Is relying on chatbots and STP a dangerous strategy? Evidently so.
"Many consumers are simultaneously tentative about increased automation, and still want support in the form of a real person ― particularly if they’ve never filed a claim before and are uncertain about the process. Interestingly, while Millennials are the consumer group most interested in self-service options, they’re not looking for it in every situation". LexisNexis 2019 Future of Claims . This report shows the need to balance automation and empathy.
"A Lemonade spokesperson said the company tracks its NPS score daily and that “At over 70 we’re seeing customer satisfaction levels unheard of in insurance, and usually the preserve of venerable companies like Apple." Ben Glover Verdict Insurtech
Compare that with insurers that have implemented the digital claims platform 360Siteview. James Harding COO of 360Globalnet says that "NPS scores covering Home and Motor claims are over 77 with Pet scoring 83. This measured over more than 3.6million claims processed digitally."
It shows that the optimal digital claims platform must offer automation with empathy. Human intelligence augmented by AI. A self-serve FNOL experience and direct contact option with a claims handler.
Harding stated "96% of customers will happily choose digital if offered the opportunity via any channel".
This shows the golden opportunity for incumbent insurers- they can equal and even exceed Lemonade on customer satisfaction. They can collapse costs whilst delighting customers. They can overcome the limitations of legacy systems without having to immediately replace them.
You should act now though. Check out your goals against this checklist- "Are your digital claims goals ambitious enough?" This comprehensive set of CSFs are the proven metrics from digitally transforming insurers.
You can and must compete effectively with Lemonade and other full stack insurtechs.
“There was a great LinkedIn exchange recently between [co-founder] Shai Wininger at Lemonade and a customer, who was standing ankle-deep in flood water in his home, bashing Lemonade for making him talk to an emotionless AI when he needed support.” However rare incidents like this are, it is unfortunate for a company committed to “providing a shockingly great claims experience through empathy, transparency, availability, and speed”. A Lemonade spokesperson said the company tracks its NPS score daily and that “At over 70 we’re seeing customer satisfaction levels unheard of in insurance, and usually the preserve of venerable companies like Apple. “There are always areas we can continue to improve in, and we transparently talk about it in our Transparency Chronicles.”
unknownx500
