March 22, 2023

Transforming insurance customer experience through communication platforms

Customers who have more freedom want to get value, personalized care, and real-time communication through the channel of their choice.

Because of digital transformation, the way businesses interact with their customers is changing. But insurance companies don’t have a unified way of communicating because they use old systems, have complicated internal processes, and have data spread across many teams. This means that IT costs are high and the customer experience is not smooth.

Insurance companies are putting in place more and more off-the-shelf customer communications management systems to give customers an omnichannel experience. Artificial intelligence and powerful data analytics are used in these products. With the current system, there are the following problems:

Outdated systems

Policy administration systems have always been the source of the vast majority of customer contacts. Established insurance companies often have policy management systems that are old, out of date, and can’t handle many changes to the system if something about the customer’s letter changes. Most businesses just send out generic messages that don’t say anything interesting or relevant.

Complicated internal processes and fragmented data

There are a lot of business tasks that insurance companies do that are done by other companies as well. Insurance companies keep a huge amount of information that is constantly updated and stored in many different places within the company. Putting all of the information into a single database that makes sense is a difficult task. The second challenge is knowing how to use the systems that are used to find the right sources of input data that is needed for communication.

Death by templates

Because each product team makes its own version of a letter, the administration teams have gathered a lot of different letter templates over the years. All of these are meant to be used with the same letter. The management of templates, the consolidation of those templates, and the removal of duplicates is a big problem.

Overdependence on the business service provider

Traditional print houses own and control most of the business rules and standards for how to make templates. Insurance companies don’t usually have the freedom to manage company rules, and even though they provide these services, they still charge a lot for them.

Different systems and methods for managing customer communications try to solve these problems.

Insurance companies adopt the CCM platform approach.

CCM platforms assist businesses in overcoming the issues they confront by providing solutions to increase the quality of content and communications overall, as well as transforming the way in which insurance firms engage with their customers. The following is an example of each of the current approaches that are being taken:

 Cut down on the number of templates available and have some of them already filled in with the right information.

  • Make information that changes and is tailored to each person.
  • You can offer help through email, text messages, and printed materials, among other ways.
  •       Instead of the team in charge of policy administration, the IT team, or the print shops, the team in charge of customer communications should be in charge.
  • Make it easier, faster, and cheaper to make changes.
  •  Give out the best digital communications in their field (e.g. dynamic product disclosure statements).
  • Make content for the library that is easy to change and can be used more than once. This makes it much faster to make new templates.
  • If you want master templates to be approved, give workflows that have already been made.
  • Make the printing house a purely functional organization that is in charge of making copies and delivering regular mail.

However, connecting these CCM platforms with the core systems of insurance firms is a big task. In order to achieve success with this endeavour, a comprehensive transformation plan is required.

Digital communication is the future.

Customers who have insurance are becoming more and more likely to prefer getting messages through digital channels. This is because digital channels allow for better interaction, personalization, and an omnichannel experience.

There is a great chance for insurance companies to use digital communication channels to get customers more involved and keep them coming back. This chance comes up because customers’ expectations are getting higher and there are big cost savings to be had.