Page 165 - India Insurance Report 2023- BIMTECH

India Insurance Report - Series II 153

they have a robust customer service team that is readily available to address customer concerns and
complaints in a timely and effective manner.

Simplify the Insurance Process : Insurance can be complex and confusing. Insurers can simplify the
insurance process to make it easier for customers to purchase policies and file claims. For instance,
insurers may consider introducing simpler policy wordings written in plain language to ensure that
policyholders understand the terms and conditions of their policies. Additionally, the claims process can
be streamlined to make it more efficient and swifter. Insurers must provide convenient access to their
products and services through digital channels, such as mobile apps and online portals. Transparency in
customer communication is another important aspect; providing clear and concise information about
policy terms, pricing, and claims processes will go a long way in building trust amongst the customers.

Personalized Offerings : Personalization is vital in creating meaningful relationships with customers.
By leveraging customer data, insurers can personalize their products, services, and interactions.
Personalization can range from providing tailor-made policy offerings based on customer needs to
presenting personalized offers and discounts to customers by leveraging the power of data analytics and
new-age technologies. Insurers have to use data and analytics to understand customers’ needs and
preferences and offer personalised products and services. Technology is a great tool do simply the lives
of customers and address their worries.

Continuous Improvement : Continuous improvement is the process of constantly refining policies,
processes, and offerings based on customer feedback. Insurers have to regularly solicit feedback through
surveys, customer reviews, and social media platforms. By paying attention to customer responses,
insurers can make enhancements that better align with customer needs. Unless you know what your
customer has to say about your products and services, you will not be able to evolve. I often tell my
customer service and technology teams that if you want to solve your customers’ problems, look at the
reviews or grievances they leave on your website or mobile app or any similar platform. Also, look at
reviews available on competitors; you will be amazed at how many innovative ideas can stem from this.
It is only when you listen to the voice of your customers you will be able to continuously improve.

Empathy : Insurance is the business of doing good; as an insurance professional, one must have a
strong sense of empathy. Insurers should be able to connect with their customers and relate to their
problems. You have to not only identify customer worries but should be able to find means to effectively
address them. Empathy becomes utmost crucial during the time of claim; it all boils down to how
swiftly and gracefully an insurer settles the claims. Insurers should employ the power of technology to
settle claims at lightning speed; gone are the days when it used to take months to settle a claim; today,
insurers are settling claims in minutes!

Employee Training : Empathy is not something which has to be practised by top management and
a select few officials, rather, it is something which should be practised at all levels in an insurance
organization. Insurers must train their employees to provide high-quality customer service and
demonstrate empathy towards customers. It is important to invest in such training as each employee in
the company becomes the face of the organization for the respective customer. A touch of care and
empathy at all levels go a long way in building an organization which is the first choice of customers.