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Issues & Answers: The Experience Matters

Ajish Gopan, Vice President and Global Head, Insurance Insights and Data for Capgemini, recently discussed the roles that partner, employee, and customer experience play in driving growth. “We need to ensure that exceptional experience is maintained throughout the entire ecosystem,” he said. Following are excerpts from an interview.

Ajish Gopan
Vice President and Global Head, Insurance Insights and Data
Capgemini

For insurers to be successful, is it all about the experience they provide their many partners?

It’s certainly about the experience, but it is more than that. We researched this topic in depth as part of our World Insurance Report. We found that it’s a combination of various elements that provide a superior experience across personal lines as well as commercial lines. First, it’s about convenience and enhancing access to digital channels for consumers, brokers, and prospects alike. Second, the role of new digital intermediaries, like price comparison sites and the new crop of underwriting companies, extend the reach of many insurers to new customers. Third, it’s about the quality and reach of advice consumers and prospects can receive from insurers. This is critical for growth as it significantly influences purchase decisions across channels.

What is the importance of the employee experience?

Our industry continues to be high touch and employees are critical in delivering a superior experience to customers and brokers. Therefore, the employee experience is a foundational component requiring innovation. For instance, to create the right employee experience, it’s necessary to listen to and understand employee needs, very much like an insurer needs to listen to, know, and understand their customers or brokers. Insurers need to spend time and effort profiling employees, including their quality and content of work, to design the right climate for them to engage. We see that many carriers are implementing HR analytics solutions and integrating insights-driven innovation into people processes to provide the best experience possible for their employees.

What is the importance of the customer experience?

It’s critical. All of our clients use Net Promoter Score (NPS) as a primary experience metric. There are a lot of other avenues to get additional insights into how the mind of a decision maker, in a business or home, is evaluating their final decision. To provide a better customer experience, it’s very important to lay the foundation to gather more real-time intelligence from external sources and derive better insights about what drives positive customer experience at every touch point—digital or otherwise. Several carriers are using anthropology methods to understand how the minds of consumers and decision makers work.

Is claims also an important part of the customer experience?

It is. Claims is going through a transformation and is in need of new technologies to drive loss ratios downward. Touchless claims is one transformational journey that a lot of carriers have started. Capgemini has undertaken significant research on this matter. Looking at loss ratios, we have identified large blocks of expenses and loss drivers. We have observed a number of carriers, both big and small, investing in technology to shave unit costs, improve efficiencies in claims handling, and also to improve overall employee experience. For instance, aerial imagery is used very well today to control potential damages and settle claims quicker. Similarly, we see significant use of IOT and device data to prevent losses. We want to start looking at how we can use insights from claims in redesigning coverages and products. There’s a heightened need for improving the claims experience and drawing more insights from it. Going touchless in most of the claims processes will help insurers attain these benefits.

Watch the full interview with Ajish Gopan below: