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Background:
Insurance industry is experiencing a major strategic shift from protecting what property or possessions customers already have, to enabling and facilitating the lifestyle they truly want. It's a pivot away from focusing on policies, products and margins toward innovation, simplicity and customer centricity. But this shift is proving to be a challenge for insurance companies. It is common that only a few customers believe insurers provide expected experiences especially when it comes to claims processes. Poor experiences damage trust, leaving consumers frustrated and make renewals more challenging.
To improve public trust in insurance and customer satisfaction while also lowering cost, insurers should embrace empathy in their claims processes. Empathy goes beyond mere information sharing and simply settling claims promptly. It's about understanding the unique needs of policyholders, communicating appropriately, recognizing their concerns, and showing a genuine commitment to their well-being. It's about resonating with clients' feelings and expectations, making insurance products more understandable and accessible in the difficult situation of claims.
By embedding empathy to the end-to-end customer journey in claims management, insurers will improve both win rates and retention rates, increase customer loyalty and public trust in insurance. As the leading membership, training and professional development organisation for the insurance and finance industry in the Asia-Pacific region, ANZIIF partners with a broad range of governments and organisations to provide services that support building public trust in insurance via setting professional standards, enhancing professional excellence and improving community understanding of insurance and finance.
With an aim to support the insurance industry in Malaysia to build public trust in insurance, ANZIIF and MII will organise a seminar on "Building trust in insurance industry via empathy in claims management".
