Business & Investment

Build meaningful connections through customer experience

There are natural disparities in conversations about digital transformation. The accessibility and affordability of today’s technology has spawned digital natives from the average consumer, but the same is not true for businesses, especially those in the well-established financial services industry.

On the contrary, digital transformation in such industries is often a costly and painstaking process that takes years to plan and strategize.

Kame Amado-Gomez, Head of Digital Networks at Singlife Philippines

Kame Amado-Gomez, Head of Digital Networks at Singlife Philippines, the first and only 100% digital insurance company in the Philippines, has led many incumbents in the insurance industry to revolutionize their digital customer experience (CX) journey past the purchase stage. I pointed out that it was not.

“When we were doing these design processes, we noticed that most life insurers or incumbents who are currently advertising digital are saying they are focusing on CX. , Most of them are buying or buying trips when they actually see the experience they offer, “she said in a panel discussion at the Seamless 2021 Virtual Conference.

“Of course, you can buy insurance online, but it will take an additional day or two to activate it. Manage your insurance, view contracts, make changes, and file claims. If so, you probably still have to move to another platform and go through a disjointed, manual process, “she added.

Such an approach limits insurers from engaging with customers and building genuine relationships in order to facilitate “buy and forget” relationships. This was far from Singlife’s goal. When they entered the Philippine market, Amad Gomez shared, Singlife had the bold ambition to disrupt the status quo of the old insurance industry by being 100% digital.

“For us, that meant not learning traditional thinking, dreaming of new ideas and concepts, and trying to redefine how insurance is currently being experienced,” she explained. ..

“When you try to buy a Singlife product through GCash, you can actually complete the purchase process in less than 5 minutes. In just a few seconds, you can get your policy agreement instantly. No need to wait. GCash You can view policy details and file complaints without leaving the app, “she added.

In addition, customers who wish to cancel their policy can get a real-time refund directly from the GCash wallet. Customers can also choose to receive billing payments through the same features.

With Singlife’s customer-centric approach to insurance services, the company’s customer satisfaction has reached 92% and 90% of its customers maintain monthly insurance policies. In addition, 7% of these customers choose to purchase additional products from the company. This is a relatively high percentage compared to the industry standard of 2-3% of customers who buy another insurance policy.

Transparency and reliability

Amado-Gomez understands that other companies starting the CX journey can’t start small, redesign the end-to-end customer journey, and change the organizational mindset about that journey overnight. I advised you.

“So choose a hanging fruit or one specific use case that you believe will have a significant impact on your organization. Monitor the results and collect practical insights from that initiative. These insights are available on a small scale, but they are applied so often that they can be used to build and continually improve the entire CX, “she says.

“Another important thing I learned in my own CX journey is not to treat it like another feature or limit the strategy to just the front-end experience. CX is just a website design or UX UI. There is still the misconception that it is a design and not. The CX covers all aspects of the business. It reflects your brand’s promises. If you don’t have a good product, a good CX Is nothing. Without the technology and supporting back-end processes, all the beautiful screens and interactions you design are wasted. “

With the proliferation of on-demand services, customers are demanding more from their businesses. In this way, the landscape is set to evolve further to meet those demands.

“At Singlife, we have a constant effort to actually invest in smarter technologies that can build real-time processes, eliminate unnecessary steps for our customers, and support all these innovative experiences we can imagine. “She said.

“To be successful with CX, you need to truly love your customers. You have to feel fulfilled to make them happy.”

For more information on Singlife Philippines, please visit: https://singlife.com.ph/..


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Build meaningful connections through customer experience

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