Today's customers are far more demanding than in the past. Customer expectations for an improved customer experience (CX) have snowballed, yet this isn't something most insurance companies can achieve on their own.
Customers want to feel like they can get in touch with a brand whenever and wherever they want when it suits them best. They expect to be able to submit their claim electronically with minimal effort and stress. Considering these factors, analysts have concluded that most insurance companies will require a digital transformation to meet the needs of today's customers effectively.
In Malaysia, the insurance sector is expected to grow by 5.8% annually over the next ten years, according to Allianz's Global Insurance Report. This means a rise in demand for customer satisfaction not just in product and service offerings but in all aspects of the service, including omnichannel communications and personalized experience.
According to another report by Infobip, 46% of respondents cited insufficient digital support by brands across industries to effectively utilize available digital platforms. Malaysian insurance companies, for their part, are exploring the potential of using omnichannel and AI-based chatbots that are trained to respond to customer questions with a human touch.
Enhancing CX Through Partnerships
Global cloud communications firm Infobip and business process outsourcing company Data Cohorts announced joint solutions to enable life insurance companies to deliver a personalized customer experience. According to a report by McKinsey & Company, these solutions are in line with an ongoing trend in the industry, where AI and machine learning will automate 25% of the insurance sector by 2025.
The partnership is expected to help insurance providers accelerate their insurtech offerings and get a head start on their competitors by taking advantage of digital consumption behaviors.
Among Infobip's different solutions for insurance providers is the Conversations, Answers, and Moments program. It allows Data Cohorts clients in the insurance industry to communicate with their customers in many ways: through offline methods such as phone calls or text messages; online through chat or e-mails; on the web through the company website; or on mobile platforms such as phone apps.
George Ni, regional director of partnerships and alliances for APAC at Infobip, shared that “Deploying an omnichannel solution is essential for brands in consumer communications today, which has been defined by the diverse preferred communication platforms of consumers."
To keep up with customers’ expectations, the companies said that the Malaysian insurance industry must deliver a superior customer experience to compete with increasingly demanding consumers, who expect brands to have an “always-on” and personalized communications approach.
"To address this, we are excited to partner with Data Cohorts to deliver a total solution requirement for the industry, to help brands achieve their business goal in this digital landscape while speeding up their digital transformation journey,” Ni added.