The future of brands lies in customer experience, ET BrandEquity

Businesses operating in commoditized industries are focusing on customer experience as a way to increase revenues. This involves creating smoother processes, faster fulfilment, convenience, and addressing customer pain points with innovation.

In a fireside chat at the Martech+ Summit, Ruchika Varma, chief marketing, customer, and impact officer at Future Generali India Insurance, and Yash Mody, CTO of DEPT APAC, joined Devina Lason, Senior Anchor and Editor of Video Initiatives at The Economic Times, to discuss the future of customer experiences.

Product parity is a significant bottleneck for growth in the insurance sector, particularly in general insurance, where products often have a similar value proposition. Marketing communications frequently focus on fear or pricing, as differentiation for competitive advantage is challenging.

Varma remarked, “Customer experience begins even before someone decides to buy.” Future Generali aims to replicate the user-friendly experience pioneered by e-commerce platforms within the insurance business. For example, they have launched innovative products catering to niche segments, such as dog health insurance, and simplified the insurance buying journey to make it as easy as possible.

Varma explained, “In the digital age, convenience is king. Imagine being able to pick and choose insurance features like you would on Amazon. This approach allows customers to tailor their coverage to fit their needs, marking a significant change in how insurance is bought and sold. Another critical element is clarity in communication. We have revamped 1,500 documents to ensure they are easily understandable and accessible to everyone.”

The true measure of customer experience in insurance lies in the claims process. Instead of a standardised claims process for all customers, Future Generali has adopted a more segmented approach.

Varma shared, “For smaller claims, customers can simply send a video of the damage, leading to automatic payments within 24 hours. For larger claims, however, a personal touch is vital. When someone reaches out with a claim, they’re often in distress. We ensure that customers receive regular updates and support, creating an environment of trust.”

During the conversation, Varma highlighted that over 90% of their customers interact with the company via digital channels. Platforms like WhatsApp have enabled the brand to streamline communications and make processes smoother.

When a renewal is due, the brand sends a reminder, allowing customers to click, pay, and move on. They employ a robust Net Promoter Score (NPS) system to track customer sentiment at every touchpoint. This feedback loop helps identify areas for improvement and necessary adjustments.

Mody stated, “Technology has transformed how businesses operate over the past decade. It’s not just about deploying tools but also about enabling deeper connections with customers.”

Varma added, “You can have all the processes and technology, but if your employees don’t feel accountable, it won’t work. Maintaining a culture of customer experience is essential.”

Future Generali has also democratised access to customer data across the organisation to increase accountability. “Every employee can see NPS data, which encourages everyone—from customer service teams to HR—to prioritise customer satisfaction,” said Varma. “Training also plays a key role, focusing not only on functional skills but also on soft skills, encouraging leaders from all departments to engage with customers, fostering an empathy that reports alone cannot achieve.”

Today, personalization is standard across every industry. Digitalization has enabled brands to replicate successful personalization approaches adopted in other sectors. The personalization found in OTT services like Netflix can be mirrored in industries such as banking and insurance.

Mody illustrated this with an example from the credit card industry. He said, “Today, my card can provide personalised offers that fit my spending profile and preferences. These offers can lead to more efficient savings while also enriching my life. Unlocking value using data is a great way to ensure customer loyalty.”

In a competitive market, customer experience offers a way for brands that don’t want to engage in a zero-sum game. By fostering meaningful customer interactions, creating value through data-driven personalization, and catering to each customer’s unique needs, brands are navigating a brave new world of customer experiences.

The future of marketing lies not just in acquiring new customers but unlocking deeper customer relationships and driving higher lifetime value. This strategy was underscored by Rajesh Jain, Founder & MD, Netcore Cloud in his address at Martech+ Summit held recently. Jain elaborated on how AI co-marketer, digital twins and in-channel conversions will completely change the way marketers approach customer engagement.