Transforming Customer Engagement
Changes in digital technology and customer expectations create new challenges for how insurers engage with their customers, manage risk and control the increasing number of claims
Engaging successfully with customers is critical for new business acquisition, cross selling and customer retention. In a digitally connected world it is key to deliver an experience that meets customers’ expectations. However, research shows that the insurance sector continues to have one of the lowest engagement scores compared to other sectors. As a result brokers and insurers are now, more than ever, seeking to put the customer at the centre of everything they do.
The high quantity and variety of forms and document types that move around in the Insurance industry, in addition to the wide range of channels customers use, as well as the sensitivity of data, complicates the communications process. Insurers need data processes in place to ensure that the data received enters the system accurately from all communication channels, is acted on quickly and is held securely in compliance with regulations.
Today, customer engagement has become the key to differentiate service, retain business and increase revenue. With nearly 50% of policyholders prepared to switch to a new insurer, the ability to engage customers, meet their high expectations and provide a consistent experience across all touchpoints is critical. A policyholder has various ways to interact, via an agent, a mobile device, website or during a claim or policy process – these are all opportunities to deepen the customer relationship.
Better Customer Engagement and Better Customer Data
Accurately capturing and enriching customer data is important for creating a great customer experience. Insurers collect and possess an enormous amount of data about customers including; demographics, business and family relationships, assets and financial status, all creating a wide range of data that is typically spread across many databases.
The key to fully capitalising on all this data is improving its quality and enhancing it to produce even more value. Data Capture & Extraction Software that is able to perform data validation, identify and correct errors, and standardise data is critical to ensure that customer communications and insurer decisions are based only on the highest quality data.
So how can data capture software improve customer engagement?
- Real-time engagement received from multiple devices including smartphones and tablets anywhere in the world
- Insurers are immediately equipped with all the documents and information they need to answer queries
- Agents can make decisions quickly as they will have instant access to data and documents
- Automated notifications with convenient, online access to claims and policy information which helps build trust and loyalty
- Fewer errors and higher savings from the automation of workflow and processing of documents
- Greater efficiency of operational processes across the enterprise
- Reduced labour costs
- Ease of demonstrating regulatory compliance
Improving digital customer engagement
The ability to provide rich, digital customer experiences that lead to engaged customers offers great potential for differentiation in the world of insurance. Insurance customers are increasingly willing to switch their loyalty to providers that allow them to communicate via the channels and devices of their choosing. They are looking for an insurer that is able to interact via informed conversations that relate to individual needs, desires, and relationships.
This is a great advantage to those companies that can truly innovate how they create and deliver insurance products to meet customer expectations.
There are three critical technology components required to support and continually improve digital customer engagement.
Data | Accurate, timely, and complete data about the customer and their relationships, and the ability to continually improve and enhance that customer data |
Analytics | Tools, technologies, and information that yield insights about customers and customer interactions |
Customer Communications Management (CCM) | Tools and technologies that make it possible to optimise every customer interaction |
Tremendous pressure is on insurance companies to improve the way they interact and engage with their agents and policy holders. At AAC Systems we’ve helped many insurance companies successfully manage their documents, improving the efficiency of their business processes and allowing them to benefit from better information management.
Our solutions ensure the automated capture of business-critical interactions, regardless of how, where, and when they occur. Once captured, the content of those interactions is automatically classified, extracted, and validated through fast and reduced-touch processes.
Call AAC systems today on 01628 421569 to find out how you can improve customer engagement.
