Redefining the customer journey through digital

Mohit Rochlani

Right from financial services to cab services (the mainstay of today’s daily commutes), the focus across industries now revolves around seamless fulfilment of the complete customer journey through digital means.

Up until a few years  back, you may not have imagined possibilities of stored customer data such as customers’ unique identity, and their KYC from a Central Data Repository being pulled together to ease purchase of insurance or any financial product.

Let us take a look at ways customer benefits from this paradigm shift called digitisation.

Awareness and customisation:

Customer expectations are ever evolving. They want simplicity—one-click shopping, for example. 24/7, real-time access, faster delivery, relevant information about a product’s benefits, and innovative & customised services are some of the expectations of the digital generation.

Digital has enabled companies to walk the financial awareness talk. It has supported the necessity of improving awareness levels, and penetration of insurance products among wider customer segments in the country’s inner pockets, via cross-platform digital channels.

Availability of comprehensive information on products facilitate ‘selling right’ for sales personnel and promote purchase of the right product, for customers. Insurers offer financial tools to empower customers to analyse their financial needs and accordingly, select a suitable product.

Emergence of big data and analytics is redefining the way insurers understand their customers to bring tailored and targeted products to them, in a timely manner.

Reach and Servicing:

Automation of processes have contributed significantly towards cutting costs and in turn, improved efficiencies. Improved efficiencies allow for conception of mass market insurance products with low-priced premium – the need of the hour to successfully implement the larger goal of financial inclusion. Clearly, digitalisation of insurance services spells convenience and access to customers from India (Metro and Tier I cities) as well as Bharat (Tier II and Tier III towns). In many ways, Digital is acting as means to narrow the gap for citizens yet to be brought into the insurance fold.

In terms of other services, customer reach-outs to helplines, contact centres or bank branches, to resolve concerns are gradually reducing and an “on-the-go” imperative now drives the strengthening of a whole range of tasks one could accomplish via mobile applications and chat bots.

Digital transformation of payments is also changing the way businesses are conducted. Real-time transfer of money through mobile apps for banking, wallets, UPI, etc., is driving efficiencies across the customer value chain.

Consistency in service delivery across channels

Customers want to access the full range of products and services an insurer offers, across all channels. Retail and other industries have set a benchmark of experiences which customers expect to receive from insurance companies, as well.  Digital tools make it possible for customers to switch from one platform to another seamlessly, without the need to repeat processes.

Insurers have built platforms for all channels with functionalities available on multiple devices to customers, sales and distributors, and user front-ends, leading to uniformity in quality of service and customer experience. 

All this disruption through digital definitely has one eventual winner – the customer.

The writer is Director-Operations and IT at IndiaFirst Life Insurance