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Insurers can see the future. So, what’s holding up the party?

Andi Dominguez
Posted by Andi Dominguez Product Marketing Manager, Quadient Tuesday, February 12, 2019 - 18:20

Andi brings over a decade of marketing experience within healthcare and property & casualty to her role as Product Marketing Manager at Quadient. From developing tailored customer engagement programs for global brands, to creating solutions and initiatives that empower organizations to further differentiate themselves within their markets, Andi’s understanding of an organization’s long-term vision and business needs often translates into actionable customer engagement strategies that drive business results.

Customer Experience Update
insurance future

Insurers are still playing catch-up with the needs and expectations of today’s digital savvy customers.

These hyper-connected consumers are using mobile technology to research, shop and make purchases and they expect the organizations they do business with to communicate with them on a personalized, relevant and contextual basis.

Unfortunately, insurers are still struggling with using communications as a vehicle to engage with customers and build a trusted relationship. Many consumers remain disappointed by the level of access, personalization and communication offered in the insurance process.

Digital experience Forbes

 

Insurance companies recognize this. They know that multichannel communication and digital technologies are the catalysts for transforming the insurance value chain over the long term, but many are still stumbling to get on board.

  • 80% of responding insurers do not see themselves as digital leaders (EY survey)
  • Only 47% of insurers have a digital strategy that covers the entire value chain (Accenture)
  • Only 25% of insurance companies see customer-centricity as a pillar of their business (Accenture)

“Going digital” for many insurers has meant putting paper-based processes online or attaching PDFs to various contact points in the policy lifecycle. However, this is not the definition of digital in the consumer’s mind and insurers are beginning to recognize this gap.

In fact, a fragmented approach to customer engagement and interaction has the potential to make the service experience even worse for clients if the messaging about product offerings, coverage or claims is confusing because it’s not consistent across all channels.

Many insurers recognize that customers have the same digital expectations for insurance organizations as they do for any other type of service provider. 

The bar has been raised by retailers, banks and airlines, and consumers are not prepared to lower it just because an organization is in the insurance space. 

Insurers must prioritize the customer focus, or risk losing business to competitors who have already made the digital transformation and, as a result, are delivering a consistent and engaging experience – across any channel of preference.

 

A multitude of roadblocks

The obstacles hindering the digital transformation of insurance companies is a lengthy one, including legacy technology, organizational inertia, operational inefficiency and the need for top-down corporate leadership.


Main Inhibitors of Digital Progress


 

By far the biggest inhibitor of digital progress is legacy technology and its constraints. It’s a situation that affects almost every insurance company in business.

In an Accenture survey, 80% of respondents cited their legacy system as the biggest reason for the stalled uptake of their digital transformation. The reason being the cumbersome nature of existing technology creates a significant barrier when it comes to supporting modern communications. 

 

 

Grasp the future: implement a unified customer-focused solution

The hurdles that insurers face when it comes to executing a digital transformation can be overcome. The key to making this happen is by evaluating what tools, platforms, data and systems are needed to improve customer engagement and keep customers’ preferences at the center of every interaction.

For example, Customer Communication Management (CCM) technology will provide insurers with the ability to streamline and modernize their legacy customer communications with a single, easy-to-deploy platform. It’s a big step but one that insurers who are at the forefront of digital transformation have realized quickly pays dividends in a variety of ways.

By integrating CCM with their existing legacy systems, insurers can enable access to legacy customer data and content which they can then leverage to create communications that are personalized to each customer’s needs and channel preferences. 

Insurers will gain operational efficiencies too. 


Digital technology increase in revenue

 

Compliance will be safeguarded as well as CCM technology employs automated workflows. This reduces the possibility of human error and empowers insurers with the ability to include or exclude specific content based on effective dates for regulatory filings and changing regulation.

 

Make every touchpoint count

Insurers can identify every customer interaction and use it as an opportunity to reinforce the value they offer, be proactive in engaging customers in conversations during their journey, effectively elevating the customer experience to drive increase loyalty.

Don’t let the roadblocks prevent your organization from reaching its goals. 

Find out how Quadient is helping insurance organizations around the globe overcome these roadblocks and deliver exceptional customer experience through our solutions.
 

Create customer communications that are: 

  • Personalized
  • Ready for delivery via any channel
  • Guided by customer journey mapping
  • Compliant with regulations


Generate content that is:

  • Managed by your business users
  • Governed by approval processes
  • Mobile and digital ready


Improve the touch points that matter most to your customers:

  • Digital claims processes 
  • Digital on-boarding and welcome kits
  • eForms & digital forms
  • Online and mobile content


Gain visibility into your customers’ journey by:

  • Creating customer journey maps
  • Linking interactions with each step
  • Identifying and optimizing communications
  • Reporting on communication effectiveness

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