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Eight Video Solutions to Improve Insurance Customer Experience Spotlight Report
Video is becoming the new currency of the mobile mediasphere. Video solutions are becoming increasingly available to improve CX by engaging with customers in a personalized and sometimes interactive manner for each customer at most steps of the insurance customer journey. Eight technology vendors offering a variety of video solutions to enable insurers to improve CX agreed to participate in this report: Allego, CafeX, Cisco, Librestream, Pitney Bowes, SightCall, SundaySky, and Vidyard. The technology vendors’ information and demos, augmented with secondary research, also provided the foundation for a companion report titled, “The Video Imperative to Improve Insurance Customer Experience.”
The IoT Creates New Insurance Product and Service Opportunities
The Internet of Things (IoT) encompasses a continually increasing number of interconnected objects that have IP-addressable sensors embedded in or attached to them. Similar to a natural ecosystem, the IP capabilities enable IoT objects to sense and respond to other IoT objects and the surrounding environment. More importantly, the IoT will expand over time until it becomes a digital layer of web-connected objects around the globe. As this new web of objects radiates outward, insurers are faced with opportunities to create new insurance coverage and two major types of value-add services: services tied to insurance coverage or services that stand alone from insurance coverage.
Mobility Weavers: The Rise of Insurance Mobility Solution Vendors
Mobility is becoming life’s platform writ large: society’s go-to environment for commerce, work, and entertainment. A set of technology vendors has been emerging with mobility solutions to enable insurers to conduct business on life’s platform. Market Insight Group calls these technology vendors “mobility weavers” because they weave digital artifacts together, including apps, data, insurance business functions, and native capabilities of a device, into a mobile solution. As mobility continues its quest to become truly ubiquitous, insurers will simultaneously face the imperative of using mobility solutions to conduct commerce and provide service.
Adaptability: The Insurance Customer Experience Imperative in an Online Digital Mobile Society
Insurance firms (i.e. agencies, broker firms) are facing a marketplace that requires, if not demands, that they quickly adapt to the imperative of providing a strong customer experience (CX). Insurance firms are customer centric because that is the essence of their existence.
However, insurance firms need to become more personalized in their interactions with clients. They must be more accessible, more responsive, and more personal with customers. Every person on the team, rather than only the producer who has a client relationship or a client’s CSR, must provide the same treatment to every customer. This extends to the information that the insurance firm publishes online because that content must be easy for clients to find, easy to understand, and engaging.