CX Technology in Insurance: Overview and Key Issues

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CX Technology in Insurance: Overview and Key Issues

Paul Legutko
Senior Principal

May 2021 - This brief classifies and describes the diverse set of Customer Experience (CX) tools, some of the trends in the CX tech marketplace, and what insurers should look out for when investing in these solutions.

Most insurers today accept the central role of CX in selling products and maintaining the loyalty of policyholders and agents. Through natural evolution and innovation from various disciplines, CX-related tools and solutions have converged in the marketplace so that insurers have a distinct set of CX technology to choose from. Navigating these tools requires a clear understanding of their functions, capabilities, and what aspects of customer experience they are designed to study or improve.

CX includes understanding how customers behave, how they are thinking, and what an individual customer is experiencing. Insurers can adopt technologies that enable the enterprise, engineer these experiences, and analyze behavioral data. Within this rubric lies the scope of CX technology: digital insurance funnels, CX engineering, digital analytics, third-party data and insights, survey tools, social media monitoring, journey mapping, real-time customer engagement, and session recording and playback.

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