What does reducing customer friction look like for my company?

Insurance

Provide exceptional CX all the while securing what they value most

Customers have access to more research and price comparison tools than ever before. Insurance companies are interacting with customers further down in the decision-making funnel than at any other time.

This means that once people become customers, interactions are often fraught with high expectations, high stakes, and long wait times (an average claim can take 45-60 days to process). As a result, insurance customer journeys may be slightly longer and more complex than in other industries. However, it’s still possible to map and understand them.

Providing a good customer experience (CX) matters in insurance. In fact, Forrester estimates that for every one point increase in customer experience, a large home or auto insurance company can realize $212 million in revenue. Providing a good experience in one type of insurance opens up tremendous upsell opportunities for other lines of business.

It starts with BryterCX.

Proven ROI for Insurance Companies

BryterCX partners with clients to deliver customer-delighting, company-revolutionizing results with IRISTM, our journey management solution. With IRISTM, you get the insights you need to create meaningful human experiences and win customers for life. With our solution, companies typical experience:

  • Customer churn reduced by 20%
  • Customer satisfaction increased by 25%
  • Operational costs reduced by 20%

According to a Forrester report we’ve helped industry leaders achieve over 300% ROI from their journey management investment with BryterCX. Total benefits generated over a 3 year period also include:

  • $4.6M – Revenue retention
  • $5.8M – Cost savings from reduced and avoided contacts
  • $12.2M – Cost savings from most efficient contact channel use

The Solution for CX Transformation

The IRISTM platform provides visibility into the true end to-end customer journey across channels. Through machine learning, this AI breakthrough allows you to discover journey insights and opportunities with ease. IRISTM uses proprietary journey scores and patented technology, giving you simple visual metrics and alerts to effortlessly measure, monitor, and manage the health of your journeys. IRISTM works efficiently with aggregated data, even from previously siloed sources, giving you a fast, complete and accurate picture of your customer journeys.

The Investment

With IRISTM, your average investment of less than $0.15 per customer per year will make it possible to:

  • Reduce calls to contact centers, including caller repeat activity, recurrent frequent callers due to ID card requests, payment questions and issues, and claim submissions
  • Measure and improve product bundling strategies
  • Measure and improve marketing campaign effectiveness
  • Gain transparency into true customer journeys across channels to predict potential churn risk
  • Improve CSAT and NPS Scores

Companies that connect siloed, fragmented data to create an omnichannel view of true customer experience can do this and more.

CX is Your Competitive Boost

Leading insurance brands are rethinking their digital strategies to gain a competitive edge, and the 2020 disruption placed a great value on customer retention.

What is the true ROI of outstanding human experiences? Find out on your way to CX illumination.

Want to supercharge your journey management efforts?

Start with this resource on “Demystifying Common Journeys”. Insurance companies that understand the path their customers go through to accomplish a task and are able to apply journey mapping to create a visual representation of the desired path that they want their customers to experience are one step closer to complete CX illumination.

Use Case: Digital Containment

Problem:

A Fortune 50 insurance company has limited visibility into the efficiency of digital channels and the impact they are having on the call center and local branches. They need to identify the web pages and processes that are driving cross-channel leakage.

Mapping the Customer Journey:

BryterCX maps and examines the Submit a Dispute customer journey and discovers that it is working as intended. However, the resulting confirmation process doesn’t give customers enough confidence the dispute has been properly submitted. Customers are calling into the call center at high volumes to confirm that their dispute had been received (it usually had).

Results:

By examining the Submit a Dispute customer journey and its cross-channel implications, BryterCX discovers:

  • 3.4% of 29M statement-related web sessions resulted in a call to an agent within 24 hours, accounting for nearly 1M calls.
  • Statement issues alone generated over $3M annually in additional cost from customers who were not able to digitally self-serve.
  • Fixing the customer journey would save $12M per year.

Ready to learn more?

Achieve customer experience excellence with the customer journey experts at BryterCX.

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