How does BPM for the insurance sector elevate customer support standards?

Research has shown that companies that see customer service as a value centre rather than a cost centre achieve 3.5x revenue growth. Insurers must emphasise customer service because their interaction happens only during policy disbursement, claims, and renewals. They need a greater emphasis on retaining customers.

Studies show that 80% of customers believe customer service is as important as the product or service. 90% of customers expect an immediate response to a service question, and 72% of them share a good experience with friends and family.

This article explains the current challenges in insurance BPO services, best practices for improvement, and the strategic role of outsourcing.

Challenges of customer service in insurance

Despite the statistics, the overall customer satisfaction with insurance service providers’ services has decreased. One of the main reasons is the lack of personalisation. While customers want personalised attention and services, they often end up getting treated as a number.

According to a survey, 62% of customers said that they preferred talking to an agent to relying entirely on a digital platform. Insurance service providers must achieve a careful blend of technology with a human touch to serve the customers’ needs and achieve a higher satisfaction level.

The strategic role of outsourcing customer support in insurance

The dynamic complexity and competitive landscape in the insurance sector have driven businesses to outsource customer service. Outsourcing brings specialised expertise, superior customer experience, and cost-effective solutions.

Trained agents with access to the right technology offer omnichannel support to manage customer expectations quickly and effectively. This brings the right blend of technology and human interaction that hinges on solving complex problems accurately, quickly, and with empathy.

Best practices to outsource customer service in insurance

Global uncertainty in recent times has increased the pressure on insurance companies to provide customer-friendly products with top-of-the-line customer service. The following best practices help you outsource wisely –

Customer complaints are avenues for improvement

Your outsourcing partner must analyse customer complaints and provide a comprehensive report with a plan of action. By using customer feedback as an avenue for improvement, you strengthen relationships and build trust.

Simplify policies and increase transparency

Simple policies are easy for the service desk to explain to the customer. This includes terms and conditions, claims process, and reimbursements. An expert outsourcing service provider can help by providing domain expert agents who can easily understand and explain the policies to the customers.

Follow up with customers

Following up after an initial conversation is a critical component in the insurance industry. It shows a genuine commitment to the customer and is an opportunity to address their questions. A well-trained customer care staff not only addresses customers’ concerns but also gathers valuable feedback to differentiate your services in a competitive market.

Provide self-service options to the customer

An omnichannel technology that includes email, phone, social media, and chatbot significantly enhances customer experience in the insurance industry. They can also have

self-service video tutorials, FAQs, and forums to seek help and understand the policy. The outsourcing service provider will offer you seamless omnichannel technology.

Streamline claims processing

Customers seek quick and seamless claims processing, especially during times of stress. A well-trained service desk shows empathy during this time and streamlines the process to reduce the burden on the customer and enhance the claim experience. This significantly increases customer trust in the insurance company.

Leverage analytics & helpdesk software

The right technology for real-time analytics and customer support is not always available in-house or may be expensive. However, leveraging them can be a game changer for insurance businesses. Companies can make data-driven decisions and deliver timely support.

A robust helpdesk software streamlines the support process, ensures timely resolution, centralises the queries, and tracks them from generation to resolution. This brings us to the last but one of the most important aspects: personalised service.

Personalise the service

As we discussed earlier, a lack of personal service is one of the main concerns. The right blend of technology and personalised customer service gives the customer a human touch. It creates a sense of individuality and demonstrates a deep understanding of their concerns. Personalisation is a result of advanced analytics, simplified processes, and an empathetic customer service team.

How can Infosys BPM help?

Infosys BPM offers a collaborative platform to reduce costs and transform the journey of insurers. Align your insurance business processes to meet and exceed market demand and the needs of intermediaries.

Read more about the insurance BPO services at Infosys BPM.

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