Great Summary by Jo Causon, CEO of The Institute of Customer Service on the definition and advantages of Omnichannel capabilities, rather than just Multichannel.
Insurers have developed communication channels at the point in time when they became important: first call centres, then websites, then mobile etc. They were all built independently and in silos, using different technologies. So, it is no wonder that the customer journey problems Jo describes are an epidemic.
Insurers need unified, digital front office architectures, which were built to be omnichannel from the outset. Pega's research indicates that less than 5% of insurers globally have a true omnichannel capability. And while 85% have integrated at least some channels, there is still a resistant 10 per cent that have yet to integrate any channels at all, leaving their customers exposed to inconvenient and inconsistent service.
Interestingly 53% believe they will achieve full omnichannel integration within two years and 89% will get there within five years.
Plenty of work to there then!
Omnichannel: It’s a buzzword that’s thrown around a lot in business circles, but what does it really mean, and is your business an omnichannel business? While at its essence, omnichannel simply means to offer multiple channels, in the modern business landscape a true omnichannel business is considered one that offers a seamless customer experience across various platforms – and it’s increasingly important for insurers to get right. Earlier this month, the insurance industry was warned to do more to stop creating problems for its customers, as ratings for the sector slipped compared to last year. In a competitive market, insurance companies need to differentiate themselves by more than just price, we were told by The Institute of Customer Service.