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6 Steps to Better Policyholder Communications

Blog: Kofax - Smart Process automation

How your customers feel about doing business with your organization can make or break its reputation. Social media reviews about your insurance company—whether good or bad—can go viral in minutes. Creating a positive emotional connection with your policyholders boosts customer satisfaction, builds your company’s reputation and drives additional business your way. Plus, when you connect with your customers in the right way, they are more likely to remain loyal and buy more of your products.

“Customers no longer expect businesses to only deliver personalized messages.
They also expect these messages to be tailored to their unique needs as they evolve through the course of interactions with the business.”

Policyholder communications management touches every aspect of your business, including underwriting, premium accounting, customer service and claims. Getting personal with your customers helps you compete against other insurers who offer refined digital experiences, and improves customer satisfaction. Communicating with your policyholders in a personalized way also helps you save time and money by making the most of your existing systems.

How Customer Communications Management helps your business

According to a recent survey1 by Aberdeen Group, companies that use Customer Communications Management (CCM) enjoy the following benefits over non-users:

52% greater year-over-year improvements in employee engagement rates

6.5x greater year-over-year increases in their net promoter scores (NPS)

2.5x greater year-over-year improvements in their return on marketing investments (ROMI)

Read on and learn how to build better, personalized communications with your policyholders―from start to finish―in six easy steps.

Step 1: Tune into your policyholders.

 Do your customers choose to communicate with your organization via SMS messaging, email or chat?  Do they prefer to use a mobile phone, laptop or tablet? Some policyholders might prefer postal mail over email. That’s why it’s critical that communications are consistent across channels and appropriate for each. You can increase loyalty and cross-sell additional services with communications sent at intervals they prefer, anywhere and anytime, using the channel and device of their choice.

 Step 2: Get personal.

Communicating with policyholders in a personal way goes far beyond programming the {Customer Name} field in an email. Policyholders want relevant communication that is personally contextual to them. You want to be able to communicate with them using just the right touch, with insight into who they are, and what they are interested in.

 Step 3: Speed things up with electronic signatures.

Streamline and simplify the customer experience with e-signature capabilities that let customers complete and sign applications for life insurance, health, accident and other forms of insurance quickly from the convenience of their mobile phone or other preferred devices.

Step 4. Make the most of your existing systems.

Save time and money by choosing a Customer Communications Management (CCM) solution that seamlessly integrates with your core business systems without the need to rip and replace them. The best CCM systems leverage your existing business applications for seamless, automated or interactive document composition, and can expand with other modules or add-ons to provide advanced functionality.

 Step 5. Ensure compliance.

Policyholder communications management helps ensure that your organization responds quickly to shifting regulatory and industry changes, as well as legal obligations. Compliant customer communication can help your organization avoid hefty fines by ensuring the correct language and forms are used in all circumstances and by providing full process audit ability, archiving and search.

 Step 6. Promote your brand.

Ensure that all company documents have a professional, consistent look that fulfills your corporate identity requirements. Choose a CCM solution that allows you to easily manage and produce multi- branded communications. By leveraging a sophisticated solution, you can reuse your branding elements across all communication templates, so that you need to make changes only once and automatically apply them across all related templates—avoiding duplication of work and ensuring consistency.

Retaining policyholders is much less costly than replacing them, and communicating with policyholders using these six steps helps increase the likelihood they will remain customers and buy more products.
Customer Communications Management (CCM) helps your business connect customers to a deeper conversation for greater engagement and retention.

Ready to get personal with your policyholders?

Download your free copy of the eBook, Get personal with policyholders 

Get the infographic, The Perils of Policyholder Communications




1 Source: Aberdeen Group, Omer Minkara, June 2015, The Value of Customer Communications
Management in Orchestrating Buyer Journeys


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