The convergence of a range of macro-economic forces − the lingering effects of a once-in-a-century pandemic, catastrophic weather events, heightened customer expectations, unprecedented talent shortages, and insurers’ quest for greater operational efficiency and continued future relevance – are creating waves of change in the P&C industry.

The race is on to bring innovative, high-quality products and services to market faster than one’s competitors at a lower cost – without sacrificing the all-important customer experience.  

Clearly, the stakes are high. Outdated systems, processes, and operating models have no place in modern insurers’ playbooks.

A Market in Transition

Some growth and expansion strategies that leading P&C firms are leveraging to remain profitable, relevant, and resilient in the face of shifting market dynamics include reinventing existing policies and products to introduce more flexibility in terms of coverage, premiums, and payment triggers. 

Many players are venturing into new territories, such as cyber and climate risk, cryptocurrency usage, and remote working scenarios. Others are exploring and entering alliances with companies from other markets.

Digital technologies enable most, if not all, of these strategic endeavors. In the realm of customer service, insurers are designing self-service systems that provide customers with convenient and easy ways to communicate with them. Some 95% of all customer interactions are expected to be AI-enabled by 2025.

The Customer Experience Paradox

With so much focus on digital tools and interfaces, you might assume that levels of customer satisfaction in the insurance sector are on the rise. However, that’s not the case. Customers, agents, and partners are still experiencing frustration with unnecessary delays and poor communication. Almost 75% of customers who attempt to purchase insurance online report problems such as difficulty navigating digital tools and getting the help they need.

Delivering positive customer experiences can make or break revenue. Satisfied policyholders are 80% more likely to renew their policies than unsatisfied ones, and customer-centric brands are 60% more profitable than those that don’t focus squarely on the customer.

Getting Back to Basics

The truth is that digital technologies can only go so far – insurance is, and always will be, a people-centric business. 

According to an Accenture study, in insurance, efficient service, polite staff, and value for money trump innovation. And of the qualities that McKinsey & Company identified as driving overall customer satisfaction, many can be linked to interpersonal communication factors, including employee courtesy, knowledge, and professionalism.

From purchase and onboarding to care, claims, and renewal, you need great people with great knowledge and – perhaps most importantly –  a great attitude.

The Bottom Line

Several studies support the notion that people need and value social connection; customer service plays a major role in maintaining the connection P&C insurers have with their customers.  

By working with a Business Process Outsourcing (BPO) provider committed to service excellence, you can elevate your customer satisfaction score to a level that becomes a potent strategic weapon.

And that’s where partnering with Covenir can make all the difference.

Why Partner with Covenir?

Covenir powers insurance potential by helping insurers and MGAs bring their growth plans to life. Our outsourced insurance services include customer service, premium services, FNOL and claims, underwriting support, policy advising/sales, print and distribution, and virtual mailroom services.

At Covenir, we bend over backward to help our clients grow. We adapt to their needs and take ownership of their challenges. Our seasoned onshore professionals are among the best in the industry when it comes to thinking on their feet, listening to customers, and meeting their needs.

Our clients trust us to deliver:

  • Expert, empathetic claims services for all types of personal and commercial insurance lines, with deep expertise in auto and homeowners’ claims
  • Custom, tailored services to meet their needs
  • A consultative, collaborative approach working within client-established KPIs
  • Extensive onshore industry experience
  • Availability to extend in-house teams during busy times, after hours, or for catastrophe response
  • A flexible, collaborative “test and learn” approach
  • Support in 175 languages

What Our Clients Have to Say

“We are fortunate to work with a team that cares about our customers as much as we do.” Beth Kozi-Lester, Business Analyst Manager, Amica Mutual Insurance Company
“Working with Covenir is a relief … like clicking an easy button.” – Pier Westra, Vice President, Claims & Operations, Allied Trust

At Covenir, we’re part of your team, not just an extension of it.

To learn more about our services, talk to a specialist HERE.