Page 164 - India Insurance Report 2023- BIMTECH

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manage their policies themselves. Additionally, the insurance regulator is undertaking various initiatives
to increase the penetration of insurance in the country and take insurance services to the very last mile.
Furthermore, customers have become increasingly aware of their rights and demand more transparency
and seamless services as well as an upgraded claim settlement experience.

As a result of these changes, customer centricity is more important than ever before in the insurance
industry. In today’s competitive market, insurers must ensure that they are delivering on the customer’s
expectations at every touchpoint if they want to remain relevant. To achieve this, insurers must invest
in innovative technologies, processes and systems that help deliver a better customer experience. By
placing the customer at the centre of their operations, insurers have the potential to unlock a range of
benefits, including enhanced customer satisfaction, increased customer retention, and higher profits.
Customer centricity should not be demonstrated only during policy issuance, claims or renewals; it is a
collective journey across the entire value chain. The journey begins right from on boarding the customer,
explaining the products well, making them aware of various product benefits, proactively supporting
them during claims, to ensuring a smooth renewal process.

In the past, the insurance industry was known for its focus on products rather than customers;
however, the picture is changing fast now. Today, insurers are making relentless efforts to improve
customer satisfaction and offer a great experience to their customers, yet there is a long way to go.
According to a study by Deloitte, 81% of insurance customers believe that insurers should prioritise
customer experience above all else. This underscores the importance of customer-centricity in the industry.

3. Critical Elements of Customer Centricity in Insurance

While enough has been spoken about the importance of customer centricity, we must look at ways
in which an organization can achieve the same. To become more customer-centric, insurance companies
must focus on the following elements:

Embrace technology : Embracing technology is the first step in becoming a customer-centric insurance
company. Investing in digital solutions such as mobile applications, online portals, and WhatsApp chatbots
can make interactions with customers more seamless and convenient. These digital solutions can eliminate
the need for customers to visit physical branches and reduce wait times, which can lead to increased customer
satisfaction. Insurers must invest in digital technologies to provide personalised and convenient services to
customers. This includes online policy purchases, instant claims processing, and 24/7 customer support.

Employing Customer Relationship Management (CRM) : The cornerstone of any good customer-
centric organization is a holistic CRM that recognizes the customer every time they approach you
rather than seeking identification on each interaction. It enables businesses to centralize customer
information, enabling frontline employees to access relevant data quickly, understand customer histories,
anticipate their needs, and provide personalized experiences.

Focus on Customer Experience : Understanding customer needs and preferences is critical to
providing an exceptional customer experience. Insurers can achieve this by investing in customer research
and surveys, which provide insights into customer experiences. Armed with these insights, insurers can
tailor their products and services to meet customer needs better. Insurers should also ensure that