The rise of consumer power-dealing with the new era of communication

According to Karin Kruger, Operations Director at Innovation Group—Switching insurance providers has never been easier for consumers than it is in the digital age. A price comparison website can provide multiple quotes in seconds. A quick trip over to an insurer’s Facebook Page condenses thousands of word-of-mouth customer experiences into a quick online read, and more and more advanced chatbots are an omnipresent force on practically all insurers’ websites, able to answer customer questions with no human intervention at all.

It’s safe to say that all these developments were not dreamt up by the businesses themselves – they were demanded by increasingly switched-on and digitally minded consumers, and the insurers that are excelling today (not to mention those that will thrive in the future), are those that take those demands seriously. Consumers are always-on. They are digitally savvy, and their service-level expectations are constantly rising. Today’s top insurers are those who have adjusted their business models to match and are making use of every digital tool at their disposal to ensure a competitive edge. Here are some of the ways the insurance industry is catering to the customer of the future.

SOCIAL MEDIA
On top of being one of the most widespread advertising techniques in the industry today, social media is being used for a wide variety of functions by consumer and insurer alike. A simple inbox message or even a post comment can turn a lead into a customer if handled correctly – just as a single mismanaged negative comment from a policyholder can irreparably affect a business’s corporate image. Social media also allows for a better understanding – and therefore more effective targeting – of potential policyholders. The worlds of the consumer and the insurer are becoming more blurred together by the day.

BIG DATA AND ANALYTICS
Gone are the trusted old call centers of yesteryear. Today’s top insurers have contact centers that boast enormous data storage and computing power, all in the name of a more personalized customer experience. Modern PABX systems can route a customer’s call to exactly the right person to handle their query with no receptionist intervention necessary.

Agents are able to call up a customer’s client history and risk profile at a moment’s notice and offer tailored premiums based on that data in a heartbeat. The ability to record calls and gather data about their duration and outcomes also allows insurers to better train their customer service agents for a more seamless experience, and extremely detailed reporting capabilities allow for improvements to the whole process on a month-by-month basis.

Digital technologies are helping the development of the insurance sector in the areas of speed, relevance, context, personalization, and empathy. And it can only be to the consumer’s advantage that insurers are adjusting to these in order to close the gap between what customers want and what they are delivering.

“Be careful how you are talking because you are listening!”

There are many things that we could speak about, but one of them is your personal language and how you talk to yourself. This has a larger impact than you might think. Did you know that your subconscious is extremely powerful? You may not realize it, but you are training it every second of every day (whether you like it or not). Your actions, words, and thoughts are teaching it how to make you behave and respond. Virtually every one of your behaviors is an unconscious process. When you talk and when you think, your subconscious will unapologetically agree with you, so be careful what you say to yourself because you are listening.

Our internal voice is NON-stop. All day long we are talking to ourselves, thinking thoughts which subconsciously influence our actions. Sadly, we all have a high tendency to be hardest on ourselves out of anyone in our lives. This commentary we have with ourselves can drastically impact our interactions.

Self-talk is one of the most crucial components of our well-being and can become the most devastating conversation we have if we are not careful. We easily allow doubt to seep into our minds and mix with thoughts of not being good enough.

Tips to improve your self-talk and in turn improve your life:

• Identify when you’re speaking poorly to yourself
• If you want to change how you feel, you must change your how you talk to yourself
• You DO deserve to be happy
• Change your story!
• Build tools to move through your emotions

We don’t gain our strength from lifting weights, but rather we gain strength from lifting ourselves back up. Let’s not forget, we don’t do it alone. Understand that much of what we say to ourselves is quite often not true at all.

Knowing that one fact alone can be a real eye-opener and may help you adjust your self-talk in ways that can turn difficult situations into opportunities for learning and growth.

IIZ ANNUAL FUNDRAISING GOLF TOURNAMENT – FRIDAY 15 JUNE 2018

“If you think its hard to meet new people, try picking up the wrong golf ball.” IIZ brings you yet another exciting fundraising golf tournament at the Chapman Golf Club on the 15th of June 2018. It’s another Par-Tee-Time for a round of Golf. Lot’s of exciting prizes to be won. Register today for Exhibition, Sponsorship and Participation. Call us today for more information!!!

WINTER SCHOOL | 19 – 22 AUGUST | TROUTBECK NYANGA

Join us at this year’s Winter School as IIZ partners with the Insurance Industry aiming to avail a platform for training and development of future leaders in the insurance industry. Leaders who will make things happen; who will maintain the image of the Insurance Industry and build it to lofty heights from the foundations the current leaders are laying. The theme of the 2018 Winter School is “Driving Growth—Disrupting the Mind-set Completely.” Call us today for more information!!!

IIZ ANNUAL DINNER | FRIDAY 7 DECEMBER 2018 | MEIKLES HOTEL

We close down the year with this august event where people from all sectors of the industry gather to celebrate the milestones achieved in the year. Come and dine with us as we celebrate a successful and fruitful year. This year we are having an exciting theme…watch the space!!!