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The State of CX In Insurance, 2022

Insurance industry is at the cusp of digital transformation in the post-pandemic world where uncertainty and risk have taken over the economy. A volatile shift in the consumer mindset is compelling insurance organizations to assess their existing business strategy and accelerate the digitalization of all the touchpoints. However, this online business model brings some innate challenges for the companies: deciphering the dynamic customer expectations and bridging the existing experience gap.

Technology has taken on a human dimension which is why the 'phygital' strategy is the new differentiator where CX will be the deciding factor in building customer loyalty and delivering richer experiences.

In order to address these concerns in both business and consumer-facing worlds, insurers are comprehensively moving from experimental to experiential stage and investing in Customer Experience strategies.

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The State of CX In Insurance 2022

Key Insights: Understanding the role of CX in the Future of Insurance

Benchmarking Insurance in CX Maturity

The pandemic has forced a massive shift towards CX maturity. Insurance outperformed other industries by 15 times when it comes to the uptick in CX maturity.

Agents' Point of view

According to Mantra Research 2022, poor productivity tools (81%) and inflow of qualified leads (72%) are the top two challenges that agents face while service delivery leading to lower conversion rates and performance.

The Current CX Trends

Predictive experience is helping insurers to connect more closely with the customers, anticipate behaviors and identify CX-related problems in real-time.

Omnichannel Engagement enables insurers to keep the customers engaged and enhance the overall digital insurance experience.

Age of Experience: The Immediate Future

Insurance as an API will become more relevant. Insurers need to create a seamless continuum of experience for customers by taking part in their ecosystems so that they can avail insurance solutions within their own ecosystems.

Decoding Customers' Perspective CX

Episodic (on-demand) insurance solutions and usage- based plans would help insurers increase the wallet share of the existing consumers.
Micro-insurance products and trained agents will help insurers to augment the reach in under-served market.

Rise of Web. 3.0:

For insurers, investing in web 3.0 is an absolute necessity to establish their presence in the new internet world and capture the mind space of Gen Z customers.

Third-party data will enable insurers to delve deeper into customers' ecosystems and construct an exclusively tailored customer journey.

About the Research: Mantra Labs surveyed 142 senior business managers & C-level executives across the auto, home, life and health markets within the APAC Insurance Landscape

This report is intended for guiding Insurance decision- makers with insights surrounding the future state of CX in Insurance for the After-COVID World.

About Mantra Labs

Mantra Labs is a global experience engineering & consulting firm that builds intelligence-driven solutions and delivers digital-first customer experiences for global enterprises. With its 275+ skilled and passionate technologists, having delivered 100+ projects around the globe the company specializes in solving real-world front & back-office challenges faced by Insurance & InsurTech companies. Mantra has worked with some of the World's leading Insurers like SBI General Insurance, Religare, DHFL Pramerica, Aditya Birla Capital and AIA Hong Kong.

Mantra Labs is also a recognized InsurTech100 company deeply involved in developing technology solutions for business-specific problems with several strategic technology partnerships including MongoDB, IBM Watson and Nvidia.

Mantra Research explores evolving market, business & technology tenors shaping the future of work. Our insights examine present and forward-facing opportunities across any industry enterprise through compelling expert opinions & thought leadership.

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The State of CX in Insurance report is designed for Insurers to gauge the future state of CX in Insurance for 2022.To bridge the existing experience gap, Insurers are comprehensively moving from experimental to experiential stage and investing in Customer Experience strategies.

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