Insurers Enhancing Customer Experience via Digitization

Insurers Enhancing Customer Experience via Digitization Despite years of automation, scanning, and digital data capture, insurers still deal with huge volume of documents in hard copy format -- paper, faxes, checks, cards, and envelopes. The massive volume of paper documents is a stumbling block when it comes to managing daily workflow and attaining operational efficiency. Improving customer

experience

and

performance,

and

cutting

costs

calls

for

more

comprehensive digitization at various levels.

According to a research report titled ‘Improving the Customer Experience through Communications and Document Management’ by insurance strategic advisory firm Strategy

Meets

Action,

insurers

in

North

America

are

leveraging

customer

communications and record management to deliver a superior customer experience.

They are investing in electronic enterprise content management, contact centers, and e-delivery. Digitization is helping faster and more accurate responses to prospects and customer. In short, they are moving away from paper-based systems to optimize overall efficiency.

Highlights of the SMA Research Report The report, based on a survey of 110 insurance firms during Q4 of 2013 through January 2014, highlights the efforts made by insurers in capturing, creating, managing and delivering digital content.

Insurance companies are welcoming new technologies to manage documents and to improve the customer experience. The main findings of the survey are: 

Communication with customers is mostly handled by agents and producers, though new investments by insurers are focused on digital channels



62% of insurers are investing in web self-service projects in 2014



More than 50% of insurers are in the process of implementing projects for ebilling and e-delivery



Insurance companies continue to optimize print centers to support e-delivery and digital channel initiatives. Up to 53% have a shared services approach for high volume printing, 43% higher from 2012

Insurers

are

now

developing strategies

focusing

on

customer-centric instead

of

just

cost

reduction and transaction efficiencies, says the report, which in turn, is leading

to

new

investments

in

customer communications and record management.

Going Digital – The Competitive Advantage Leading insurers now realize the potential competitive advantage offered by technology.

Capture big data provides them with greater analytics capabilities to

provide a better customer experience 

Analysis of data collected from sources like internet, social media, driving apps and even health-monitoring wearables could help insurers target customers, optimize prices, schedule policies more accurately, and manage claims effectively



Digitization of existing insurance processes can enhance the company’s bottom line



With digital marketing, insurance companies can connect more effectively with existing and potential customers, so that know whom to target and how to price a policy correctly

Mastering digital is also crucial with electronic health exchanges which allow consumers to enroll in a plan online. Insurers that have a proper strategy in place for the capture and management of information can position themselves favorably in this competitive landscape.

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