Smoope from Baden-Württemberg has been with us as a startup for a very long time and has now been an official member of InsurLab Germany since the beginning of the year, which makes us very happy. Today they share with us four digital factors for successful communication in the insurance industry.
Scrolling through the latest unread messages with a glance at the smartphone and reacting to them with a smiley - communication with friends and family has never been so simple and natural. Rigid, pre-dictated communication channels are tools that no longer fit into our digital world, one would think. Unfortunately, the reality of corporate communications often looks different:
Customers find themselves in a jungle of e-mails, hotlines and forms, far removed from personal and individual dialog. The future of the insurance industry is being reshaped - and never before has communication been so important as part of the value creation process. increasing competition and stagnating premium growth. must be offset by new added value for the customer.
Insurance personal and digital?
Yes, it is possible, with the right communication. Insurance companies need to find the courage to revolutionize their customer service, because that's the only way they'll manage to attract and retain customers. A good example is the Sanitas Health Insurance from Switzerland: With its customer-focused communication via in-app messaging (powered by smoope), Sanitas achieves a customer satisfaction rating of over 90 % and ranks first in the current bonus.ch survey 1st place in service quality.
Based on the experience of the customers of smoope we have identified four digital success factors with which insurance companies can successfully implement the digital transformation in communications:
Success factor #1: Analytics
What do our customers expect at which stage of their individual customer lifecycle? Insurers receive answers to these and many other mission-critical questions from customers and prospects every day. Corporate communications are a goldmine of data - but not everyone has the necessary tools to unearth this treasure. The more digital and structured communication is, the easier and more accurately it can be analyzed. Clean analytics, coupled with reporting systems, is the basis for sound and customer-focused business decisions.
Success factor #2: Data protection and data security
Data protection is finally no longer an obscure detail of interest only to a dedicated IT officer: At the latest since the Facebook/Cambridge Analytica scandal came to light and the DSGVO came into force, flawless handling of sensitive data has become an issue in society. Insurers can only have real trust in systems where they can take responsibility for and control the entire cycle themselves: Transparent and documented communication infrastructures that not only meet but also exceed security requirements become the fundamental hygiene factor.
Success factor #3: Intelligent automation
Customer communication is a massive revenue driver: every positively perceived contact with a particular brand increases satisfaction and thus customer lifetime value. Intelligent automation is an essential prerequisite to ensure that more communication is accompanied by increasing quality without becoming a cost trap. Smart routing of customer concerns, self-service offerings outside of service hours, or answering FAQs through chat bots: Many concerns can be handled faster this way, and service employees can invest more capacity in complex consulting.
Success factor #4: Personal omnichannel service
Flexible and individual communication in dialog form via the web, smartphone and voice control will simply be taken for granted in the future. Insurance companies that ignore or ignore this social change will lose market share - especially among young customers who are at the beginning of their customer lifecycle. Holistic and networked service modules will be needed in order to continue to be there for customers and prospects in the future.
Effective communication through messaging
Personal consulting remains one of the most important principles of insurance - but in terms of cost efficiency, it must be scalable. One solution building block is the use of messaging, a cross-age and cross-milieu widespread and popular channel of communication, which is already 100 % digitized.
More information about smoope can be found here on the website.
Value creation through communication - Four digital success factors for the insurance industry
