In the intensely competitive insurance industry, insurers are struggling to differentiate their wide array of products. Pricing is no longer a competitive lever, especially since price-sensitive customers come with lower lifetime values.

It is not surprising, therefore, that an increasing number of insurers are looking to leverage customer experience for impactful differentiation.

In order to deliver superior customer experience, insurers must focus on improving customer journeys across channels and business processes, from underwriting and claims handling to distribution.

For insurers, the need of the hour is an end-to-end digital solution that maps the entire customer journey, and monitors and measures the customer experience at each touchpoint. WNS’ Customer Experience Analytics suite enables insurers to do just that.

Personalizing Customer Journeys across the Insurance Value chain

WNS’ Customer Experience Analytics suite is targeted at insurance companies focused on transforming the customer experience. The solution addresses barriers to enhanced customer experience at every touch point across the customer journey, by focusing on customer-oriented and operational metrics such as customer satisfaction, loss ratio and regulatory compliance costs.

The following modules capture the end-to-end customer journey:

  • Personalized campaign manager provides real-time omni-channel personalization capabilities for customer acquisition and retention

  • 360-degree customer viewer creates a single view of customers across first and third-party databases

  • Underwriting enhancer allows for informed customer risk profiling based on a multitude of data sources

  • Claims triage engine prioritizes claims resolution to avoid escalations and triages one touch resolution claims

  • Complaint management dashboard is provisioned to contact centers and customer facing representatives, offering insights on complaint drivers and propensity of escalations

Key Features

  • Advanced machine learning algorithms to map customer behavior across various touchpoints and devices throughout the customer journey

  • APIs for connections to websites, mobile apps, claims database, policy management systems and Customer Relationship Management (CRM) systems

  • Close to real-time insights on operational and customer-oriented metrics to enhance customer experience for improved retention

  • Best-fit bespoke algorithms to achieve desired business objectives across product lines

Key Benefits

  • Reduction in vendor turnaround times lead to optimized claims processing and shorter claims-to-payment lifecycles

  • Actionable insights into customer complaints result in lower regulatory and legal risks

  • Improved targeting of customers translates into increased product sales, reduced acquisition costs and lower customer outreach costs

  • Seamless integration of first and third-party data sets offer a comprehensive view of the customer

Case:
Case: The client used improved customer targeting to boost the dipping sales of its life insurance product
Case:
Case: The client reduced claims lifecycle from 142 to 75 days and vendor turnaround time by 30 percent
Case:
Case: The client avoided regulatory risks through analytics-led complaint management

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