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How can use Microsoft to transform the overall user experience in the insurance industry?

The art of self-serving is a common trend within the industry. Therefore, when something goes wrong during this process it can cause major problems for your business. This whole experience should be seamless from start to finish. So, what if we suggested that you could achieve this and save yourself some money too? 

This is most certainly true and it’s easier to achieve that you may think initially. It goes without saying but both your staff and your customers want everything to be straightforward when it comes to technology. This is where the Microsoft Power Platform combined with Dynamics 365 can come to your rescue and give you the ability to allow your insurance business to implement self-service. 

So, what do I gain from getting this element correct? Being able to provide a digital service can deliver a whole host of benefits for any insurance business and it can furthermore help you to achieve your overall business objectives. 

Save money and enhance the overall customer experience 

Through the various functions in Dynamics 365 and Power Platform, you can limit the amount of calls coming into your call centre, simply by enabling virtual agents aka chatbots to take care of the easy requests and give those users simple and easy to understand responses. This will enable your business to use this data to understand how you can interact with the customer in a much more customer friendly way. 

Granted, handling calls in a call centre isn’t the easiest job in the world, however even for the most complex of queries, you are able to reduce the duration of calls by gleaning core information from callers using the virtual agent in real time. This means that you will take less time to understand the customer request but instead will use that time to build a rapport with the customer and their specific request. 

Better still, if you have a live chat team already setup, you can easily get the virtual agent to pass over the enquiry to a member of your team if there are problems. This will provide the customer with several different communication channels to use to get their issue resolved. Furthermore, it helps your overall call centre to improve their overall efficiency and at the same time allow customers to communicate with you in whichever way they feel the most comfortable doing. 

The best outcome from this is the fact that you enhance your overall customer experience. This is a trend that has continued throughout the pandemic where customers like to choose how they engage with companies and with-it customers are more likely to want to use virtual agents for their straightforward requests. The stats back this up as 66% of customers prefer to use self-service over speaking to an actual person. 

From the above, it is clear significant cost savings will come as a result but also helps to showcase the fact that your business is ready to meet the customer demands in whichever way they want. 

Can help to achieve business objectives 

Since your customers are using a self-service machine and accessing services through whichever channel they want, a comprehensive and well-structured customer experience can deliver results fast for your business. 

This may be liking teaching you to suck eggs, however it is relevant, a good customer experience reduces drop off. As mentioned above, customers are more like to spend more with your business if your overall customer experience is good which also leads to higher customer retention rates. 

Better still, the data that you gather from the way customers communicate with your business can be used to develop your revenue streams further. 

From this, the information gathered can determine how you approach cross-selling and upselling to customers which can if successful increase revenues per customer. 

It is important to note that this cannot be achieved without the input from your staff. Better customer experiences with reduced drop offs leads to improved efficiencies. Therefore, your employees are better equipped to meet the overall KPIs of the business. 

Using all the data you have gathered from customers from their engagements with your business can help to make the lives of your employees much easier as they will be able to spend more time looking after the customers. 

Being at the forefront of technology and integrating into your business can eventually filter down through all parts of your business. So, how can this be achieved? 

Make use of the Microsoft stack to meet your business objectives 

This can be achieved in several ways. If you are a business that currently has a Microsoft Dynamics CRM, you able to utilise the Power Platform to provide your business with the things outlined above. 

It is important to note that the popularity of the Power Platform is dramatically on the rise with more and more businesses adopting it each month. 

Make use of the Power Platform 

If you didn’t already glean this from the above, Power Virtual Agents allow your business to build chat bots that can be used across your website or through applications. The great thing about it is the fact that you don’t use any code which means you can create a chat bot and update it quickly and have it change depending on customer demands. 

By investing your time in building up the knowledge of the bot in the back end, the AI technology with Power Virtual Agents will be able to show an answer to almost any question you can think of without the need for more lines of logic. 

You will find that this platform has over 400 connectors, all the apps in Power Platform are fully integrable with almost any third-party application but what happens if you can't find one? Easy, you simply create your own providing an API is available that can be fully integrated. 

Furthermore, the sophisticated nature of the integration can also be achieved through the use of Microsoft Power Automate. This can be achieved by using virtual agents to trigger automated processes which can be linked back to your head office system. As well as this, you can utilise Power Automate to streamline processes that would normally require significant manual input. To give you an example of how this could help your insurance business, is a customer policy coming up for renewal soon? You can use Power Automate to trigger an automated notification to let the customer service team know to contact them. This is just one example of how useful it can be for a business in operating in the insurance sector, the opportunities are endless. 

Take it to the next level with Dynamics 365 

If your business currently uses Dynamics 365, you are able to fully integrate this with Power Virtual Agents as well as Power Automate directly with your CRM system. Better still, you could use Dynamics 365 Customer Service whereby you would be able to use an omnichannel engagement which could use virtual agents to push people to live chat to talk with a real person. 

Again, building up the knowledge in your customer service section will only help your employees to do a better job through seeking answers to questions and enabling Power Virtual Agents to access to it so they can deliver information to your customers. 

When combined the whole Dynamics 365 system, Power Platform and Dynamics 365 Customer Service will give you the ultimate and fully comprehensive view of your customer base.  

As we’ve alluded to above, the customer experience must be extremely smooth in order to meet the increased demand from customers. Therefore, bringing them together through the Power Platform and Dynamics 365 can help to take your insurance business to the next level. 

Next Steps? 

If you are a business operating in the insurance industry and are looking to improve the overall customer experience by implementing a Quick Start Microsoft CRM coupled with the Microsoft Power Platform then please give our team of experts a call today

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