Enhancing customer service in insurance

Andy Brownsell, commercial director, Starpeak Insurance Solutions. 

Small and Medium Enterprises (SMEs) in the UK, are predicted to see a 15% growth in revenue in 2024, leading to this group contributing £2.3 trillion to the UK economy over the next year.

SMEs play a pivotal role in the success of the UK economy. Therefore, it’s crucial to support them—from government, technological, and arguably most importantly, insurance perspectives.

SMEs come in all shapes and sizes and cater to a variety of consumers across sectors in the UK. This means that a one-size-fits-all approach when it comes to insurance will not work. Insurers need to get creative in order to meet the policy needs of this group, and this is where using data and analytics can help insurance providers stand out from their competitors and effectively reach the SME market. Data and analytics help insurance providers personalise the experience for customers, enhancing overall customer happiness and encouraging loyalty.  

Strengthening self-service offerings to speed up customer service 

Research shows that 87% of Brits view customer experience as a key factor in their decision to purchase any given item, with 43% left frustrated at the lack of speed at which they are served. Insurance providers must recognise that SME decision-makers are experiencing the same frustrations.  

With smaller teams and fewer resources, speed and adaptability are crucial for the overall success of SMEs. The ability to provide personalised and customised services is also important, which is where self-service offerings have a role to play.   

Self-service offerings are only as effective as the data-driven analytics and machine learning supporting them. These insights provide a more complete view of an SME customer, enabling insurance providers to present customised in-context offers and customer service support rapidly.  

Mapping out customer journeys to personalise experiences  

Data-driven analytics enable insurance providers to access historical data more effectively. This includes preferences, significant events, past issues, etc., which they can utilise to ensure strong personalised recommendations. Small and Medium Enterprises (SMEs) in the UK, are predicted to see a 15% growth in revenue in 2024, leading to this group contributing £2.3 trillion to the UK economy over the next year. This not only benefits the customer by sparing them the need to repeat their request if their case is transferred within the company but also aids the insurer. For example, if an SME has previously insured their events business with an insurer, retaining the details of their policy along with any specific requirements they’ve previously communicated enables insurance providers to tailor their approach when providing a quote for policy renewal.  

Insurance providers can analyse the collected data to inform future innovations of the products and policies they are developing, refining their offering for SMEs over time. Feedback from customers, market trends and historical data can be used to inform and optimise products and services. This helps to keep insurance providers ahead in the competitive market.  

This level of hyper-personalisation helps insurers to build enduring relationships with customers by demonstrating a genuine understanding of their concerns and priorities.   

The role of technology in driving insurance providers forward 

Data and analytics have always played a major role in the insurance industry. But, as new technologies emerge, and data is more readily available, insurance providers need to decide how best to leverage these to grow the business.  

While access to real-time data and analytics has quickly become something that helps insurance providers stand out from competitors, they must also be well-prepared to truly capitalise on the opportunities that digital transformation initiatives can deliver. Insurance providers who embrace new technology and use this to diversify their offering for an SME customer base, are the insurers who will dominate the market.  

It’s this mix of digital tools, systems, and processes that will enable insurance providers to capitalise on these insights. This will guarantee that we can tailor each customer interaction and assist even the most specialised SMEs by delivering optimal coverage.  

The integration of data and analytics remains the cornerstone for success in insurance. In an industry where personalisation is key, implementing these types of technologies can allow insurance providers to tailor products, enhance customer experiences, and meet the niche needs of this vital market segment. 

Image: Canva.

Guest Post This post was created just for Claims Media by a guest contributor.