You already expect 2017 to be another year of significant change in technology, business practices, and government regulation – all things that directly impact the insurance industry. But do you also know that it’s the year of customer communication?
New platforms are bringing together leading technologies to enhance your business communications processes with a modern standard of efficiency, even optimizing them for regulatory compliance and industry best practices. Here’s a list of hot topics in your industry this year, and how Customer Communications Management (CCM) platforms play a role.
44% of customers prefer interacting with their insurance company through an app, or making payments by phone (a big number, considering most of those are younger customers, those with the greatest lifetime value).
Omni-channel engagement via phone, email, and print, with automated support, have proven effective with early adopters of the latest communication technology. Larger legacy firms have already made significant strides toward increased print and digital presence with their customers.
57% of customers want more regular interaction with their insurance company. The industry is adapting in response, with models of automation and efficiency in the digital age.
Today you can be available 24/7. CCM enables you to trigger workflows based on the entirety of customer data it stores and cleans, promptly creating and delivering thousands of communications at a time, by various channels.
3) Bigger Data
You have the opportunity to collect enormous amounts of new customer data through the internet of things (IoT) – this year we see a growing number of ways to assess an insurance customer’s qualifications, from speed cameras, to how they interact with general household items.
Your fields will be populated with a wealth of new information from the IoT. Engagement solutions will not only clean up data, but from it generate bar graphs, scatterplots, and charts to find out where the average customer lies.
4) Process Management
Internal processes and structures are being streamlined for greater efficiency and revenue maximization. In most places, this looks a lot like “divide-and-conquer”, or workloads being segmented and distributed to different specialties (versus individuals multitasking).
Customer communications management (CCM) solutions facilitate both front and backend activity for digital and automatic communication, delivering a clear, stepwise paradigm for your IT staff, and an easy “What-You-See-Is- What-You-Get” interface for non-technical users.
Fallout from election cycles will always have some bearing on your customer interaction. The insurance industry is known to be heavily regulated, and standards can be more volatile when the government is busy. You need to ensure the language in your forms, policyholder documents, contracts, and notices adheres to standards which change year to year.
CCM provides features for certain users to review and approve content before moving on to the next stage of creation. It facilitates a wholly standardized correspondence with customers, eliminating whatever anxiety was once associated with these details. You can be sure you’re releasing the right documents, with the right content, at the right times.