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Why are insurance companies prioritising their knowledge strategies?

All organizations in the finance sector face the challenge of regulatory compliance. In previous blogs we’ve described how implementing an automated knowledge solution, such as Transversal’s Prescience™, helps meet this challenge by delivering accurate and consistent information across the entire business. Financial services also have a challenge to retain customers, since financial products inspire little emotional loyalty and switching suppliers is increasingly easy. Knowledge automation can aid retention, by enabling a more effortless customer experience that improves levels of satisfaction.

The insurance industry shares these challenges of the broader financial sector. It also has specific challenges of its own. In insurance, customer experience is especially vital. Customer experience differentiates you from your competitors in a business that can otherwise seem anonymous. Since the most important interaction with customers – handling a claim – occurs when customers are already stressed, the impact of a bad experience can be magnified. In a recent survey, only 30% of insurance customers reported a positive experience, while 62% had switched providers owing to poor service.

The digital transformation of business affects how customers interact with insurers. Customers expect an omnichannel relationship, in which they can contact you by email, by phone, through social media, through chat, or in person, and receive consistent information every time. Many customers also want to take a more active role in managing their insurance policies. They expect to be able to monitor their account online and to customize their package to their needs.

By automating the delivery of knowledge throughout the customer journey, you can provide an enhanced customer experience, soften pain points and increase retention. You can even increase ROI by maximizing opportunities for up-selling and cross-selling.

Serving the customer throughout their journey

An automated knowledge solution makes information readily available at all stages of the user journey. An individual customer might contact you through any channel and might land on any page of your website. They might be a new customer shopping for a policy, an existing customer who has a query or who wants to buy additional cover, or a customer trying to make a claim. Through flexible deployment of knowledge, you can serve them all.

Surfacing contextual knowledge

Using Transversal’s Prescience API, a leading UK insurer embeds contextual knowledge on the product pages of its website. Without running a search or visiting the help page, a customer reading about car insurance (for example) can instantly access the most frequently asked questions about car insurance.  Young drivers shopping for car insurance can immediately see answers specifically relating to young drivers.

The insurer also provides context-sensitive links to its complete knowledgebase. From the page about insurance for young drivers, for example, the user can access all the questions about young drivers (with the option to search or browse other content if required).

Empowering the contact centre

Should a customer call, email, or use chat to talk to a representative, the deployment of knowledge in the contact centre helps your agents deal quickly and accurately with these enquiries, increasing first contact resolution and customer satisfaction. With enquiries handled more efficiently, agents also have more time to deal with high-value issues and to up-sell and cross-sell additional products.

Using Transversal’s Prescience, a single knowledgebase can support both agents and customers. Knowledge for agents’ eyes is embedded in key touchpoints such as CRM, live chat or intranet through our flexible API. When handling a customer enquiry, agents can look up details and procedures without having to leave their screen or consult a colleague.

Knowledge intended exclusively for agents is automatically distinguished from the knowledge available to customers. Knowledgebase categories, individual articles, or even sections of articles can be restricted to use within the contact centre, without having to maintain a separate knowledgebase for internal content.

Supporting remote advisers

While they might not be part of your regular workforce, independent insurance advisers can be given access to your knowledge. This ensures they provide customers with the same accurate, up-to-date information as your in-house agents, and helps them deliver quality service that benefits customers, your business, and themselves.

Independent advisers can have a dedicated information portal powered by the central knowledgebase. As with knowledge aimed at contact centre agents, knowledge specific to advisers is filtered automatically at the point of use. When logged in to the portal, advisers can walk customers through policy decisions as well as checking facts for their own needs.

An integrated knowledge solution

A major advantage of this system is its low total cost of ownership. The knowledge solution is platform agnostic. One installation delivers curated information across your enterprise, covering customers, internal agents and independent advisers. If you add a new channel, or switch one of your existing business systems, you don’t need to buy further knowledge support. You simply need to connect the new touchpoint to your knowledge cloud. This flexibility enables Transversal’s clients to roll out automated knowledge in stages.

Delivering consistent knowledge across the business aids regulatory compliance, increases customer satisfaction, and supports the omnichannel experience customers increasingly expect. While competitors continue to operate knowledge silos, be the company that provides a reliable, seamless experience.

In this infographic, we've rounded up the top five reasons why the insurance sector needs knowledge.

Five reasons why insurance companies choose knowledge