Kathy Gibson reports – Too often glitches in computer systems end up being bad customer experiences, which can turn into massive problems for companies.
But a digital experience platform (DXP) can go a long way to alleviating these issues, says Ndagi Job Gohsi, GM of Liferay Africa.
He describes a DXP as an integrated set of core technologiess that support the composition, management, delivery and optimisation of contextualised digital experiences.
The DXP market is becoming significant – by 2025, the market will be around $16-billion, Gohsi points out.
Insurance companies are under pressure to improve the customer experience they offer, according to Maria Sanchez, EMEA regional marketing manager at Liferay.
An IDC InfoBrief sponsored by Liferay predicts that IT spend in insurance will see global growth of 66% a year to 2024, reaching $135-billion. This is despite the impact of Covid-19 on the global economy, Sanchez points out.
When Covid-19 struck, a massive 67% of insurers were not sufficiently prepared to deal with the crisis and, going forward 73% of financial services organisations will keep their IT spend the same as 2020 or increase it.
When it comes to DXP, financial services is the fastest growing sector, Sanchez says, with 66% of insurers using or planning to deploy personal communications in customer service.
This is vital because of changing customer dynamics: by 2024, only 1% of financial services customers in Europe will opt for non-digital channels, she points out, and 40% of in-brand transactions will be initiated as prestaged transactions.
“This is why customer centricity is key for insurance companies – indeed for any company,” says Sanchez.
With 60% of insurers saying that attracting and retaining customers is their top priority, 55% of them already have or plan to develop a customer-dedicated online portal.
IDC recommends seven steps insurance companies should take to deliver an excellent customer experience, Sanchez says. They are:
* Identify your organisation’s position on the digital customer experience maturity model;
* Evolve strategic priorities for customer-centric insurance;
* Build you specific digital roadmap;
* Leverage a digital platform as a foundational tech for transformation;
* Allow customers to self-service their needs;
* Seamlessly connect your organisation to the ecosystem; and
* Explore democratised artificial intelligence (AI) to improve customer interactions.
To drive a CX transformation, Sanchez points out that companies should evolve their digital strategy, connecting the ecosystem, to deliver connected and unique experience each customers.
“The need to shift from a product-centric to a customer-centric mindset to build loyalty and long-term relationships,” she says.
Prioritising key digital transformation cases and understanding the customer journey will help to align the organisation to a new customer perspective, strategy and systems.
“Use the DXP to leverage emerging technologies, meeting customer expectations with new channels to engage, connect the entire ecosystem.”
Liferay is a privately-owned company that provides a single open source platform for digital experience solutions for B2E, B2B and B2C.