The economy of the U.S.A. is currently in the grips of an economic crisis the likes of which we haven’t seen before. Unlike its predecessors, this one sits amidst multiple realities: those experiencing unprecedented growth and those dealing with a significant downturn. One common theme that should be of concern to consumer-facing businesses would be the rising inflation in personal consumption expenditure (PCE).
The insurance industry is bound to bear the brunt of this as wallets are tightening and discretionary expenditures (even insurance) are on a downward trend.
With so many areas of friction for the end consumer, what are the loyalty strategies for digital insurers in USA to correct the double whammy of rising costs and dipping revenues? Technology and better customer experience could be the way.
Unlocking delightful experiences
The shock of depersonalization, coupled with rising expectations of convenience vis-a-vis mobile applications means that the only candidate for bringing about differentiation is customer experience (CX). CX can be improved in many ways. Lets look at how companies are using technology to inspire loyalty amongst their customers:
- Mobile-First Us