One of the biggest trends in insurance right now is the movement towards creating a better customer experience. Insurers are trying to meet the demands of modern consumers in the digital age, who now expect a high level of efficiency. E-commerce has led the way in terms of an efficient customer experience with extremely fast responses and delivery times, but insurance is lagging way behind.
This is where insurtech solutions can help insurers catch up and adapt to what modern customers want. Insurtech is already helping many companies streamline and digitise their processes, making risk assessment more accurate and improving loss prevention.
“It is clear that customer needs and expectations are changing – and they will continue to do so, possibly at an even more rapid pace. Those that view this as an opportunity to combine insurance and technology by providing new and innovative products, services and delivery channels will be the winners in what will be a different market in years to come.”Deloitte, A Demanding Future
How Shepper can help improve customer experience
Here at Shepper, we’re supporting insurers in the movement towards digitisation and customer-centricity. We use our trusted network of crowdsourced individuals, who we call Shepherds, to quickly check physical assets via their smartphones from any location. We then send geo-tagged and time stamped reports to our clients, complete with photos and other media. With this smart and efficient technology, we can help the insurance process in a variety of different ways and in doing so, improve the customer experience.
“Our investment in Shepper gives us the opportunity to learn more about the gig economy and the potential opportunities it offers our industry. For example, Aviva has used Shepper to conduct audits on our UK real estate investment portfolio.”Ben Luckett, Managing Director, Aviva Ventures
At Shepper we’re able to help the insurance industry improve customer experience in a number of different ways.
More accurate risk assessment means happier customers
Our services are incredibly beneficial to the underwriting process in terms of risk assessment and management. We’re able to help you create better and more accurate risk analysis by painting a clearer picture of your customer’s asset. For example, we could send a local Shepherd to note down key answers, complete checklists and take photos of a building, to help you then accurately work out the potential risk.
Shepper is also able to massively reduce the claims assessment process by using Shepherds to complete a check at a time that suits the customer. This will help solve issues around finding a time that both the customer and assessor can do.
What’s more, our Shepherds are able to check anything, anywhere; whether you need to assess a property in Manchester or a piece of commercial equipment in London, will be able to provide valuable data and insights to help inform your risk calculations.
Traditionally, one of the pain points in the industry was the fact that insurance has a lot of variables that need to be taken into account, which can be time consuming. As a solution to this, we can quickly generate quality reports that provide revealing insights, photos and video on your policyholder’s assets, helping to speed things up and truly streamline the process. That way, you won’t have to rely on contractors or the customer themselves to provide you with details about an asset.
It’s clear that providing greater clarity on policyholder’s assets strongly benefits insurance companies, but it can also greatly improve your customer experience.
Boston Consulting Group (BCG) reports that today’s customers are looking for processing rates that are less than 95% error-free, far beyond the 70-80% processing rate that most insurers are currently delivering.
Creating a more accurate risk profile using our service means that you will also be able to give your customers a more accurate price, ensuring that they don’t overpay for risks that aren’t relevant to them. This in turn creates a higher level of trust and even allows you to tailor their policies to each customer’s individual needs. The more information you have, the better for you and your customers.
Better loss prevention measures helps build customer loyalty
Another way to build loyalty and trust with your policyholders is through better loss prevention. Our checks can also serve as a way to provide visibility on an asset when a policy is in place. Shepherds can perform maintenance checks to spot anything that could potentially pose a risk. You can then decide which measures your policyholder could take to help boost loss prevention efforts. Giving your customer advice and guidance will help with trust by showing that you care about making their asset safer.
“InsurTechs have the upper hand when it comes to providing personalised policies, and present more advanced aspects which are intriguing to customers”Head of Technology, Life & Annuity, Deloitte
Ultimately, customer’s are far more likely to be loyal to a specific insurance company if they’ve had a great experience that was personalised to them. Better and more efficient customer experience also means your reputation as a company will be improved. This is valuable with the popularity of comparison sites and the fact people research and review much more online than ever.