Despite the inherent value of the services provided by insurance agencies, the customer experiences insurers provide have a negatively slanted reputation. According to a survey by CallMiner, customers have reported that insurance provides the worst service out of all sectors, noted particularly for their perceived “unfair” treatment of loyal consumers.
While churn rates are relatively stable, CallMiner projects they will rise to 22.5% – up from 19% in 2018. With the threat of an increased churn rate looming, insurance providers must consider how they can improve the customer experience, retain current customers, and provide incentives to spur further enrollment. Organizations must rise above providing the best customer experience among their competitors and pursue an even higher standard.
According to Gerent’s Insurance Practice Lead Donn Vucovich in an interview for a recent white paper, “Providing the best customer experience among insurers in your market is like being proud of yourself for winning an 'ugliest man' competition. It's not good enough to be the best in an industry known for subpar customer experiences. In an objective ranking, your performance is probably still leagues below the 'best' service a customer has experienced.”
Competing with digitalized businesses in other industries that provide streamlined, omnichannel customer experiences can be difficult — especially when an organization relies on low-tech solutions like Excel spreadsheets and sticky notes. Fortunately, time-tested CRM solutions like Salesforce for Financial Services provide a digital framework for more efficient and satisfying omnichannel experiences.
As we go on, we’ll discuss how insurance providers can enhance their customers’ journeys, reduce churn, and improve customer acquisition rates with Salesforce.
What is Salesforce for Financial Services?
Salesforce for Financial Services is a CRM solution that connects all company processes and orients them toward the customer experience, supporting every aspect of the shoppers’ lifecycle. Elements such as how customers are marketed to and acquired, how they are advised, and how claims are created and processed are all tied together to a single customer record by Salesforce’s connective tissue. In so doing, Salesforce creates a 360-degree view of each consumer – and because all departments are working through its centralized system, the customer journey proceeds uninterrupted.
But Salesforce for Financial Services is not limited to organizing customer data – instead, it provides crucial support for insurance operations overall, facilitating effective back-end operations and self-service options for consumers. Salesforce brings together several elements that address different needs and functions for insurance providers. A few of the components included are:
- Financial Services Cloud, which unifies customer experiences across channels, creates a 360-degree view of each customer and allows for personalized interactions that drive customer retention.
- Experience Cloud, which allows insurers to launch apps, portals, and websites catering to customer journeys. Powered by data-driven insight, insurers can use Experience Cloud to create the tools needed to facilitate positive experiences.
- Commerce Cloud, a suite that facilitates easy payment, optimizes insurers’ conversion funnel and personalizes shoppers’ commercial experience.
- Tableau CRM, a data-analytics application that gathers contextual data. Tableau allows teams the insight they need to forecast future opportunities and evaluate the effectiveness of current practices.
Using these components in conjunction with one another, insurers can construct a seamless experience tailored to each customer’s needs. Conflicting quotes and misplaced customer information no longer hinder the acquisition process, and loyalty can be recognized and rewarded with renewal-based incentive programs. And using Commerce Cloud and Experience Cloud, further engagement with insurers is no longer painful for consumers: with self-service options, omnichannel journey tracking, and simple claim-filing and payment processes, consumers will no longer dread contacting their providers.
As Vucovich explained “It's all about managing each individual’s experience and ensuring that we're addressing risk in a way that supports the customer through their lifecycle. Salesforce for Financial Services provides the framework for insurers to address pain points at each stage of their journey and resolve them more efficiently than they ever could before."
Pursuing a new standard of excellence with Salesforce
With Salesforce for Financial Services, providers can proactively design and action seamless customer experiences. Providers can map out customer journeys from end to end and guide consumers through each stage without being limited to a reactive model where they deal with customer claims and complaints. This proactive approach creates a seamless, positive journey that can help increase retention, reduce churn, and reel new consumers in.
“Providing a positive experience to your policyholder — and not just after something has gone wrong — can make the difference between keeping and losing them,” James Webb, the head of P&C insurer solutions at Salesforce detailed in an interview for a recent white paper. “And so having a comprehensive digital framework designed around the customer experience makes it easier to compete for existing and future policyholders.”
Many in the insurance sector lack the infrastructure to reach this experiential standard. But with Salesforce for Financial Services, providers can take steps to meet their consumers’ needs more thoroughly than ever before. If you’re interested in what Salesforce for Financial Services can do for your company, give us a call and we’ll put you in touch with one of our industry experts.