“India’s insurance market is expected to quadruple in size over the next 10 years” (Source – IBEF) Industry reports (EY-CII, PWC) talk of the importance of increasing penetration through new modes of distribution such as the internet, direct and telemarketing. To be able to capture this growing market and stay relevant to the user’s needs the industry needs to pivot to a more responsive & efficient communications framework which presently is limited - plagued by multiple challenges.
Communication challenges in Insurance industry With the evolution of technology, specifically internet, addressing customer queries via multiple channels in a timely and effective manner has become the need of the hour. For example - A customer might choose website live chat as a non-intrusive channel to gather information or maybe surf the net with open ended questions to get the best answers. Like – Who is the best car insurance provider in Mumbai? OR Check Twitter to see whether the chosen provider has any unresolved user complaints. When we look at the current systems, a complete customer journey is not being mapped – from Marketing, to sales, to support, to retention.
Impact of deploying Ozonetel’s solution at one of India’s largest private Insurer