Article Synopsis :
Insurance companies struggle to connect, communicate and engage with digital consumers.
Many insurers are still stuck in traditional paper-based processes as their primary mode of communication. Digitized communication processes deliver:
- Reduced latency in dynamic, collaborative, and information-intensive processes.
- Increased responsiveness (to customers and partners).
- Improved worker productivity.
- Reduced operating costs.
- Better regulatory compliance.
“How to Engage with Your Insurance Customers” from Kofax explores how to create an effective and agile communications environment meeting the changing demands of modern customers by leveraging digital technology.
Per the paper, the two specific processes requiring immediate change (and potential opportunity) are applicant on-boarding and claims handling, as both processes involve a high level of customer interaction.
Applicant on-boarding suffers two challenges in a paper-based system. The first is high abandonment rates due to repeated requests for more information. The second is NIGO (not in good order) paperwork which adds on average 50% to the overall processing cost of an account application or change.
Claim handling challenges include escalating customer demands as they work through the claims process, negative first impressions and slow response times.
Using the right technology platform(s) helps carriers mitigate these challenges by adding the right structure and flow to communications. Relevant platforms include:
- Business Process Management (BPM): Helps execute, manage and optimize workflow, people and systems to accomplish a task. BPM also helps manage and understand customer expectations.
- Robotic Process Automation (RPA): A complementary technology to BPM which helps speed up manual task processing and increases accuracy.
- E-signatures: Eliminates the hassle related to wet signatures. This is a straightforward process with many companies providing provisions to collect them.
- Customer Communications Management (CCM): Helps enhance interactions between customers and the sales force or anyone the company wishes to engage with. CCM facilitates more interactive communications.
- Communication Automation: Automated feedback mechanisms are a huge first step in the direction of personalized messaging.
How do these work together? In a nutshell:
It all begins by documenting workflow and then translating it into a BPM workflow engine. RPA, E-signatures and CCM are incorporated in the workflow to gather data, make decisions, store data, send messages and collect and validate signatures.
Building new UIs with a BPM core allow existing admin engines to initiate new ways of onboarding, claims management, or other tasks meeting the growing demands of digital customers.
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Digital Insurer's CommentsWhereas insurers have historically relied on product features for differentiation in the digital age it’s all about customer engagement—i.e., the ‘how’ over the ‘what.’
Unfortunately, today’s customers no longer limit comparisons to your competitors in the insurance space. Customer experience is measured against e-commerce leaders like Amazon that set the bar for what good customer experience feels like.
This report does an excellent job explaining how a new class of software tools enabling the fast, low-cost implementation of automated workflows can help carriers set new industry standards in onboarding and claims.
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