Benchmarking Insurance in CX Maturity

The pandemic has forced a massive shift towards CX maturity. Insurance outperformed other industries by 15 times when it comes to the uptick in CX maturity.

Agents' Point of view

According to Mantra Research 2022, poor productivity tools (81%) and inflow of qualified leads (72%) are the top two challenges that agents face while service delivery leading to lower conversion rates and performance.

The Current CX Trends

Predictive experience is helping insurers to connect more closely with the customers, anticipate behaviors and identify CX-related problems in real-time.

Omnichannel Engagement enables insurers to keep the customers engaged and enhance the overall digital insurance experience.

Age of Experience: The Immediate Future

Insurance as an API will become more relevant. Insurers need to create a seamless continuum of experience for customers by taking part in their ecosystems so that they can avail insurance solutions within their own ecosystems.

Decoding Customers' Perspective CX

Episodic (on-demand) insurance solutions and usage- based plans would help insurers increase the wallet share of the existing consumers.
Micro-insurance products and trained agents will help insurers to augment the reach in under-served market.

Rise of Web. 3.0:

For insurers, investing in web 3.0 is an absolute necessity to establish their presence in the new internet world and capture the mind space of Gen Z customers.

Third-party data will enable insurers to delve deeper into customers' ecosystems and construct an exclusively tailored customer journey.