By Rhett Finch, King Price CFO
The hottest trend in insurance right now? It’s not about who makes the snappiest TV ads (although we do, obviously). It’s also not about who has the cheapest premiums or the latest new products. It’s all about the client experience: Whoever keeps their clients the happiest, keeps their clients. Fullstop.
Let’s face it, most insurers will tell you they’re focused on the client experience. But they’re not. Because delivering a superior client experience takes more than friendly call centre agents. It requires a company culture and business model that focus less on products and operational efficiencies, and more on people and their experiences with you.
Earlier this year, King Price was named the brand that delivers the best customer experience in SA at the Corinium Customer 360 Africa Awards. What clinched the award for us wasn’t our unique business model – the 1 that automatically decreases comprehensive car premiums every month as the value of your car decreases. Or the fact that we’ve saved our clients R150 million in premiums in our 7 years of existence.
What won us the award is the way that we use tech to improve our client experience – specifically, ensuring a smoother claims process for our loyal clients. Quick settlements are 1 of the most important elements of customer engagement in the insurance industry. Taking the pain out of this touchpoint ensures a rewarding experience for our clients.
We asked ourselves: Why can other insurers process geyser and windscreen claims quickly? Why do we interrogate high-value claims more closely, even when the clients who’ve submitted these claims are honest and loyal? So, we stopped looking at the value of claims, and focused instead on the risk. Now, we interrogate claims that have higher risk, as opposed to higher value.
To get to this point, our data gurus at King Price developed a tech approach that uses advanced data analytics and AI to build rock-solid fraud detection algorithms. Our AI-powered robot –affectionately known as Geriatrix – provides better fraud detection than can be achieved through manual intervention, delivering a faster claims process for our clients, and freeing up our staff to deliver (even) better client care.
But, being a client-centric organisation isn’t about an award, or a once-off achievement. It’s about the journey that we’re on to position ourselves as SA’s leading client-centric organisation, using a unique combination of higher purpose, culture and tech to enable compelling engagements with our clients. And the best is yet to come.