How to meet higher customer expectations through digital transformation


Monday, December 2, 2019 | By Art Creel, Head of National Sales, AWD

How to meet higher customer expectations through digital transformation

There’s a lot of talk about digital transformation and how firms across a number of industries, including insurance, can use it to optimize their operations and cut costs.

While automation and digitization are critical to success, so are customers. Unfortunately, they’re easily forgotten when firms see technology only as a means for reducing account acquisition costs, driving higher market share and reducing employee turnover.

Digitally Empowered Consumers

Consumers, however, have undergone their own “digital transformation” over the past decade or so. They’ve become much more comfortable with technology in their everyday lives and have raised their expectations for easier, faster and more accessible experiences from the companies they do business with.

In fact, according to a PwC survey entitled “Insurance 2020,” customers want quotes and prices on demand via the platform they choose, access to assistance when they need it and to only interact when renewing or making a claim.1

Unfortunately, the insurance industry is in catch-up mode. About 69% of insurance companies today use a combination of online and traditional channels, but that figure has risen only 4% since 2016. That’s surprising considering how quickly consumers have been to adopt a more digital lifestyle.2

How Should the Industry Respond?

Many insurance firms have taken this shift in customer attitudes as a wake-up call. However, there’s plenty of room for improvement.

So, with that in mind, what represents a better customer experience? And what do you need to make it happen?

Four Tactics for Better Customer Experiences

Here’s a look at four areas where digital transformation can significantly impact your customer experience and, in the end, your overall bottom line:

  1. Omni-channel communications: Customers want to communicate with their insurer through their channel of choice. In turn, insurers need to be able to capture and respond to communications in every medium, whether it’s a paper letter, fax, email, text message or online form.
  2. Self-service capabilities: Customers today actually prefer digital interaction over human contact in many cases. Turning routine requests and transactions into an intuitive self-service model that enables you to satisfy their needs efficiently.1
  3. Timely and accurate resolution: Unresolved issues increase cost and decrease customer satisfaction. Minimizing callbacks is the goal of every customer interaction. You automate processes where human judgment isn’t required and guide the user through the most efficient way to complete a transaction.
  4. A holistic customer view: In those instances where customers do need help from a live person, they expect their insurers to “know” them. Customer service representatives should have fast access to a holistic view of the customer relationship across all products so they can answer inquiries quickly and appropriately.

Easier said than done, right? That’s where enabling technology like SS&C’s AWD, a leading business process management application, can help your customer experience make the leap from good to great.

Learn more about digital transformation and the changes facing the insurance industry in our article, “Digital Transformation in the Insurance Industry: Are You There?”

 

 

1Insurance 2020: The digital prize – Taking customer connection to a new level”, PwC

2 “Digital Transformation in Insurance”, FRISS



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