Customer journey illustrates a lead’s journey from prospect to a paying customer. It’s no different from real-world travel. Some journeys turn out to be smooth and effortless while others are bumpy and nightmarish – and then there are some that fall in between. What they do is leave an indelible mark behind. The memories of the trip will shape how the traveler perceives the place they visited – the way customers will judge a business based on the customer journey experience.

Given such parallels, businesses are working hard to deliver rich and engaging customer journeys. This strategy is becoming increasingly common in insurance as the sector transitions into a more customer-centric atmosphere. Plus, the advancements in technology are frontliners in reinventing how insurers interact with customers and vice versa.

In this digital framework of things, a Customer Relationship Management (CRM) platform can be instrumental in shaping the customer journey. Here’s a look at how insurers can leverage CRM tools for customer journey management.

Top Customer Pain Points in the Insurance Industry

Throughout the customer journey, customers often face different pain points at different stages. The common ones are:

Language Complexity: A number of people get overwhelmed by the complex legal jargon and industry-specific terminology used in insurance policies. It either leads to misinterpretation or dissuades customers from purchasing the policy.
Long drawn-out claims process: Policyholders have to often encounter delayed claims settlements due to lengthy and complex claims processing cycles. such inefficient processing dulls the customer experience.
Absence of personalization: Customers of today need individualized attention . Given that 80% customers spend more when interactions are personalized to their needs, it is imperative for insurers to ensure personalization across the customer journey.

How CRM Insights Can Help?

The adoption of insurance CRM solutions is transforming how insurance businesses interact and engage with customers. Here is how insights obtained from CRM can help insurers master the customer journey:

Personalized Interactions

CRM offers 360-degree view of customers and the detailed customer profiles contain helpful information, such as claims history, past purchases, behavioral patterns, etc. These insights can be used to tailor interactions to individual customer needs and preferences, resulting in more effective and targeted communication. Also, personalization supported by CRM data goes beyond calling the policyholder by their name. For starters, with the right insurance CRM customization and integration, insurers can personalize interactions across different engagement channels such as email, websites, push notifications, etc. To add to that, gaining a better understanding of the customer helps insurers in recommending the right policy updates and offers.

Proactive Outreach

The insights obtained from CRM in insurance lend deep insights into individual customer needs, behaviors, risk factors, etc. Proper assessment of customer data allows insurance companies to identify potential issues. Insurers can thus easily anticipate issues and offer solutions before customers reach out for support. For instance, if a policyholder has history of filing claims for water damage, the insurance business can incentivize the policyholder if they invest in flood risk mitigation measures and send reminders to perform a seasonal sump pump tune-up.

Faster Claims Processing

Claims experience offers a golden opportunity for insurers to win or lose business. Apart from personalizing interactions and supporting proactive outreach, insights obtained from insurance CRM solutions also help with claims processing. A well-integrated and connected CRM allows insurers to manage the end-to-end customer journey from a single location. As such, the claims process can be digitized and tweaked to integrate customer preferences into the claims experience. This enables accurate and faster claims processing along with personalized engagement.

Better Risk Management

CRM in insurance is not limited basic data management and personalization. Rather, it lends valuable insights for accurate risk assessments. Insurers can leverage CRM data to assess historical information, detect patterns, and improve risk management strategies. Furthermore, with CRM systems, insurers can process real-time data at large scales. This lends a more comprehensive view of risk profiles, allowing insurers to design and price policies according to individual risks. And the result: fairer pricing for customers. Predictive analytics and customer segmentation capabilities of CRM insurance services also help insurers with product development.

Conclusion

Personalization has emerged as the cornerstone of great customer experience. For this reason, it should be applied throughout customer acquisition, retention, and engagement strategies. The insights provided by insurance CRM solutions help insurers understand individual preferences, needs, risk factors, and behaviors. This data can be used for personalizing interactions with customers, marketing communications, policy recommendations, etc.

How to Optimize Insurance Customer Journey With Crm Insights