The Human Client Experience in P&C Insurance
The Human Client Experience
There’s been a lot of talk (and investment) in client experience – but the weird part is it never seems to encompass actual human interaction. That might work in certain categories like credit cards and books, but not advice and insurance. The data shows most customers don’t want to choose one or the other – they want a seamless omnichannel experience which sometimes means looking up their account balance through a mobile app without having to talk to anyone, and other times means being able to get their agent on the phone when their house burns down or they lose a loved one and need the life insurance payout.
The issue too with digital-only experiences is that they quickly become commoditized table stakes. Every insurer’s mobile app these days basically has the same functionality (make a payment, file a claim, look up your insurance card). Digital has become table stakes – you need mobile apps to stay in the game, but having a mobile app doesn’t score you any extra loyalty because everyone else has it too. Typically, it’s a race to the bottom where firms compete on price alone.
What still commands a premium, and is priceless, is the human experience. The Holy Grail is, as Steve Jobs said in 2000, “the intersection of computers and humanism” where technology can be used to enhance human connection. This is the Agent & Advisor Cloud manifesto.
But getting agents to embrace technology is hard. For one, there is regulation and supervision burden. Agents are also, annoyingly, human beings – set in their ways, resistant to change. But more than ever, because of the seismic shift in consumer expectations, agents must change.
Around the world, the average adult spends over two hours each day on social media, and a total of six hours engaging on a digital screen. In this era of Google and constant connectivity, consumers prefer to do their own research and validation – CEB/Gartner estimates that 57% of the buying decision has been completed before a prospect is willing to speak to a rep. This means content marketing and being findable online are more important than ever. Since most individual advisors don’t have the ability to manage content marketing and SEO, corporate marketing teams play a critical role.
Introducing Hearsay Billing Orchestration and Lead Orchestration, powered by Agent Actions
In the US alone, there is an opportunity to recover the $30B each year that gets churned in property and casualty insurance due to billing issues. At Hearsay Summit this past May, Telisa Yancy, Chief Marketing Officer of American Family Insurance, described how the very best agents simply do not let their customers lapse. These agents have instinctively figured out that they should be using a combination of texting, emails, and calls to make sure customers pay before their policies lapse, and often turn these into multi-lining cross-sell and upsell opportunities.
On the new customer acquisition front, over $7B is spent each year by P&C insurers on advertising in the US. In addition, agents spend on top of this on local advertising and to purchase leads from aggregators. Whether the leads are sourced from corporate or by the agents themselves, the follow-up on the leads is extremely poor and inconsistent. Even the best agents don’t always consistently and systematically follow up on leads because there are too many steps and everything is manual today.
Hearsay’s new configurable Actions Orchestration Engine changes all of this. It allows every agent to behave as the very top producer does, and automates 90% of the manual steps.
Today’s next best action AI efforts typically fail because agents are not incentivized to manually report back to corporate whether or how they performed the suggested action. Without the closed-loop feedback, machine learning cannot occur. Hearsay addresses this problem by closing the loop with built-in tracking on Hearsay Social, Hearsay Sites, and Hearsay Relate texting and mobile CTI.
As we tackle these field execution gaps, starting with Lead Orchestration and Billing Orchestration, and later evaluating Claims and Catastrophe Management within insurance, we expect to shift the typical normal distribution of low-, mid-, and high-performing agents to a new world where everyone can easily behave as the best agent would. This will completely change insurance, with a human client experience that is also data-driven. We can enable every agent to go from transactional product pusher to high-tech, right-touch advisor!