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More customer touch points can foster insurance personalisation

By Annalie Terblanche, COO at SilverBridge, part of Alula Technologies.

Johannesburg, 18 Aug 2023
Customers are looking for a personalised engagement with their insurance providers.
Customers are looking for a personalised engagement with their insurance providers.

The evolution of consumer expectations in the insurance industry is reshaping the traditional insurer-customer dynamic. Customers are no longer satisfied with a one-size-fits-all approach; they are looking for a more personalised, meaningful and continuous engagement with their insurance providers. Insurers, therefore, need to leverage a multitude of touch points to foster these deeper connections, driving customer satisfaction and retention while opening new avenues for business growth.

Today's consumers, backed by the digital revolution, expect on-demand services and real-time interactions. They are increasingly looking for an experience that is tailored to their unique needs and preferences. Recognising this, insurers must shift from transactional interactions to consistent, personalised touch points that not only enhance the customer experience but also build long-lasting relationships.

Typically, customers engage with an insurer maybe once a year – either to discuss their premium increases or to submit a claim. And if no claim is submitted, how can a person really tell whether their insurer is good or not beyond looking at the price point argument. A global survey found that 57% of UK customers are considering changing their insurer in the next 12 months, significantly higher than the global average of 40%. With insurers, therefore, under increasing pressure to find more innovative ways of differentiating themselves, the focus has turned to personalisation.

The power of multiple touch points

Embracing multiple touch points is the key to achieving this. A well-integrated multi-touch point strategy helps insurers capture and understand a 360-degree view of their customers. From web sites, mobile apps and social media platforms to wearables and IOT devices, every touch point holds the potential to gather insights into consumer behaviour, preferences and needs. By weaving these insights into their strategies, insurers can deliver tailored offerings, proactive risk management and superior customer service, aligning closely with the evolving expectations of consumers.

Data lies at the heart of this personalisation. With each interaction, insurers have an opportunity to collect valuable data points that paint a vivid picture of the customer's journey. Advanced analytics and machine learning can leverage this data to create personalised solutions, predict future needs and offer real-time assistance.

Consider a policyholder with a wearable device. Regular activity tracking not only helps the insurer provide customised wellness programmes and advice, but also dynamically adjust premiums, reward healthy behaviours and provide proactive alerts. The use of such data to offer personalised experiences transforms the insurer from a mere service provider to a trusted health partner.

Managing the challenges

While the move towards more touch points presents considerable opportunities, it also brings challenges, notably around data privacy and security. Insurers must ensure robust data protection measures are in place and operate with transparency to maintain customer trust. At Alula Technologies, we champion secure data handling, transparent practices and informed consent, ensuring that our technology solutions remain customer-centric, secure and compliant.

The future of insurance lies in ongoing engagement, rich in personalisation and driven by a deep understanding of customer needs. It is about moving beyond transactions to create a consistent dialogue that offers value at every step of the customer's journey. By using technology to increase touch points and personalise experiences, insurers can build stronger relationships, enhance customer loyalty and pave the way for sustainable business growth.

As insurers embark on this transformative journey, Alula remains committed to facilitating deeper connections between insurers and their customers through advanced, secure and intuitive technological solutions. We envision a future where insurance is not just a transaction, but an ongoing, personalised partnership, delivering value at every interaction and touch point. 

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Alula

The Alula Technologies group provides business critical solutions to Life and Health insurance and Pensions companies. Our solutions modernise policy administration, digitalise policyholder and channel engagement, and intelligently automate key insurance business processes. We also integrate first and third-party data, including health and wellness data, to drive more efficient operations, improved policyholder experiences, and a better understanding and management of risk.