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20 October 2021

InsurTech LIVE: How to deliver a best-in-class customer experience

We rounded off a week of conferences and other events by hosting a panel session at InsurTech LIVE discussing customer experience in insurance, and our panellists did not disappoint.

Heather Smith, managing director of LV=’s retail business, opened the discussion by talking about what customers are looking for from an insurer, and how LV= has transformed its customer experience by focusing on three key elements: getting things right first time, delivering an easy-to-use customer journey, and meeting customer needs. 

Smith said that this approach has now become “embedded culturally in in the DNA and in the values of the organisation”, and this has undoubtedly been a factor that has helped LV= clinch the highest rating in our CX research in each of the last three years (you can download a free summary copy of the research here). 

Paul Harvey, founder and CEO of soon-to-be-launched digital motor insurer Adiona, added to the conversation, saying that customers were looking for one simple thing: a fair deal. 

He criticised the way the insurance industry has approached underwriting to date, saying that it was “just wrong” how the industry used certain underwriting factors – such as wealth or occupation – to price a policy. 

Harvey said that the only fair way to rate something like a motor policy was to look at only the key rating factors, namely how your customer drives and what driving conditions they find themselves in. 

James Daley, managing director of consumer group Fairer Finance, agreed, but added that insurance ultimately boiled down to one thing – paying out when a claim arises. 

And this gave rise to the issue of trust – something that should be of concern to the industry given that the average trust rating for the market stands at just 51%. 

Daley said that key to re-building this trust was better expectation management, and insurers creating a purchase experience that fully outlines what is and isn’t included in a policy. 

Smith agreed, and said that the key to managing these expectations was communication and empathy, adding that having the right cultural values within the business was essential. 

The Role of Technology 

While having the right team in place for managing customers is, of course, of vital importance, the role of technology in building a best-in-class customer experience cannot be underestimated. 

Harvey told delegates in attendance and viewing online that Adiona was building an “always-on” digital experience that was using AI and predictive modelling to not only better predict risk, but also combat fraud so that the good drivers are not paying for the bad. 

He also spoke about the importance of proper claims handling (instead of selling off the claims to third parties) and how Adiona is working towards a claims process that kicks in as soon as a claim event is detected. 

Want to find out more about the research and data discussed in this panel session? Then download a free abridged version of our CX Report, or get in touch for a free demo to see in real-time how Insurance DataLab can help your business. 

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