There has been a drastic change in technology trends over the past few years. Going forward, you will see more and more companies relying on the latest technology trends to gain a competitive edge in the market. The fine line between what we do online and in real-time will diminish sooner rather than later. You will see more and more professionals changing the way they operate and deliver.
Instead of relying primarily on a desktop experience, a mobile experience, or an offline experience, we will need to concentrate on the overall holistic approach – an omnichannel experience customers demand nowadays.
Keep reading this blog to understand what an omnichannel experience is, its key benefits and how it is making a huge impact on the insurance sector. You can rely on an omnichannel experience to create a long-term business impact and improve the business strategy and end-user customer experience.
What is an Omnichannel Experience?
Before we understand the fundamentals of an omnichannel experience, let us define omnichannel. This is a key lead generation and user engagement approach in which the company provides access to its product offerings or services to customers or prospects using different channels, platforms, and devices.
The omnichannel experience is all about managing and serving customers on all the supported channels to create a top-notch customer experience like never before. The experience remains consistent throughout whether the customer associates with the brand or not. For example, a customer who is shopping online from a mobile device, or by visiting a physical store should have a seamless and unique experience every time.
Omnichannel Vs Multichannel Experience
There is a difference between omnichannel and multichannel based on the following aspects:
- It is not necessary that all multichannel experiences are omnichannel, but the reverse is always true. The omnichannel experience ensures that all the supported channels are in complete synchronization, and this is where the true value lies.
- The multi-channel strategy can be supported on two or three channels but omnichannel experience accounts for all the supported platforms and devices.
An omnichannel experience is a way forward when it comes to the insurance domain. This is because you want to serve your customers on all the supported platforms without having to compromise on the user experience.
Key Benefits of Omnichannel Experience
The following benefits are offered when companies opt for an omnichannel experience:
- Wider Customer Reach: With an omnichannel experience, the sales, marketing, or service delivery teams can reach more customers in a quick time. They do not have to look for potential leads each time when they can be contacted using an email, text message, or using a phone call
- Increased Profits: When the potential customers have multiple platforms to choose from, it is easier for them to pick and choose whatever works best for them. This means that your sales and overall profitability improve in the long run.
- Improved Customer Experience: Your customers can work as advocates for your products or services if they are served in the best possible manner. Omnichannel experience helps to provide delightful customer experiences. This means that they are satisfied, and they will keep coming back to you for their needs or requirements.
Impact of Omnichannel Experience on the Insurance Sector
It is all about creating a unique customer experience and when it comes to the insurance sector, there is always a drop when the customer satisfaction level is not met. The new-age customers have a lot more choices and higher expectations.
Customers are willing to pay more to get superior or top-notch customer service. To reduce the churn rates and create great engaging experiences, it is important for insurance companies to opt for an omnichannel customer experience solution sooner before it is too late.
The following impact has been observed because of omnichannel experience which is really promising to see:
- Improved customer and after-sales support
- Top-notch customer experience
- Resolution of customer queries with quick turnaround time
- Improvement in the key metrics and performance indicators
- Alignment of business goals and objectives as per customer requirements
How To Build Omnichannel Experience
Designing an omnichannel experience is all about working on a common business goal by different stakeholders. You can follow the below approach for building a great omnichannel experience:
- Closely monitor the supported channels and platforms
- Talking to customers and identifying their existing pain points
- Solve real-time customer problems
- Improvise and improve the existing systems by taking feedback from your customers.
- Monitor customer behavior and trends daily so that you can monitor your performance metrics. This is where you can realign your strategy as well.
We discussed how the omnichannel experience is changing the market dynamics when it comes to the insurance domain. Companies all around the globe have realized how crucial it is when it comes to serving their customers. Apart from the omnichannel experience, there are specialized embedded or micro insurance products that companies are selling using Fintech or e-commerce partners. It is all about catering to diverse customer needs with change in technology trends. Going forward, you will use more and more insurance companies utilizing the true potential of an omnichannel experience and embedded or micro insurance to achieve cost optimization and top-notch customer experience. So, you will observe different customer journeys right from buying to query resolution to policy management being managed and handled in a seamless manner.
Axeno is specialized in developing and implementing technology solutions for omnichannel experiences for the Insurance domain. You can mail us your queries at [email protected]