Building the Insurance Digital Advantage

Wayne Toms

Introduction

In today’s digital age, online communications have experienced rapid transformation. The demand for tailored interactions to facilitate consistent customer engagement has surged dramatically. This shift underscores the pressing need for change in the insurance industry’s customer communication and experience approach. As consumers become accustomed to personalized interactions across online platforms, insurance providers recognize the urgent need to adapt.

However, this transformation has also exposed the limitations of legacy systems and processes, hindering insurers’ ability to deliver exceptional digital experiences for all constituents. In this blog, we will explore the common challenges that today’s insurers face in improving online experiences, their origins, and consequences.

The Importance of Best Practices

For robust customer communications management (CCM), insurers must research best practices to understand what constitutes a first-rate system. Some key directives include:

  • Invest in Modern Technology. Businesses often struggle to meet evolving communication needs due to legacy technology and processes. Investing in modern CCM solutions can empower insurers with next-generation technology to improve digital experiences and overall customer engagement.
  • Leverage Digitization and Automation. A subset of investing in modern technology is leveraging digitization and automation to provide tailored, omnichannel interactions. By digitally transforming their communication processes and working toward centralized control of communications, insures can ultimately deliver a unified customer experience.
  • Focus on the Total Experience. Prioritize customer needs and preferences to build a better customer experience and ensure that employees remain engaged and satisfied with their roles. An overall positive employee experience is just as critical as customer experience.

Ongoing Technical Challenges

The transformation of CCM into Customer Experience Management (CXM) has been a decade-long process driven by the growing demand for personalized, data-driven interactions. While the importance of customer communications has surged, so have technological and workflow challenges. Here are some critical aspects to consider:

  1. Employee Frustration with Outdated Technology and Inefficient Processes

When the COVID pandemic commenced in 2020, remote work became the norm, and businesses enabled employees to create and manage communications from home. However, the tools provided often fell short. Research in 2022 revealed that outdated software tools were a significant source of employee frustration. The quality of these tools directly affected customer and employee experiences.

As organizations progress toward modern CCM platforms, employee experience improves alongside customer experience. Businesses need to provide user-friendly tools and best practices for employees to manage communications effectively, whether they’re in the office or working remotely.

  1. Difficulty Enabling Effective Collaboration

With the increasing importance of customer communications, more stakeholders and decision-makers are involved in crafting messages to customers. However, many organizations struggle to coordinate these diverse voices into a unified message. Mergers and acquisitions can result in a patchwork of legacy systems that operate independently, creating a disjointed approach to communications management. This leads to irrelevant and conflicting messages to customers, damaging the brand’s reputation.

  1. Manual Processes Cannot Ensure Continuity

The attrition of employees familiar with outdated processes and technologies can erode employee and customer satisfaction. Losing institutional knowledge leads to uninformed, disjointed messaging, which can cause customers to switch providers. According to an Aspire Report, one in eight consumers would leave their insurer due to poor communication experiences. Forward-looking organizations must invest in solutions that empower business users to manage communications remotely, ensure continuity, and deliver personalized omnichannel interactions.

Securing the Essential Elements for Improvement

To meet customer expectations, insurers need solutions that empower employees to compose, change, distribute, and track communications efficiently. These solutions should be flexible, agile, and automated, saving time and improving customer touchpoints.

The Final Word

As insurers grow and accumulate various communication technologies, they often lack integration, leading to a complex web of disparate systems and processes. To maintain a cohesive, omnichannel conversation consistent with a customer’s journey, organizations need communications technology that enables data sharing, coordination, and rationalization of templates. This efficient technology not only helps businesses weather staff turnover but also reduces employee frustration, improving both employee and customer experiences.

In the rapidly evolving communications landscape, organizations that invest in modern technology and streamline their processes are better equipped to deliver exceptional customer experiences, retain customers, and maintain a competitive edge.

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  • blog
  • EMEA
Wayne Toms

Wayne Toms Wayne spent more than 20 years as a management consultant serving clients in the retail, insurance and financial services industries, with a particular focus on strategy and business process design, and the implementation of complex organisation-wide IT systems. Wayne joined GhostDraft as CEO in 2021, and is dedicated to leading a team which delivers groundbreaking new document automation solutions to customers. At the forefront of his ethos is a belief in the “can-do” and a desire to have a positive impact on customers and team members alike.