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Digital Experience Platform (DXP): A Key Aspect of Insurer Differentiation
Digital Experience Platform (DXP): A Key Aspect of Insurer Differentiation
Kishor Venkatesh R

Content Developer

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Digital Experience Platform (DXP): A Key Aspect of Insurer Differentiation

24 Jun 2021

Digital Experience Platform (DXP) is designed for companies that understand the importance of breaking down silos and bringing together data and channels that business units can share.

Along with sales and distribution, new policy onboarding, intake and management claims, business continuity, etc., employees solve problems and answer prospect questions, proactively communicate initiatives, and support and service policyholders in times of stress.

Picture this – an estimated 50% of today’s insurance agents and employees will retire in the next 10 years. For every two agents that retire, there is only one college graduate that may replace them. However, 85% of agents that leave their jobs within the first two years, mainly due to not being tech-savvy.

Accelerating Transformation with Ecosystems

The demands of agility, speed, and innovation are considerably different today than before. So, insurers must embrace tech ecosystems that focus on their front-end talent. One of the biggest barriers is insurers’ attitude towards technology.

Usually, the technology millennials (consumers and employees) use today, and the technology insurance companies use are at odds. Companies must arm their employees with information and content, a complete view of customers, content from various sources, and insights to help them make sense of analytics.

Additionally, employees must determine how to reach prospects/customers in ways that suit them, possibly using an omnichannel approach to disseminate personalized content. In the future, insurance leaders are not those with a vast portfolio of product offerings and services but those that can retain customers.

Business and Technology Challenges

Many insurers are not yet embracing ecosystems. They rely on partnerships to meet customer expectations and gain loyalty. However, this puts them at risk because there are challengers entering the industry and managing customers better.

Multi-line insurers are leaders in customer engagement. An ecosystem approach requires cloud, APIs, and microservices, which need a plan and investment. With digitalization, they can create value – within and across companies and industries.

What DXPs Offer Insurers and Employees?

Standard features of DXP include analytics, personalization, customer context views, and multichannel support that provide a smoother experience for employees and agents. Let’s go through what it offers.

It orchestrates insurers’ digital management needs

A digital asset management platform must create templatized content. Its intuitive and responsive UI/UX design must consistently deliver an omnichannel content experience. Additionally, it can automate and enhance operational efficiencies. Its features include:

  • Inbuilt SEO and SEM to reach prospects.
  • A robust Application Programmable Interface (API) framework to integrate the DXP with the insurer’s systems.
  • Aggregate internal and external data aggregation with AI-driven analytics to personalize experiences for agents.
  • Low/no-code development features for minimal up/reskilling of the workforce.

Greater market penetration

In the pre-internet era, despite product brochures, prospects and customers talked to insurance agents to learn about policies and plans. Digitalization has forced insurers to be transparent about product information and key benefits.

Customers research policy information and collect information like claim settlement ratios and customer reviews, which usually influence their buying decisions. Insurtechs interpret customer behavior and target a specific customer pool for particular products with AI and machine learning.

Enhanced customer experience

According to research, insurance companies investing in omnichannel experiences have increased from 20% to 80% since the COVID-19 pandemic. Prominent customer experience areas include new insurance plan procurement, claim filing, claim status checks, and claim settlement.

Employees utilize AI & ML to map the customer journey and big data analytics to capture and analyze customer needs and preferences, conduct background checks, tackle fraudulent claims efficiently, and evaluate customer satisfaction.

  • It is making customer buying journeys simple, lean and cohesive.
  • It is helping them continue from where they left off even if insurers have shared information in another channel.
  • It must help customers find solutions by themselves and trigger manual/agent guidance if necessary.
  • It can enable customers to refer to policy/claim documents, communication history, manage accounts, make payments, and manage service requests.

Query resolution with customer dashboards

A synchronized customer dashboard can do the following:

  • Act as a one-stop-shop to show benefits, terms and conditions, and coverage costs
  • Calculate monthly/annual premium and track payments on a unified platform.
  • Provide a request box to upload documents and raise claims, pay premiums, and raise queries.

A self-service customer dashboard will help insurance employees provide faster resolutions, necessary policy information and create a FAQ database. In addition, research says that a unified customer dashboard reduces cost by 10 to 50%.

Service personalization

Customer engagement doesn’t always end with a purchase. After-sales service and customer engagement must be a priority. Employees must regularly receive detailed policy information and benefits so that they can personalize services and raise customer confidence and build a long-term customer relationship.

The unifying principle for DXP is that it is an architecture that integrates core business tools and provides a foundation for digital innovation. It not only builds transparency and trust but enables customers to plan their long-term financial investments and build a retirement corpus.

Addressing the Talent Crisis

There is a demand for talent in sales, underwriting, customer service/admin, technology, and claims. The insurance industry needs a new approach to talent acquisition and retention strategies is must to remain competitive. Insurers must embrace AI-enabled career pathing to fill vital gaps, upskill existing employees and achieve potential.

However, there is a tech skill shortage which could be detrimental to the success of DXP. However, career pathing enables employees to highlight areas for continuous learning that aligns with organizational goals. It could prove to be the key to long-term management success in the industry facing a talent crisis.

Draup for Talent’s Reskilling Navigation tool is enabling insurance employees to adapt and evolve their skillsets. Our career pathing will empower employees to map career path scenarios, review job competencies and evaluate skill gaps. The platform is enabling insurers to reskill them according to the changing work landscape and ensuring that your company stays ahead of the curve.

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