of online transaction and member onboarding processes are abandoned midway
of surveyed insurance CEOs had or were planning to use AI (PwC survey)
customers are ready to use digital and remote channels for transactions (EY survey)
The Struggle to Survive is Real
The insurance sector is struggling with expanding customer expectations. For consumers, one insurance company is replaceable with the next and insurance packages all look the same.
More and more consumers are moving to the Web for purchase, service, and support. Insurance customers are digital and omnichannel. They use any number and combination of channels—social, mobile, the web, contact center, catalogs, stores—to complete one transaction, with their customer service expectation having been set by their experiences in other sectors, such as, retail and telecommunications. They could be hopping from one to the other channel, but will vent their feelings on the social web if you are not consistent. Deliver or die—that is the quandary facing the insurance sector.
The winners in this scenario will be businesses that not only interact but also proactively engage with the customer in a smart, proactive, unified manner across channels and touchpoints.
Industry challenges and eGain solutions
High customer attrition
Customer attrition is the bane of the insurance sector. Consumers defect for a variety of reasons—better prices offered by a competitor, better customer service, and better reputation. This problem is even more pronounced among the digital, social, and mobile generations.
- eGain enables organizations to set up truly distinctive and innovative customer engagement hubs. Consisting of customer service software for web self-service, email management, web collaboration, social media customer service, and knowledge management, the hub ensures that your company is able to provide superior customer experiences across touchpoints. Excellent customer service in turn leads to improvement in customer satisfaction, loyalty, and retention.
Abandonment in online transactions and onboarding
A significantly huge number of consumers are abandoning forms and transactions midway. Companies are in a quandary as they have been opening more and more products online. Online shopping abandonment costs the sector in millions.
- eGain’s solutions for real-time collaborative assistance, such as, live chat, cobrowse, and click to call, and for intelligent virtual self-service through chatbot, help realize drastic improvements in online conversion numbers. Offered as reactive and proactive offers of assistance at the point of need, they enable agents to solve customer issues so that bottlenecks to completing transactions are removed.
Social platforms give control into the hands of the customer
Customers share their experiences—mostly negative, but also positive feedback—online, on social networking sites, blogs, and community forums. They are also open to reviews and opinions made on this medium. Increasingly, these opinions, from friends and strangers, are influencing their buying decisions.
- eGain helps insurance companies design customer journeys according to customer preferences. The solution for social customer service, built on eGain’s customer engagement hub platform and integrated with other channels in the eGain suite, allows companies to manage social issues promptly and in line with an integrated customer service strategy.
Escalating costs of service
Companies are increasingly opening new products online to capture web customers, and struggling to reduce overheads without compromising on quality.
- eGain’s solutions have been helping insurance companies deliver efficient customer experiences for over a decade. eGain Knowledge+AI™, the awarded knowledge management software, enables easy access to a comprehensive knowledge base that provides accurate answers to customer and agent issues, across channels. eGain SelfService+AI™ provides distinctive and effective web self-service experience, simultaneously allowing seamless escalation to assisted service channels like email, chat, and cobrowse that help improve self-service adoption. With them, companies have realized improvements in first contact resolutions, agent productivity, and average handle time.
Point fixes create fragmented silos with dead ends
Implementing point fixes to problems instead of adopting a unified strategy across departments and processes creates chaos and lead to multiple digital customer experience initiatives across functions, product lines, and channels.
- eGain solutions are built on a hub platform that unifies processes, technology, knowledge, interactions, and analytics and applies them across channels.
- With the hub, you can start small and keep adding channels as needed. As all eGain apps integrate with each other, you are assured that your customers get seamless, unified experience across channels and touchpoints!
to a 200% increase in completed online forms