The Insurance CIOs Guide to Building an Agile Communications Strategy – Oracle Whitepaper
Article Synopsis :
Effective communication strategy can help insurance companies gain control of content, automate manual bottlenecks and create faster, wider and more consistent communications.
“The Insurance CIOs Guide to Building an Agile Communications Strategy” from Oracle suggests strategies by which insurers can increase customer satisfaction through improved communication.
Insurers should have a clear perspective on two important topics forming the backdrop for digital transformation of their existing communication systems. They are:
- Customer need for an omnichannel experience
- Degree of need for automating internal documentation systems
The whitepaper incorporates data from surveys conducted by Accenture measuring customer satisfaction, key factors of which include:
- Customer ability to contact the insurer any time to check claim status
- Timely communication keeping the customer informed
- Empathy from insurance staff
- Ability to engage with the insurer via preferred channels
It also touches on survey data from Bain & Company on Global Digital Insurance Benchmarking, which suggests:
- Less than one-third of Life insurance carriers allow customers to start a transaction in one channel and complete it on another
- Slightly more P&C carriers (40%) offer this capability
- Only one-third of Life and P&C insurers contact customers if they abandon an insurance application in any channel
- 70% of Life and P&C insurers are reluctant to embark on large-scale digital transformation citing a lack of critical elements such as a clear vision, compliance, and risk processes
The five steps to formulating an agile communication strategy as suggested by Oracle are:
- Identify customer preferences: Create a communication type/channel matrix to provide a visual representation of all communication types within the enterprise and how they map to channels utilized
- Map out all customer communications: List major categories of document automation and map them to the formats that the insurer has and will have
- Schedule document delivery throughout the year: Create a communications schedule that each division can use for its particular needs adhering to company standards and compliance requirements
- Take a step back and see the big picture: Look at the entire set of drivers impacting communications strategy, including (but not limited to) product lines, market requirements, regulation and compliance, channels, collaboration strategy and future vision
- Examine the critical role of IT: Focus on Data management and enrichment using cloud, big data & analytics, scope of the communication, distribution and integration of customer communications management (CCM), enterprise content management (ECM), business process management (BPM) and interoperability.
The suggested framework will help CIOs meet the following challenges:
- Delivering personalized, mobile-aware content to consumers, partners, and regulators where and when they want it
- Reusing content, promoting consistent branding, and ensuring accuracy regardless of the channel
- Managing the creation, production, and distribution of content efficiently from the top
- Managing change and maintenance across many disparate composition engines
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Digital Insurer's CommentsTo keep up with growing customer demands for digital communication channels companies turn to technology providers and add more systems. But more isn’t always better, particularly for insurers, already drowning in documents.
In many cases, each line of business relies on multiple document systems each producing only one type of document. Efforts to go digital often result in more document production systems and new functionalities for mobile and social media leading to more complexity, higher cost, and increased frustration from customers who now get more paper from more sources when many don’t want any paper at all.
Digital transformation – done right – should bring simplicity, not complexity, to your organization. Especially in customer communication, think about the whole before adding any new parts.
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