inbox

NPS in Insurance Claims: What Insurance Leaders Are Doing Differently

Claims are the moment of truth. Are you turning them into moments of loyalty?

In insurance, your app interface might win you downloads. Your pricing might drive conversions.
But it’s the claims experience that decides whether a customer stays—or leaves for good.

According to a survey by NPS Prism, promoters are 2.3 times more likely to renew their insurance policies than passives or detractors—highlighting the strong link between customer advocacy and retention.

NPS in insurance industry is a strong predictor of customer retention. Many insurers are now prioritizing NPS to improve their claims experience.

So, what are today’s high-NPS insurers doing differently? Spoiler: it’s not just about faster payouts.

We’ve worked with claims teams that had best-in-class automation—but still had low NPS. Why? Because the process felt like a black box.
Customers didn’t know where their claim stood. They weren’t sure what to do next. And when money was at stake, silence created anxiety and dissatisfaction.

Great customer experience (CX) in claims isn’t just about speed—it’s about giving customers a sense of control through clear communication and clarity.

The Traditional Claims Journey

  • Forms → Uploads → Phone calls → Waiting
  • No real-time updates
  • No guidance after claim initiation
  • Paper documents and email ping-pong

The result? Frustrated customers and overwhelmed call centers.

The CX Gap: It’s Not Just Speed—It’s Transparency

Customers don’t always expect instant decisions. What they want:

  • To know what’s happening with their claim
  • To understand what’s expected of them
  • To feel heard and supported during the process

How NPS Leaders Are Winning Loyalty with CX-Driven Claims and High NPS

Image Source: NPS Prism

1. Real-Time Status Updates

Transparency to the customer via mobile app, email, or WhatsApp—keeping them in the loop with clear milestones. 

2. Proactive Nudges

Auto-reminders, such as “upload your medical bill” or “submit police report,” help close matters much faster and avoid back-and-forth.

3. AI-Powered Document Uploads

Single-click scans with OCR + AI pull data instantly—no typing, no errors.

4. In-the-Moment Feedback Loops

Simple post-resolution surveys collect sentiment and alert on issues in real time.

For e.g., Lemonade uses emotional AI to detect customer sentiment during the claims process, enabling empathetic responses that boost satisfaction and trust.

Smart Nudges from Real-Time Journey Tracking

For a leading insurance firm, we mapped the entire in-app user journey—from buying or renewing a policy to initiating a claim or checking discounts. This helped identify exactly where users dropped off. Based on real-time activity, we triggered personalized notifications and offers—driving better engagement and claim completion rates.

Tech Enablement

  • Claims Orchestration Layer: Incorporates legacy systems, third-party tools, and front-end apps for a unified experience.
  • AI & ML Models: For document validation, fraud detection, and claim routing, sentiment analysis is used. Businesses utilizing emotional AI report a 25% increase in customer satisfaction and a 30% decrease in complaints, resulting in more personalized and empathetic interactions.
  • Self-Service Portals: Customers can check their status, update documents, and track payouts—all without making a phone call.

Business Impact

What do insurers gain from investing in CX?

A faster claim is good. But a fair, clear, and human one wins loyalty.

And companies that consistently track and act on CX metrics are better positioned to retain customers and build long-term loyalty.

At Mantra Labs, we help insurers build end-to-end, tech-enabled claims journeys that delight customers and drive operational efficiency.
From intelligent document processing to AI-led nudges, we design for empathy at scale.

Want a faster and more transparent claims experience?

Let’s design it together.
Talk to our insurance transformation team today.

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
ml floating chatbot