May 16 2022
How does technology increase client satisfaction?
By Samuel Lee
In recent years, there is an increasing focus on efforts around building a customer centric experience, as clients feel that their experience is the most important factor which would garner their loyalty. In fact, according to a report by Salesforce’s State of the connected customer report, the standards of customer engagement are changing, and engagement is about creating seamless experiences that build trust. The report states that 95% of customers say their trust in a company makes them more likely to remain loyal to the brand.
Client satisfaction is essentially based on a series of client experiences producing a net result of the good ones less the bad ones, and technology has impacted the insurance landscape leading to client satisfaction.
Almost every industry has started their digital transformation which has been accelerated by the pandemic. Similarly, so has the insurance industry, and going digital has never been more convenient, with changes in the way that clients can purchase or review their policies online, enjoy faster claims and purchase personalized products with the utilization of artificial intelligence and machine learning.
Going digital has allowed clients to reduce the time required to call, email or visit the insurer’s office to look for policies, as there are now self-service options which are beneficial to advisors and clients. It reduces waiting time for the client and reduces additional liaising for the advisor which eventually, frees up more time for advisors to focus on more meaningful client facing work and increasing client satisfaction in their personal communications with clients. As Laura Hoi, ChFC, a 17-year MDRT member from Singapore shares, “my organization shifted towards an entirely digital platform with 100% electronic submissions, making it the only way we could submit our documents. It has made our lives a lot more efficient and productive. Today, there are no longer any issues with forgotten documents or missing signatures. On top of that, it means that our work is now more compliant and our clients perceive it as a more professional service.”.
Another advantage of going digital is the introduction of dashboards for client to view and manage policies and update personal details such as address, contact number and email address.
During the height of the pandemic, there were limited opportunities for interaction amidst lockdowns and fear of catching the virus. Both advisors and clients have opted for virtual meetings, for comfort and a peace of mind.
With the virtual meetings becoming common and widely accepted, advisors and clients are no longer limited to any location and meetings can be held anywhere. Clients are now able to schedule a meeting more easily as advisors do not have to factor in commute for meetups, which increases their time for meetings, and in turn allow financial advisors to service their clients more efficiently and increase client satisfaction.
Maria Dela Cruz, a three-year MDRT member in Singapore, shares, “Video communication platforms have changed the landscape of how we do business. This extends as well to how we can seamlessly service our clients. To some extent, as meetups are literally a click away, chats over Zoom or Teams, paved way for more frequent engagements. Screen sharing functions and annotations allowed for more elaborate exhibitions of ideas and suggestions, while distance and location barriers are hardly an obstacle today.”
Artificial intelligence (AI) and machine learning has also empowered insurers the ability to collect data on clients and refine the information to provide a more personalized experiences for clients. With the ability to personalize, insurers are now viewing clients as individuals rather than classifying them in to segmented groups, and they are now better able to tailor products according to client’s specific behaviors and needs. Furthermore, this provides financial advisors with a more accurate risk assessment, and policies premiums would be reflected accordingly as well.
With the utilization of AI and machine learning (ML), chatbots are able to interact with clients seamlessly to guide and complete straight forward transactions such as updating beneficiaries. This will help to reduce time for human interaction and reserve time for complex cases that require a financial advisor’s in-person expertise. Chatbots, along with the implementation of self-service technologies, will also increase client satisfaction as they reduce the time required for clients to get their small requests attended to.
As digitalization and technology minimize mundane tasks for financial advisors and eliminates certain aspects that can be automated, they now have more time on their hands to focus on client facing duties and work on increasing client satisfaction in various parts of their practice. As Laura Hoi also shares, “Digital technology is here to stay. So, if anybody wants to have longevity in this industry, it’s important to adapt to these changes.”