4 min read
The Pandemic Has Boosted Mobile Payments – But There’s Still Potential for Insurers to Tap
Although the pandemic continues to send economic shockwaves throughout the insurance industry, the degree and scope of impact has not been evenly distributed. Much of this disparity can be attributed to the digital infrastructure within each organization, as widespread social distancing mandates have forced businesses and consumers to abandon traditional in-person interactions in favor of remote access alternatives.
Determined to continue serving customers in the face of global crises, many insurance companies have accelerated their technology road-maps, optimizing processes and enhancing communication capabilities to meet the urgent needs of today’s consumers. And as the main touch-point between providers and policyholders, the area of payments has become a primary focus in the industry’s intensified commitment to digital transformation.
This op-ed is a followup to our 12 Insurance Trends for 2020 blog article, originally published in December 2019.
The vast majority of B2C companies rely on email and social media for digital communications with their customers. And while both are important parts of a multi-channel engagement strategy, the barrage of daily messages has led to a climate of inbox overload and social ad fatigue. The chances of the recipient opening, reading, and responding to any given message declines as more and more brands compete for consumers’ time and attention.
Gone are the days of default customer loyalty and complacency. Today, people want the ability to research, compare, engage with, purchase from, and have ongoing access to their favorite brands. At any time, from any place, on any device, both online and offline. With the option to choose between automation and a human representative - preferably one who can communicate effectively with a pleasant blend of empathy and humor. And if the company is environmentally and socially responsible, all the better!