What ‘Meet Your Customers Where They Are’ Really Means In Insurance
Mike Jackowski is the CEO of Duck Creek. He brings over 25 years of experience in the insurance industry knowledge to this leading international position.
I’m confident that when Queen sang “I Want It All” in 1989, people weren’t considering personalized digital experiences on mobile devices and the internet. Fast forward to 2022 and, through the consumer’s eyes, getting what they want whenever they’d prefer it’s now commonplace across sectors. “I would like everything, and I need it now”–I believe that most executives, technologists and service personnel can relate.
We’re pleased to announce that our Global Consumer Insurance Insights survey indicates that engaging with customers today is about being able to meet them where they are. Those who don’t prioritize customer service will not be successful in today’s competitive insurance market.
Insurance hasn’t traditionally provided this service which raises the question, how does an insurance company do it? Understanding its customers and tailoring its interactions? Make your technology partners your defenders.
Technology advancements are providing better, more personalized customer experiences. Let’s examine two ways technology can help businesses and consumers gain by connecting with customers wherever they are by making omnichannel personalization a priority and the experience of engagement.
I’ve previously written about artificial intelligence and machine learning gaining momentum across applications interacting with customers. These integrations draw from massive data sets to streamline and personalize instantaneous consumer interactions. Most users are familiar with chatbots with front-end integrations but look at the scenario where consumers log into their accounts to make modifications or updates. Most modern systems require two-factor authentication to deliver real-time texting for account verification. However, text messages can be more important than the functionality of two-factor authentication.
The most modern core insurance platforms connect across the complete insurance purchasing cycle, from quote and binding to the billing process and claims. Communication with customers throughout their journey through insurance is a multi-faceted, multi-channel strategy. Many consumers search and shop online, and with increasing numbers of mobile devices, chat texts, text, and in-app channels for communication are crucial.
According to recent research, there is a significant preference for a digital-only user experience in most customers. For all insurance services, we discovered that around 40% of the consumers surveyed prefer to use the website of their insurance provider. At the same time, only a quarter of them stated that a call was an option of choice. Unprompted calls to outbound numbers can be disruptive and affect your overall customer experience even when the customer decides to leave the purchase at some point during the process of research or purchasing.
In the insurance industry, a lot could be accomplished to improve communication channels and engagement across all channels. Innovative, SaaS-enabled technology is the latest insurance core system designed with digital communication. And they are accessible to consumers throughout their entire journey with insurance, no matter the channel.
The Engagement Experience
Insurance companies that embrace the latest communication and customer connectivity are shifting away from massive call centre operations and instead embracing the concept of digital customer services (DCS). DCS is strategic and personal and is the perfect example of an ideal “meet me here” concept. It bridges the analogue and digital worlds, offering digital connections and personal touch whenever the client asks for it.
In the insurance world, there’s no moment more crucial than when a claim occurs. The experience a consumer has with an insurance company can make or break their decision to renew, as well as the overall level of satisfaction. DCS could be a key technology in an investigation process (and it is used in other areas, too). Most consumers want insurance companies to become more active and easily accessible, as well as provide real-time information and progress in the course of an insurance claim. My research revealed the following: 95% of customers are more interested in hearing about their claims’ progress and status more often.
DCS can enhance the customer experience throughout the claims process in various ways. The first is digital communication. If a customer is on an insurer’s site or portal, customers can communicate with a claims rep or a servicing agent. The conversation may begin by providing automated responses to service requests via AI and eventually evolve into a live chat.
A claims representative can enhance the experience by co-browsing the internet or mobile apps. If necessary, they can also include video or voice to increase engagement. The latest technology is now available to improve customers’ experience by personalizing the experience in your location.
At The End Of The Day
The concept behind “meet your customers where they are” means attempting to personalize every interaction. The technology for that is now integrated into the latest SaaS solution for insurers and beyond.
There’s a massive market for those who have this portion of the insurance buying-and-servicing process correct. Each type of insurance is different and varies in both cost and complexity. Therefore, knowing the buyer will guide the decisions made by technology. Include your partners in technology
on this journey. If you want to improve the personalization of omnichannel and the user experience, The Queen sings, “we are the champions, my friends, and we’ll keep on fighting ’til the end.”
Which are the cheapest cars to insurance in 2022?
Based on Bankrate’s latest figures, annual car insurance charges in the US stay at $1,771, an average for a full year of insurance. Still, data obtained by the consumer economic solutions firm points to rate increases across the country through 2022.
Auto insurance premiums are rising by an average of 4.9% nationally predicated on permitted rate filling data between January 01 and Might 18 from S&G Worldwide Market Intelligence. If the tendency continues, consumers can soon spend as much as $1,858 annually for the same insurance, Bankrate noted, adding that the cost increases are likely to significantly influence more than 62.5 million policyholders.
The firm credited the rise mainly to inflation, which the firm defined while the “greatest driver of larger 2022 car insurance premiums.”
“Possibly the greatest driver of [the rate increases] is the same thing driving up prices across the board — inflation,” Bankrate wrote in their analysis. “Between June 2021 and June 2022, the Consumer Value List (CPI) rose 9.1%. This means that, on average, we are spending 9.1% significantly more than we were this past year for the same goods and services.
“While car insurance is certainly not the most drastic increase — gasoline, energy commodities, and airline fares take the very best areas — the increase can help strain consumers’ wallets.”
Bankrate added that different facets that primarily affect car premiums may also be “struck by inflation.” These generally include car prices and the expense of healthcare.
“The purchase price for new cars and trucks rose by 11.4% between June 2021 and June 2022, while the used car and truck market saw a 7.1% increase,” the firm explained. “Vehicles may also be significantly more complex than once, adding to the overall cost of ownership. Little incidents could cause thousands or 1000s of dollars of injury to delicate electronics that need specialized repairs.
The newest available data from the Stores for Medicare & Medicaid Solutions (CMS) indicates a 9.7% jump in healthcare spending in 2020, which means more outstanding medical prices than in previous years for someone injured in a vehicular accident.
The problem can fast many motorists to go for cheaper insurance, which Bankrate warned against.
“You might be persuaded to lower your insurance to save money truly, but insurance experts advise against this strategy,” the firm cautioned. “Car insurance was created to protect your finances in the aftermath of incidents, and decreasing your insurance can leave you with larger out-of-pocket bills. In an inflationary economy where almost everything prices more, proper car insurance could help you wait for more of one’s hard-earned dollars if you record a claim.”
So how exactly does a vehicle’s make and design influence car insurance premiums?
One of the most significant facets affecting car insurance charges is the kind of car an individual pushes. Level Friedlander, director of corporate communications for the Insurance Information Institute (Triple-I) in St. Johns, Texas, informed insurance marketplace Insure.com.
“Insurers consider the expense of fixes for a new car and their common safety record properly when pricing the danger,” Friedlander explained. “Specific rating facets also enjoy a key position in deciding your premium. A cheaper new car suggests your insurance will surely cost less than getting a more expensive car.”
Insure.com added that car insurance suppliers choose to protect cars that are considered secure as they are less inclined to lead to costly claims.
“An automobile with excellent safety rankings may help you save money,” the firm noted. “While newer, more powerful, smaller, and expensive cars tend to be more costly to insure.”
Which forms of cars have larger insurance prices?
For motorists seeking to save on car insurance truly, professionals advise against buying this kind of car:
- Activities cars: These types of cars are designed for speed. Naturally, persons tend to operate a vehicle quicker, raising the danger of incidents and traffic infractions. Sports car drivers, in many cases, are also young and regarded as more accident-prone, driving up premiums.
- Luxurious cars: These high-end cars come with exorbitant fix and substitute prices because of their costly areas and costlier detailing.
- Electric cars: EVs incorporate advanced technology that may need specialized fixes when damaged. Changing an EV battery, as an example, can set homeowners right back 1000s of dollars. However, several car insurers offer discounts to EV drivers, so this may support offsetting the cost.
- Theft-prone cars: The likelihood that a vehicle is going to be stolen has a significant effect on the charges of detailed coverage. Larger premiums, in many cases, are set to pay for the increased likelihood of theft.
What’re the least expensive cars to insure in the US in 2022?
To learn which car forms have the cheapest premiums, Insure.com commissioned Quadrant Information Solutions to estimate the standard car insurance charges for 2022 designs using data from seven of the country’s biggest carriers – Allstate, AmTrust, Farmers, GEICO, Nationwide, Gradual, and State Farm – in 10 zipper limitations per state. Nearly 3,000 designs were contained in the study.
The premiums are derived from comprehensive insurance for a theoretically simple 40-year-old man motorist who commutes 12 miles to function every day and has a clean driving record and excellent credit history. Coverage, meanwhile, is sold with policy limits of $100,000 for injury liability for one individual, $300,000 for several accidents, $50,000 for property damage, and a $500 deductible on collision and detailed coverage.
These are the best 20 cheapest cars to insure, based on Insure.com’s research.
What different facets influence car insurance premiums?
The kind of car is just one of the many facets that car insurers consider when deciding premiums. A person’s age, gender, house, and credit report can be the basis of car insurance rates. But unlike these variables, which are generally beyond a driver’s control, the choice of car is anything they have complete get a handle on.
Five Types of Small Business Insurance You Should Consider
Money flow is a high goal for most new start-ups if they’re maybe not already. Based onThe Hartford (2015) states that 40% of small organizations will know a loss due to maintenance by 2025. It could look pointless to incorporate company insurance into your overheads so early. The average price of basic responsibility statements, which include legal services as 35% of them end up in court, is $75,000, and most small-business owners cannot afford to add business insurance to their ‘nice-to-have list.
Other business owners may sue you for damages you didn’t consider, such as misbranded products or unhappy customers. The umbrella term business insurance covers third-party liability costs such as bodily injury or property damage. Entrepreneurs can ensure their success by providing their business right from the beginning.
What type of insurance should a small company consider?
These kinds of insurance are generally contained in a comprehensive insurance policy for a business:
1. Insurance for Commercial General Liability (CGL).
This is the type of insurance that you are most familiar with. CGL is the basis of most insurance policies. It covers all common risks that you might encounter in your business operations. These include bodily injury, property damage, and personal and advertising injuries (e.g., libel. slander. and defamation) up to the policy limit. A CGL policy that has a limit of $2M for small start-up businesses will cost you approximately $450 per year.
2. Product Liability Insurance
Product Liability Insurance is vital for any start-up that develops, manufactures, or sells a product. It covers third-party injuries and property damage caused by your products. Design defects or inadvertent safety features often cause these damages. The price and limit of your policy will depend on the product, the volume you sell, and the role you play in the distribution process.
3. Insurance for Errors & Omissions
E&O Insurance, also known as Qualified Responsibility Insurance (or E&O Insurance), is essential for anyone who offers services, designs products, or provides advice for a fee. This insurance covers claims of negligence and failure to deliver the service promised. E&O covers professional services as well as product failure and advertising services. You can expect to spend approximately $250 per year for a limit of $100K.
4. Cyber Liability Insurance
Internet Responsibility Insurance is becoming more important as businesses move into the digital age. Cyber Liability Insurance covers cybercrimes that target your network or data. This insurance covers the costs of notifying your clients, crisis management, and restoring your system if your data is compromised, stolen, or held hostage. Most businesses will be satisfied with the cyber coverage (50K limit) in their E&O policies. If your start-up has sensitive data such as client information or requires a higher limit, you should consider a standalone policy ($750 – $1K/year).
Cybercrime Insurance should be added to your Cyber Liability Insurance policy. Cybercrime Insurance covers you against the loss of funds from a cybercrime (e.g., hacking, phishing, and social engineering). It also covers notification costs, data recovery, legal fees, and other expenses.
5. Commercial Property Insurance
Commercial Property Insurance is essential, regardless of whether you own or rent business property. This coverage covers property damage listed in the policy and contents (e.g., stock, inventory, furniture). Your policy’s limit and the price will differ depending on factors like the location, type, and size of your business. As an option, you can add Business Interruption Insurance to your commercial property policy. This covers lost income, overhead expenses, payroll, and the time required to recover your business after a covered loss.
Important note for home-based business owners: Most home policies don’t cover damage or loss to business property. Talk to your broker to determine if the commercial policy suits your needs.
Consider these things before you buy insurance for your company
It can be confusing to purchase insurance if you are unfamiliar with the process. You must consider what coverage you require and the limits, exclusions, and inclusions. This will help you avoid purchasing a policy that doesn’t provide sufficient coverage. These are three tips to help you navigate the commercial insurance process.
Understand your risk exposure
Your business’s risk management strategy should include insurance. The first step in determining the right policies for your business is to assess and understand its risk exposure. A financial consultant might need more professional liability insurance than a landscaping business. An online company that stores confidential information (cyber risk) may require additional commercial general liability insurance.
Research claims and industry risks to understand your risk exposure and establish a baseline. That is a superb way to lessen the chance of exposure, identify areas that can protect your business, and possibly lower your premium. Talk to your broker about risk management solutions you can implement for your business.
Calculate your policy limits
The plan restricts the total your insurance company will pay after an insured loss. Most policies have a liability limit of $1M, $2M, or $5M. The best way to determine the policy limit is the worst-case scenario for your company and the cost of recovery. In your calculations, consider overhead costs such as furniture, stock, inventory, or equipment when choosing a limit on your property insurance.
You may assume that you won’t lose all and decide to insure a portion of your business. Your advance is determined according to the likelihood that you will suffer a partial loss. In the rare event that you experience a complete failure, however, your premium is deducted by a percentage.
Reexamine and adjust your policy
It is not necessary to accept the first policy offered. You don’t have to take the first policy you are offered. While you must ensure sufficient coverage, reviewing the exclusions, sub-limits, and limitations is essential. You can either take it off or utilize it to indicate that you are looking for a new policy. Quality is just as important in insurance as quantity. It is not worth paying more for a policy that is cheaper in the long term.
Review and adjust your existing insurance policy if you have one. You may be covered for certain risks, even though you don’t know it. Commercial property insurance usually covers employee theft. To ensure that your company doesn’t outgrow its policy, reviewing your policy each year is a good idea. Ask your broker for details about the policy’s limitations and restrictions before you purchase it.
5 EXCELLENT REASONS YOUR BUSINESS SHOULD HAVE INSURANCE
There are many reasons why your business requires insurance. You could be sued if your organization is found accountable for an illness or injury. This can sometimes happen without any warning signs. Consider all the asbestos-using businesses before it was known that it was dangerous. These businesses would be financially stretched to pay for class-action lawsuits if it weren’t for insurance.
Your business insurance will give you security and protect your company in an emergency. There are many potential risks for businesses and different types of insurance. A company with multiple locations will likely need additional insurance than one that is only online.
What IS INSURANCE PERFECT FOR YOUR BUSINESS?
There are many types of insurance. Many small businesses choose a BOP policy, which is a business owner’s insurance. The BOP covers liability, income, real estate, and any property or real estate owned by the company. This insurance is excellent for people who have a physical business location. However, there might be other types of insurance that you need.
Both product liability and employer liability insurance may be required. Your policy may cover you in case of legal action regarding your product or conduct.
Is BUSINESS INSURANCE REQUIRED
The law will determine whether or not you need business insurance. This depends on where you live and the nature of your business. Your insurance policy could cover expenses if an employee sues you.
There are no legal requirements for business insurance. However, you should check the laws in your state. Insurance is the right thing.
WHY BUSINESS INSURANCE Is Important
Legal defense can be costly. Even if there is no wrongdoing, you could be under financial pressure if your insurance doesn’t cover the lawsuit.
Insurance that covers acts of God and other circumstances beyond your control. Although you might believe you don’t need insurance, you should take precautions. Your business could be hit with huge expenses due to unavoidable accidents or weather conditions. This is covered by insurance.
It can be attractive to employees. Some people can choose their employer because they have the right skills in a competitive job market. Potential employees will also consider whether there are perks such as insurance. If someone is hurt on the job, you can make it even more appealing by including disability insurance.
Protection against income loss. Not only do policies cover the financial costs that might be incurred if something goes wrong, but they also cover income losses due to unforeseen circumstances. If your storm causes you to have to suspend trading or make repairs to your business, you might be able to get income loss insurance.
To remain compliant. To comply with the law, you must have insurance if your company has to protect employees. You may result in significant trouble if you don’t have insurance.
What IS BUSINESS INSURANCE COOVER?
Every policy is unique. While some policies will only cover products you sell (product liability insurance), others will cover more. A BOP policy can protect your entire business, including any assets such as equipment, real estate, and other property. These policies can be used as a “catch-all” policy for US-based companies to protect them against multiple eventualities.
Consider the type of business you own and whether you are legally required to have insurance. You never understand what could happen, so it’s worth taking precautions to protect yourself and your employees.
Many businesses delay getting insurance. It is easy to think that your business cannot afford insurance or that it will not happen. If you possess a company, this kind of risk-taking may be okay. Even if it seems expensive, you should consider getting insurance to protect your income and employees.
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