It’s time to close the ‘Engagement Gap’ between what insurance brands deliver and their customers’ expectations, helping develop lasting and meaningful relationships.  Read this Insurance Sector Customer Engagement Use Case to find out how ONE can help.

 

ONE for Insurance

The insurance sector is heavily regulated, it has the challenge of additional market forces such as aggregator sites and brokers, and is understandably risk averse. With these factors and forces at play, the insurance sector has evolved over time placing the product ‘the policy’ at the centre of the relationship with its customers, instead of the customer themselves. Furthermore, remaining competitive and profitable has naturally focused the sector’s attention on adopting operational efficiencies as their competitive strategy.

When the focus is on operational efficiencies, where cost is driven out of every internal process, customers are often forgotten about, at best they are an after thought. When this happens, any attempt at communication is generic, frequently irrelevant and usually poorly timed…far from conducive to building trust with their customer base. What’s more, this erratic approach to communication makes it extremely difficult for brands to articulate the unique and relevant value that their product or service could bring to their customers.

While this situation continues, insurance will be a distressed purchase with the customer only gaining a sense of pleasure or reward by discovering a cheaper quote elsewhere.

The ‘Engagement Gap’

Based on industry research we believe that the insurance sector is suffering from an ‘Engagement Gap’ - the difference between customers’ expectations and the ability for a business to meet them. This gap can only be closed through fostering deeper levels of individual customer engagement by striving to ensure that the customers’ needs, their in-the-moment needs, are identified and met.

By doing this consistently across every channel and whenever a customer interacts with a brand, the customer will start to trust the brand, trust that they are being listened to, trust that their needs will be met and trust that the information they are sharing with an insurance brand is being put to good use.

By taking this approach insurance brands can place the customer at the centre of the relationship. They can support and nurture what the customer is trying to do when they interact with the brand and by listening to the customer, build a picture and understanding of their needs and behaviours. The insight can be used to ensure that the most appropriate and valuable actions and conversations are being held.

Start small to win big

We have seen that the “big bang” approach is challenging. Brands who embark on far-reaching digital transformations can find themselves tied up in projects for months before implementing or effecting change. By focusing on specific use cases that tackle current business problems and address cultural and organisational change, teams can demonstrate dramatic results in the short-term that will trigger and stimulate change across the wider business.

Showing that there is a better way to hold conversations with customers that result in value for both customers and brands is a powerful driver for change within an organisation, for example:

• Understand, support and build a direct relationship with customers from aggregators. Brands will be able to recognise that a customer has come from an aggregator and begin providing the right context to speak to them in a relevant fashion and thus start to build a direct relationship.

• Link policy data to customer intent and behaviour, helping drive intelligent marketing. Customer data may be spread across a number of policies handled by different departments and unless such data is connected, insurers will run the risk of blindly targeting them with irrelevant messaging. Only by knowing a customer’s complete catalogue of policies, coupled with their behaviour and intent, will insurers be able to hold a relevant conversation.

• Connect operational silos, processes and systems together. Unless brands are listening across all channels to individual customer activity they’ll never spot the ‘happy’ customer experiencing a smooth claims experience and spot the timely opportunity to talk to them about an additional product or service they may be interested in.

Our Solution

By listening and understanding, not simply tracking, Thunderhead’s ONE Engagement Hub (ONE) captures and uncovers individual customer insight, intent and behaviour, across every channel and in real-time. ONE then helps brands create individual experiences that deliver value to both the customer and the brand - serving the customer what they actually want, when they want it.

By doing this across every channel and at all stages in a customer’s journey, a valuable, engaging and trusted relationship will develop – trust felt in the brand, trust felt by the customer that they are valued and treated as an individual wherever and whenever they interact with the brand. Engaged relationships such as these lead to greater loyalty, higher lifetime value, advocacy for your brand and greater customer satisfaction.

How ONE does this:

• By listening to key customer activity, across all channels, ONE delivers insight and knowledge to the business user to take action.

• As customers interact, ONE uses insight to select and execute, in real-time, relevant and useful conversations that will personalise a customer’s entire on and offline experience across the multiple and simultaneous journeys they take with you.

• Through its integration features, ONE delivers a complete customer journey view, individual customer insight and next-best-conversations to your systems of record as well as to your customer facing teams.

• We call it the ONE Engagement Hub for a reason, not only does it listen to customers as they interact with you but it listens to wider key customer activity from your other systems.

With these capabilities ONE recommends the best way to talk to your customers by:

• Understanding and analysing a customer’s journey; unearthing the vital insight that led a new customer to you in the first place, highlighting what worked or the reasons why someone dropped off or hit a bottleneck.

• Presenting this insight to your sales, service and marketing teams; a customer’s desires in the moment are revealed, helping you talk to them more effectively.

• Unveiling the anonymous digital activity of prospects and customers, enabling your staff to effectively market, service and sell to them based on a detailed understanding of what they are trying to do.

The big payout

This immediately improves your ability to understand each individual customer. By understanding your customers’ needs in-the-moment your ability to offer the right product or message, at the right time, becomes effortless.

Our solution sits across the systems and technology you already rely on, and despite them not being designed with the omni-channel customer journey in mind, our engagement layer will unify all of your systems, helping your sales, service and marketing teams gain a holistic view of each and every customer to deliver consistent, valuable conversations every time.

It’s time to close the ‘Engagement Gap’ between what insurance brands deliver and their customers’ expectations, helping develop lasting and meaningful relationships.

Everyone talks about Customer Engagement but we wrote the book on it, built our solution to deliver it and this is how we define it:

An on-going, value driven relationship between a customer and a business, which is consciously motivated according to the customer’s reasons and choices.

About Thunderhead

Thunderhead’s intuitive ONE Engagement Hub joins up web, mobile, high street and contact centre customer experiences, connecting them with your existing CRM system, giving you a multi-dimensional view of all your customers. It allows you to act on an individual customer’s needs in real-time. Effortless engagement just got personal.

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