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Putting Policyholders In The Driver’s Seat

By taking a customer-centric approach, insurers can ensure that they stay relevant and meet rapidly evolving customer demands

For many decades, insurance companies were simply seen as providers of a necessary service. With motor insurance for instance, as Malaysian drivers are required to purchase coverage by law, many customers were satisfied with any policies insurers had to offer. Thanks to the advent of social media and ease of information sharing, along with a greater plethora of options on the market, modern consumers are more discerning in their choices — and expect a great deal more from their insurance providers.

For the most part, the Malaysian motor insurance industry has risen to the challenge of meeting customer expectations. Earlier in 2021, Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA) highlighted the industry’s ongoing efforts at ensuring that customer needs are prioritised at every touch point, from the quotation phase to motor policy inception, right up to claims servicing. “Trust and understanding have become the greatest differentiation factors for insurance companies,” says Liberty Insurance Berhad Chief Executive Officer, Puneet Pasricha. “The recent pandemic has further highlighted these values, as many people are facing their own unique challenges in these uncertain times. This is a crucial opportunity for insurers to strengthen their relationships with customers, and prove that they are empathetic and supportive of customers’ individual needs.”

To create seamless and efficient customer experiences, insurers should take a 360-view and evaluate every single interaction they have with customers. From navigating a website to compare and purchase policies, to filing claims and undergoing appraisal processes, a customer’s experience of each touchpoint will make an impact on how they perceive a company — and in turn, influence their decision to continue or end the relationship.

Consumers’ expectations of how businesses should communicate have also dramatically changed following the recent pandemic. While many have embraced new digital platforms since, consumers still value seamless conversations with businesses across multiple channels despite the need to physical distance. According to Qualtrics’ 2021 Consumer Trends in APAC Report which surveyed 1,000 Malaysians, 35% of consumers expect in-person customer support, 34% through self-service, 17% over the phone, and 14% via online chat. This hybrid approach enables customers to easily engage with insurers at their convenience and receive quick responses; for example, a driver may chat with an agent over the phone to clarify their coverage options, receive an updated and tailor-made policy via text, and sign off on their chosen policy on their mobile phones.

Puneet says that aside from continuously monitoring customer sentiment, insurers should also use customer-focused metrics to benchmark the quality of their services. “Claims are a critical metric for us to deliver the best customer experience possible. Given that even minor accidents can cause undue hassles for drivers, insurers can minimise the burden of drivers by ensuring a quick and painless claims experience. From faster turnaround times to simplified appraisal processes, a streamlined and convenient claims process can go far in building customer trust.

One such customer-focused service is Liberty Xpress Claims, which promises claims settlements for minor motor damages within just 24 hours. The service also allows claimants to submit their claims remotely via their smartphones from the comfort of their couch. This builds upon the company’s range of customisable and value-added motor coverage options for drivers. Products such as the EZY Plus – Comprehensive for instance, offer comprehensive coverage and additional variety of add-on benefits and plans catered to drivers’ unique circumstances.

“These policies were devised to ease the journey motorists face when handling their insurance coverage, from policy inception right up to claims. As insurers, our mission is to give customers greater peace of mind in their time of need. By adopting this mindset of putting the customer first, companies will be able to better achieve customer loyalty, retention and advocacy,” he says.

“At Liberty Insurance for example, everything stems from our core philosophy of ‘Putting People First’. By directly placing ourselves in the customer’s shoes, we’ve been able to understand their needs — such as speed, efficiency, and clarity — and craft cohesive customer experiences that reflect these desires,” Puneet added.

To discover the right car and motorcycle insurance policy that is tailor-made to your needs, check out the coverage plans offered by Liberty Insurance at https://www.libertyinsurance.com.my/motor-insurance.