Back in 2018, we as an organization were thinking about how we wanted to “move the needle” in 2019. We were firmly entrenched in the practice of executing today with tomorrow in mind. What would be the next step that would see us helping our insurance customers reach their own goals and achieve success? The answer came to us almost immediately: Creating the Ultimate Customer Experience in this Connected World. We’ve known for many years now that digital transformation had wound its way into every aspect of our lives. Today’s connected consumer wants to interact with their insurance carriers in the same ways they do with retail, or booking travel.
So we set about with a goal in mind. In 2019 we would focus our efforts – solutions and thought leadership – on helping our customers create the ultimate experience for their customers. You as a carrier have all the assets, all the knowledge, for your brand in the marketplace. Our responsibility at LexisNexis Risk Solutions is to give you the tools so you can execute on that knowledge to create a better customer experience. And I think we’ve succeeded. Here are just a few of the many ways we’ve accomplished our goal this year.
Get Both Speed and Accuracy with Data Prefill Solutions
I can’t think of an easier way to create the ultimate customer experience than making the application and claims process as easy as possible. At LexisNexis Risk Solutions, we draw from the largest source of trusted industry data and then apply our proprietary linking technology to deliver customer insights via our Data Prefill Solutions. By providing more complete and accurate information, we help you process quotes, applications and claims quickly so you have a happier customer.
Data Security is Front and Center
It seems to be a constant battle for insurers as they move their businesses further into the online world: keeping information secure from data breaches while still providing seamless experiences for their customers. Vikram Dhawan, Director, Product Management for LexisNexis Risk Solutions shared how insurers can use identity and access management tools in his blog, Create a Frictionless Customer Experience While Protecting Against Cyber Fraud. Account takeovers are also on the minds of insurers. As Vik explains in his blog Three Ways Life Insurers May Prevent Account Takeovers – Without Losing Customers, insurers can use advanced identity intelligence solutions to protect their data, and ease customers’ minds.
Claims Processing is Already Planning for the Future
We’re seeing auto insurance carriers step up their investments in automation to increase claims efficiency while reducing costs and improving the customer experience. This year Bill Brower, Vice President, Product Management, Claims, shared findings from our 2019 Future of Claims Study. In his blog articles The Future of Claims – Balancing Automation and Empathy, and A Glimpse into the Future of Claims Automation for Insurance Carriers, he shared how the movement toward touchless claims handling is progressing gradually, but insurers are already seeing how automation is improving their interactions with customers.
Knowing Who is Shopping Can Help You Improve Customer Service
It’s pretty well known by now that consumers do not exhibit the same brand loyalty we’ve seen in past years. And while millennials and post-millennials are thought to be the main culprits of this changing landscape, we’ve found that the tendency to shop around for a better price and coverage is generation-neutral for the most part. As Ian Griffin wrote in his blog Shopology: Busting Myths about Insurance Shopping Trends, myths about who is shopping may be obscuring your view of the market. Knowing the facts can help you proactively reach out to your customers before you lose them.
Data is the Key Ingredient for Easier Life Applications
It’s the story that continues to plague the life insurance market: consumers are not buying life insurance coverage in part because the application process is so daunting and time-consuming. Accelerated underwriting is helping to minimize the frustrations customers feel, but errors in data can slow the application process, leading to high drop-out rates when a potential customer loses interest. As Jena Kennedy writes in her blog Making Life Applications Easy with Better Data, LexisNexis® InstantID® and Life Data Prefill work together to provide more accurate, current and complete data, speeding up the application process and creating a happier customer.
Anticipating Home Customers’ Needs
Over the last few years, we’ve witnessed the catastrophic damage that extreme weather can bring. We were fortunate in 2019 to have a somewhat calm Hurricane Season, but the lessons of previous years taught us that preparation is more important than ever. As Kelly Rush wrote in his blog, Hurricane Season 2019 – Gain Insights for this Year’s Season from Historical Data, having historical data on hand can help carriers provide a smoother customer experience – especially following a hurricane. While we had a reprieve from hurricanes this year, the same cannot be said for residents of western states dealing with extreme wildfires. Our 2019 LexisNexis® Home Trends Report shows that catastrophe fire claims were up in 2018, and severity continues to rise. Having updated peril-related data available is more important than ever. You can read more about the report’s findings in George Hosfield’s blog, 2019 Home Trends Report Gives Updated View of By-Peril Trends in the U.S. Home Insurance Industry.
Turn Challenges into Opportunities with Predictive Modeling
2019 has been an exciting time for carriers in the commercial insurance sector. LexisNexis Risk Solutions is helping insurers effectively rate risk for small businesses through multi-sourced predictive modeling based on real-time data. Sharon Maloney, in her blog Five Benefits of Multi-Sourced Predictive Modeling for Small Commercial Insurance Risk Rating, lays out the key benefits of leveraging data from multiple sources, including improving the customer experience through faster turnaround times and more accurate pricing.
Looking Ahead to 2020
This is 20/20. Seeing with 2020 Vision. There’s no shortage of memes dedicated to the year 2020. It has resided in our lexicon for decades. And yet, I can’t help but think that it is appropriate and that next year could be a turning point for the insurance industry. Disruption is hovering and getting closer. Consumers are getting savvier. 2020 is the year we take what we’ve learned by creating the ultimate customer experience and execute on it… to Make it Real. I for one can’t wait to see what we as an industry will do next!