Exclusive Discussion: Transform Insurance CX to Retain Customers & Combat Rising Costs

Experiencing a global pandemic, witnessing the ease that digitalization provides in other industries, and facing ongoing change in our wider world have all accelerated a significant shift in customers’ expectations. Couple that with the simple fact that customer acquisition costs 9X more than customer retention, staying one step ahead of customer needs must be priority No. 1 for carriers.

With these challenges front and center, Reuters Events hosted a discussion between insurance customer experience experts, covering how insurers are working towards a best-in-class customer journey, and ultimately, an organization which places the customer at the heart of every business decision.

Check out the discussion for free here.

Featuring insights from:

  • Lynn Bostedt, Business Design Director, Claims Strategy, American Family
  • Kent Lawson, Executive Director, Brand & Consumer Experience, Blue Cross Blue Shield Association
  • Althea E. Garvey, VP, Chief Claims Officer, Lifecare Assurance
  • Sujit Luke, Head of Digital Claims, MassMutual

Sharing their thoughts on how to:

  • Understand the changing customer: Integrate multiple sources of data to truly understand what customers want from their carrier
  • Move from customer satisfaction to customer happiness: Drive progress to seamless CX that meets customers where they want to be met and exceeds expectations
  • Impact the bottom line by securing a good claims outcome: Excel in the moment of truth by forging an end-to-end view of the claims process with holistic data points and updated technology

Key topics to look out for:

DIGITAL SPEED: “Having such a wide demographic of customers, I can say that every company has a mix of people who want a little bit of both, so we try to let the customer determine that right balance of digital speed and human support” 
- Lynn Bostedt, Business Design Director, Claims Strategy, American Family

BRANDING: “We need to reset the way we think about post-issue servicing. Servicing is thought of as a cost center, but it’s really a branding opportunity. Every interaction is a branding opportunity. So Marketing does the brand awareness, but if we think about brand loyalty, that only comes post to an actual interaction which we support” 
- Sujit Luke, Head of Digital Claims, MassMutual

CUSTOMER INSIGHT: Customers and carriers are looking for the same thing, we just look at it from different perspectives. Customers are looking for Michelin star restaurant quality experience, in a drive through time frame. Carriers conversely are looking for timely, efficient, cost-effective drive through experiences for their clients, but at the same time want to deliver a Michelin star culinary experience” 
- Althea E. Garvey, VP, Chief Claims Officer, Lifecare Assurance

DATA: “One of the things we keep saying about insurance is we have more data than any other industry, we’re the original data focused industry, let’s use it! Let’s use it to that effect, if our airlines can do it [personalization] who we have far fewer interactions with, why can’t our carriers do it? Supposedly we know more about these folks and what’s happened to them than anyone, let’s use that to provide a more human customer experience” 
– Bryan Falchuk, Managing Director, Insurance Evolution Partners

Click here to download the discussion.

Interested in this topic? Want more insights from industry leaders? Then you need to be at The Future of Insurance USA 2023 (June 14-15, Chicago) – check it out here. 

Alexandra Wilson
Project Director
Reuters Events 
T: + 44 (0) 20 7513 4979
E: alexandra.wilson@thomsonreuters.com