Enhancing engagement with agents and insureds is one of the biggest focus areas for insurance carriers in this ever-changing industry. Today, consumers demand personalized, customer-friendly experiences.<\/p>\n
Research proves insurance companies with higher customer engagement have higher retention levels and lower price sensitivity. If you wish to remain competitive, you can no longer hope customers will adapt to their outdated processes.<\/p>\n
Here are the aspects of the value chain where providers could improve touchpoints and interactions:<\/p>\n
Let\u2019s look at how using digital strategy, core systems and CRM technologies<\/a> together can help insurance carriers improve customer engagement.<\/p>\n Most insurance companies have already embarked on a digital transformation journey<\/a>, but the need to deliver valuable customer experiences is causing carriers to expand on this journey. 52 percent of companies report that improving customer experience and engagement continues to be the top goal fueling digital transformation.<\/p>\n We\u2019ve seen, for some time, that insurance customers can get everything they want in a few clicks or taps. Today\u2019s agents and insureds are digital natives who expect fast, on-demand and personalized service.<\/strong> This prompts new thinking about how to engage with both agents and policyholders. As a result, carriers have started creating self-service tools and customer portals, mapping out customer journeys and expanding their digital options and offerings at unprecedented rates.<\/p>\n In addition to providing on-demand services and accessibility, carriers feel the pressure to improve cycle times and slow claims processes customers traditionally associate with the insurance industry. If you\u2019ve struggled with the complexity of your legacy systems and time-consuming processes, this is an opportunity to incorporate the latest digital-focused technologies into key areas of the insurance value chain to provide a better experience to customers and agents.<\/p>\n As insurance carriers race to adopt digital solutions and strive to simplify how agents and brokers engage with them, they also want to tie exceptional customer experiences into their core processes.<\/p>\n To be truly customer-centric, insurance carriers need to take another look at their core systems and explore how to deliver an exceptional customer experience. Most carriers understand their current systems manage their customers inadequately.<\/p>\n Right now, most systems don\u2019t provide a 360 view of a customer\u2019s entire data set through every phase of their journey with their carrier. Moving forward, if you want to keep customer satisfaction a top priority, you will need core systems that easily configure with external systems and data.<\/strong><\/p>\n Carriers also know the importance of easily doing business with an agent. As a result, they\u2019ve examined the agent journey and discerned that doing business with them is not simple. This revelation made insurers realize they need better customer and agent relationship management. This includes improved design for digital touchpoints with agents and core systems functions.<\/p>\n Here are some insurance core-systems functions where insurers can improve touchpoints and interactions:<\/p>\n There are many journeys and use cases carriers know they want to implement, but they can\u2019t accomplish them with their current set of technologies. Insurers see the value in CRM systems that can do things like customer record management and forecasting sales pipeline management.<\/p>\n Most carriers cite improving sales, better managing relationships forecasting and sales pipeline management, and improving the agent\u2019s and insured\u2019s experiences as primary reasons for investing in CRM. Salesforce and Microsoft Dynamics 365 are giants when it comes to CRM software.<\/strong><\/p>\nDigital<\/h2>\n
Core Systems<\/h2>\n
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CRM<\/h2>\n