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Elevating Conversational CX In Insurance

Most insurers today accept the central role of CX in selling products and maintaining the loyalty of both policyholders and agents. However, Insurers typically struggle to elevate their CX due to its low-touch engagement nature, channel complexity, and price sensitivity.

Adopting CX technologies allows Insurance enterprises to enable scale & speed, engineer new experiences, and analyze behavioral data. Within this rubric is the convergence of CX-specific tools that help understand how customer groups think & behave, and the experience of individuals.

Our research highlights how CX tools & solutions form a critical starting point for transforming simple touch points into connected experiences.

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Elevating Conversational CX In Insurance

What’s Inside this Report:

How CX Influences Consumer Purchasing Decisions

Carriers that successfully initiate conversations, advise, engage and then close over multiple channels can potentially retain up to 7X more customers.

Customer Retention Vs. New Business

Carriers who prioritized CX before the pandemic have already gained an early advantage. Mature CX organizations are more than six times as likely to exceed their customer retention goals.

Why Digital Self Service Receives Highest Share of CX Investments

The new omni-channel reality, urged on by the Pandemic, must include dynamic transaction, data sharing, communication and workflow management capabilities.

Insurance Customer Journey & Channel Preferences

Customers, especially value being able to pick up with an Insurer where they left off, and appreciate when that Insurer recognizes that it’s dealt with them before.

What Tactical Investments Are Being Made in Conversational CX

Conversational CX touches all parts of digital insurance journeys. It extends across the entire the value chain, not just the upfront sales and onboarding process.

About the Research: To better understand the CX pulse of the industry, Mantra Labs interviewed 150 insurance executives in six countries within the APAC region regarding their CX initiatives and corresponding key performance indicators (KPIs). We augmented this data with a survey of more than 300 insurance consumers to hear their side of the story.

Both surveys were conducted in Q2'21, and reflect the specific experiences in these times. In this whitepaper, we discuss how insurance CX initiatives stack up against their customer's expectations. Then, we highlight areas of interest and make suggestions for the way forward.

About Mantra Labs

Mantra Labs is a global technology development company with a specialised focus on Insurance products & solutions, and Technology Consulting for new-age Payers. Mantra has also been named in the Global Insurtech100 for two years in a row, for 2020 & 2021.

With a team of 225+ technology tinkerers and experimenters, Mantra Labs is building the Future of Intelligent Experiences for leading health insurers and healthcare institutions such as SBI General Insurance, Care Health Insurance, Pramerica, AIA Hong Kong & Aditya Birla Capital, among others.

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Our latest research uncovers key insights for the Future of Conversational CX in Insurance, with a detailed guide towards being a Conversational CX-driven Insurance Enterprise.

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