The customer-centric ecosystem in the life insurance business: Expert opinion

0
197

Ashish Rao, Chief – Customer Experience and Operations, ICICI Prudential Life Insurance, explains the customer-centric ecosystem in the life insurance business. Nowadays, building a customer-centric ecosystem gives a more positive approach to business. Customer-centric is an approach to doing business that focuses on implementing a positive customer experience both at the sale and after the sale to drive profit and gain competitive advantage. The essential components that perform into building a customer-centric ecosystem within the insurance business

Segmentation: one of the primary steps towards implementing a customer-centric approach is to look at customer-driven data and segment the customer base accordingly. Segmentation helps businesses to understand the amount of personalization required for a specific customer base over the lifecycle.

Listening to customers: it’s essential to concentrate on the shoppers and observe their interactions to help the organization create valuable changes. Customers view insurance products. Few have developed features that differentiate beyond price. The choice of management tools like the Net Promoter Score is crucial because it helps estimate and evaluate customer experience and helps positive customer loyalty.

Transactional to emotional relationships: assembling an emotional relationship with customers is crucial. Insurers that are providing data to know which customer goals are unshakable. Creating a fictionalized description of the client could be a good place to begin within the transformation phase. Given the long-term nature of the merchandise with limited opportunity for communication, insurance companies have to reach dead set customers prior to form an emotional bond that avoids quaint ways.

Customer-centric operating model: Insurers must develop operating models from scratch keeping the customer at the centre of it. Several companies have focused on ‘C-Sat’ and ‘Tx Surveys’ to make a wonderful customer experience, every time. The fundamental elements across all of them include being structured around the customer, employee commitment focus, acquiring the fundamentals right, and understanding resolution management.

It’s crucial to put together a customer-centric culture within the organization so that employees are well qualified to guide customers. The increase of the service economy wouldn’t be possible without creative designers and marketers’ trouble beyond a selected need. Being an organization, customer-centric means before making any decision, consider how that call will influence the customer experience.

LEAVE A REPLY

Please enter your comment!
Please enter your name here