McKinsey provides sound and actionable commentary on remaking customer experience in Banking in these troubled times.
For any "remaking" or change to take place there needs to be a trigger of some sort. Sad though it is, we have a massive trigger in our midst in the form of a particularly nasty virus. In many instances we are seeing this force change into organizations which may have deferred action for years.
Looking at the 5 main points of discussion they translate perfectly into the world of insurance. It goes something like this:
Help Customers go digital and remote right now
Our experience tells us that customers will use a digital process when it’s easy to use. They have relied on this during the pandemic. Getting them into the process quickly and efficiently is critical. To do this effectively it’s important not to make this part of the process difficult by asking for more information than is absolutely necessary or creating too many keystrokes.
Introduce New Experiences for Distressed Customers
Introducing a new experience at a time of distress, which is often related to an insurance claim, is a good thing to do as long as that experience delivers a superior process and ultimately a better, faster outcome. Our recent surveys tell us that customers want to engage digitally, in a manner and on a device of their choice. As long as the digitally enabled process has been well designed and is executed with competent technology then the customer will be more engaged as they become a key part of the process.
Improve Experience in Ways that also Address Efficiency
A digital process which is aligned to strategy and well-designed can deliver a vastly improved experience. Recent results show 65% less time on the phone for the customer, with a similar reduction in call volumes for the insurer. A minimum reduction of 40% in claims cycle time ensures that payments are made much more quickly.
With real-time messaging all parties are kept informed which in itself can remove anxiety from a process.
Re-frame Employee Experience Around Mutual Commitment – Re-framing
High levels of job satisfaction = high levels of customer satisfaction. A robust digital process, as related to insurance claims, can create an environment comprising workflow and automation to the extent that adjusters can spend time adjusting. This is far more favorable than the type of scenario we often see today of an imbalance between adjusting claims (making decisions using expertise) and administrative tasks that can be automated through good digital design. This leads to massively increased productivity at the adjuster level.
Make Doing the Right Thing a Competitive Advantage
Let’s assume that we have created a slick digital process built out of a well-informed digital strategy. We think we’ve done the right thing. As long as that digital process is well managed and engaging for employees and customers then there’s a good chance of success.
Better still if the insurer can iterate and improve leveraging customer and adjuster feedback. One key benefit of a no-code platform.
The success will manifest itself in a number of ways, through both hard and soft measures, on an upward trajectory on the graph. Organizations that can get themselves on these trajectories now will enjoy a disruptive level of competitive advantage. over industry laggards
In the context of COVID-19, banks can better serve customers in distress by enhancing support in the use of digital tools and new products and services.