How to Communicate with Your Insurance Policyholders
Blog: Kofax - Smart Process automation
Entrance into the digital age hasn’t been an easy one for insurers. Especially when faced with trying to automate business processes on aging and limited legacy systems, responding to ever-changing regulatory demands, meeting customer expectations across multiple channels, and carving out a competitive edge.
Harnessing the power of single platform technology to create state-of-the-art policyholder communications can be one of the most effective means for turning each of those challenges into competitive opportunities.
First impressions cannot be underestimated. The experiences you create with customers during the new business process and through subsequent communications throughout the policy lifecycle can make the difference between a loyal, long-term policyholder and one that defects in search for better service and attention from digitally savvy competitors.
Moreover, a well-developed communications program can be a surprising source of revenue, since maintaining customer relationships are less costly than trying to replace them. A satisfied customer is also more likely to buy more products over the life of the policy.
A survey conducted by the Aberdeen Group revealed that businesses using leading customer communications management (CCM) software enjoy greater:¹
- Cross-and-upsell revenue
- Customer lifetime value
- Return on marketing investments (ROMI)
- Improvement in average cost per customer contact
- Net promoter scores
The single platform advantage
Tapping into the many benefits of single platform CCM technology doesn’t mean you have to replace your existing legacy system. Instead, your current business applications can be leveraged to create seamless, interactive communications templates. These solutions should be expandable with other modules or add-ons to provide additional functionality as needed.
“Providing personalized customer experiences is a top 3 priority for 73% of insurers.²”
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Advanced policyholder communications systems go well beyond a generic correspondence capability by offering a wide range of features that connect with your day-to-day business processes to improve productivity and profitability—and help customers engage with you on preferred digital devices:
Consistent Communications – Improve positive customer engagement and experiences with timely, relevant, and highly personalized policyholder communications that are delivered during each phase of the customer journey including New Business and Underwriting, Premium Accounting, Customer Service and Claims.
Reduce Workload – Eliminate duplication of work and ensure consistency and compliance in messaging through digital documentation that can be edited just once, with changes automatically applied to all related templates across the enterprise.
Regulatory Compliance – Respond to and fulfill compliance requirements faster and more efficiently with just “one version of the truth” for rules, terms and conditions in any state or country. On-demand, interactive, and batch communications can all be sent from the same platform.
Brand Management – A single platform solution allows multiple brands and imprints to be supported and managed simultaneously, despite differing communications messaging, tone, style, and guidelines across brands.
Minimize IT Involvement – IT bottlenecks can be eliminated with outgoing communications templates that are user-friendly and can be designed and deployed with minimal IT involvement. New emerging technologies can be easily incorporated as needed.
Cut Costs – Save on delivery and postal costs by smoothly transferring outbound communications from print to digital versions. The system automatically selects which mode of delivery the customer prefers.
“Becoming a digital insurer is no longer simply about incorporating digital technologies into an organization. It’s about using them to create a broader fabric that connects customers, partners, employees, and industries, and enable new insurance value propositions that expand value creation and growth.”³
Powered by a single platform and easily integrated with existing systems, CCM is ideal for end-to-end policyholder connections that allow you to respond quickly to new market developments, compliance demands, and changing policyholder needs.
Download your free Ebook: Get Personal with Policyholders – Connect with Customers to Increase Profits
- Customer Communications Management: Maximize CEM Results with Interactive Content – Aberdeen Group
2-3. Digital Insurance Era: Stretch Your Boundaries – Accenture 2015