Gallagher Executive Discusses Key Elements of a Superior Insurance Customer Experience
The insurance industry is undergoing a period of rapid digital transformation. From personal insurance to large enterprise risk management, digital tools are reshaping how insurers and brokers operate. However, while automation has increased efficiency, the human element remains critical, particularly as risks grow more complex and artificial intelligence (AI) takes on a greater role in underwriting and customer interactions.
Stephen Rhee, Global Chief Digital Officer at Gallagher, addressed this topic at Insurtech Insights Europe in London. He emphasized the need to balance technological advancements with personalized service. “When you look at the three key segments—personalized insurance, small commercial, and large enterprise—you can see the differences in digital adoption,” Rhee explained.
Diverse Customer Journeys Based on Business Size
Digital self-service has become the norm in personal and small-business insurance. Customers expect seamless digital access for policy renewals and payments, driven by a demand for frictionless transactions mirroring the ease of e-commerce. Small business owners, often juggling multiple responsibilities, need insurance solutions that integrate easily into their daily operations.
“We often call these business owners the ‘chief everything officer’ because they’re handling HR, finance, and everything in between,” Rhee said. For these clients, accessibility is paramount because insurance is often an afterthought.
However, as business complexity increases, digital solutions alone may not suffice. Mid-market companies, with their larger footprints and complex operations, require a combination of automation and expert guidance. They want efficiency from digital platforms, but also require brokers who validate the coverage they purchase.
“They still want some digital, but they want to talk to a broker or an expert who can validate their purchase,” Rhee noted. “Am I buying the right amount of limit? Do I have the right market? Do I have the right insurer? Am I getting the proper claim service?”
Large enterprises, traditionally reliant on relationship-based insurance, are also increasing digital integration. Previously, the model was 75% relationship-driven and 25% digital. That is rapidly evolving toward a 50/50 split, according to Rhee.
“They want to be able to share information with their teams and their brokerages. These large multinationals often don’t have just one broker,” Rhee continued. “They have a huge need to disseminate and capture information digitally.”
These companies function within a multinational risk environment, necessitating digital tools for vast data management. Nonetheless, they still depend on expert consultation to navigate complex policy structures.
Five Steps to Achieving an Exceptional Insurance Customer Experience
So, how can brokers and insurers elevate the insurance experience for their clients and eliminate pain points? Five key elements contribute to a great customer journey:
- Omni-channel accessibility allows customers to interact through multiple channels, including self-service tools for simple tasks and expert guidance for complex issues.
- Personalized digital experiences, tailored to various market segments (personal, small commercial, enterprise), could include pre-filled forms and streamlined application processes.
- Strategic human interaction anticipates when a customer needs human support.
- AI-enhanced efficiency streamlines processes and reduces errors.
- Trust and transparency can be boosted by data sharing and providing access to analytics.
At Insurtech Insights Europe, Rhee further discussed the role of AI in the customer journey. “For brokers, AI is about eliminating pain points. The key question is: What makes the process difficult for clients? The goal is to simplify everything: auto-filling forms, submitting clean applications, and making the entire experience more digital.” AI should provide a strong quote and right coverage along with enhancing efficiency, reducing errors, and scaling operations, according to Rhee.
“Every industry benefits from this, but insurers and brokers are laser-focused on integrating AI into their workflows,” he said.
Ultimately, fostering trust and transparency through data sharing, giving customers access to analytics, and facilitating consultation with brokers or experts are critical elements of delivering a positive customer experience.
