The insurance industry has been around for decades. However, it is only within the last few years that players have started adopting and implementing digital strategies to drive operations.
According to Deloitte, the insurance industry needs to embrace tech innovations to align its services to customers’ expectations. The cloud adoption in insurance industry is one of the ways in which the industry can embrace innovation.
In this article, we highlight some of the problems that insurance companies can solve by moving to cloud-based solutions:
1. Changing Customer Expectations
Research indicates that 59 percent of customers value engagement from businesses that they have interacted with before. Moreover, more millennials are buying insurance products; these are digital-savvy individuals who want a smooth and hassle-free buying experience. With a phone in hand, they expect to get services from anywhere and at any time.
Insurance firms can respond better to these clients by using cloud-based solutions such as call tracking software. In the insurance industry, call tracking software can improve communication and provide insights on a caller’s interactions with the business.
Multi-channel attribution is an important call tracking software feature that insurance firms can use to uncover their prospect’s journey. The feature enables firms to identify the campaign the customer interacted with and the last action they took before calling. This information can be useful when implementing client-acquisition campaigns.
Call tracking software can also reveal valuable data from your firm’s inbound phone calls. For example, you can know the number of missed calls, where most of the calls originated from, and the days or hours your company gets the most calls. This data can help your company to improve customer service, products, and services to meet the needs and expectations of customers.
Also Read: ROI-Driven Marketing: Turning Actionable Data into Effective Results
2. Seamless Collaboration
Working remotely is common with insurance companies. Most firms have employees in the field, spread across different locations. This can make it difficult to have seamless communication with prospects.
Even in today’s digital business world, phone calls are still crucial sources of leads. They are even more valuable than clicks and social mentions. When a call comes through, it should be answered quickly, and by the most informed person or department that can solve the needs of the caller.
Cloud-based virtual call routing software can provide a seamless user experience between the insurance firm staff and prospects or clients. Through a comprehensive software, calls can be routed from a central number to the desk or mobile phones of employees working remotely to enable seamless collaboration.
Call routing software leaves prospects with a positive experience by directing them to the representative that can best serve them. This way, the customer doesn’t need to repeatedly explain their issue since the software connects them to the right agent.
Virtual call routing reduces wasted time and, subsequently, call duration by matching customers with knowledgeable agents. This increases customer satisfaction rates and reduces the firm’s operational costs.
3. Improve Marketing ROI
The insurance industry relies heavily on inbound phone calls. Therefore, agencies need to measure the calls received to optimize their marketing campaigns. Cloud-based call analytics solutions for insurance firms can help them identify the most successful marketing campaigns. In turn, the company can save time and money by concentrating on these campaigns.
Call analytics software can uncover various kinds of data, including the number of calls made by a single customer or the marketing channel that a call is attributed to.
By using specific phone numbers for different marketing channels, firms can easily gauge ROI for their efforts. For example, if most calls come from PPC ads instead of flyers, it would make sense to optimize the marketing budget for PPC to get the best ROI.
4. Serving a Tech Savvy Client Base
Insurance firms would be well-advised to utilize new technologies in their marketing practices. Customer demands are shifting as more customers are moving towards digital business processes. A report by Capgemini Efma shows that millennials, who make up a large portion of insurance services buyers, do not have a positive experience with companies in the industry. This is often because of the industry’s reluctance to embrace new technology platforms that the millennials are already using.
One simple, cost-effective, and ROI-driven digital marketing method that insurance firms can adopt is email marketing. For every $1 a business spends on email marketing, it gets $44 in return.
Cloud-based email marketing services are cheap. Moreover, companies can combine email marketing with social media marketing for even better results. For instance, a company can include Facebook icons or links to its Facebook page in its emails.
Cloud-based technologies can help insurance firms meet their customer expectations, improve efficiency, and attain revenue goals. Implement the four cloud-based technologies above to better tackle your company’s challenges.
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