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State Of CX In Insurance, 2022

May 26, 2022 1114 0 BFSI

State Of CX In Insurance, 2022

The State of CX in Insurance report is designed for Insurers to gauge the future state of CX in Insurance for 2022.To bridge the existing experience gap, Insurers are comprehensively moving from experimental to experiential stage and investing in Customer Experience strategies.

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Key Insights: Understanding the role of CX in the Future of Insurance

 

Benchmarking Insurance in CX Maturity

The pandemic has forced a massive shift towards CX maturity. Insurance outperformed other industries by 15 times when it comes to the uptick in CX maturity.

Agents' Point of view

According to Mantra Research 2022, poor productivity tools (81%) and inflow of qualified leads (72%) are the top two challenges that agents face while service delivery leading to lower conversion rates and performance.

The Current CX Trends

Predictive experience is helping insurers to connect more closely with the customers, anticipate behaviors and identify CX-related problems in real-time.

Omnichannel Engagement enables insurers to keep the customers engaged and enhance the overall digital insurance experience.

Age of Experience: The Immediate Future

Insurance as an API will become more relevant. Insurers need to create a seamless continuum of experience for customers by taking part in their ecosystems so that they can avail insurance solutions within their own ecosystems.

Decoding Customers' Perspective CX

Episodic (on-demand) insurance solutions and usage- based plans would help insurers increase the wallet share of the existing consumers.
Micro-insurance products and trained agents will help insurers to augment the reach in under-served market.

Rise of Web. 3.0:

For insurers, investing in web 3.0 is an absolute necessity to establish their presence in the new internet world and capture the mind space of Gen Z customers.

Third-party data will enable insurers to delve deeper into customers' ecosystems and construct an exclusively tailored customer journey.


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Mantra Labs is a global experience engineering & consulting firm that builds intelligence-driven solutions and delivers digital-first customer experiences for global enterprises. With its 275+ skilled and passionate technologists, the company specializes in providing end-to-end solutions for its clients across eight key industries. Mantra solves the most pressing front & back- office challenges faced by BFSI, Healthcare and Consumer Internet enterprises. Having worked with some of the World’s leading Insurers like SBI General Insurance, Care Health Insurance, Pramerica, Aditya Birla Health and AIA Hong Kong along with unicorn consumer startups like Ola, Myntra, Yulu, BlueStone and Quikr - Mantra Labs has been deeply involved in developing AI-powered technology solutions for business-specific problems. The company also has strategic technology partnerships with MongoDB, IBM Watson, Microsoft Azure and Nvidia.



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