Future-proofing the Future-proofers
The nature of an insurance product is to provide a safety net in case of potential future hazards. In any industry – whether it’s delivering mail, tending to the sick, or protecting the community – wouldn’t we only deliver the most effective service if the entirety of our operations lent themselves to their predefined roles? Similarly, the best insurance company should be devoted to minimizing future risk in every area of business, not just by virtue of the products they sell.
This is about more than credibility with customers. It’s about how much you believe in what you do, right in line with the philosophy to “take care of yourself first, or you’ll have nothing to give others.”
Your ability to take care of customers depends on your organization’s internal health, which depends on a healthy relationship between your people and their tools.
Insurance companies have a unique relationship with “The Future” of their customers. But do they think about their own future in similar ways? Do they realize how the future can put a strain on their tools, subsequently stretching their personnel, and throw everything out of balance – do they recognize how, in time, all of this will absolutely affect their brand?
Technological advancement has already dramatically changed how you interact with customers (digital communications, Omni-channel marketing, etc.), and it’s also changing how businesses work internally.
Businesses everywhere are seeking to increase efficiency through all-in-one customer communications management solutions, aiming for smoother correspondence, customer retention, and long-term revenue growth. They believe these solutions to be their protection from future technological disruption, or as we like to say, “future-proof”.
The hodgepodge of business solutions employed by many insurers for their various customer data and communications purposes usually appears sustainable in the present moment, but you will soon face these issues (if you haven’t already):
1) No Support
Perhaps your system was built internally by people who have long since left the company. Perhaps you worked with a vendor to create a custom solution just for your business use case. If you begin to experience issues, who will you turn to for support? If the issue is large enough, you could need to replace the system on a moment’s notice – which could be both costly and inconvenient.
Over the years, those delivering your solutions go through mergers and acquisitions, or they receive updates, which would deem our current solutions obsolete – again, with a hefty price tag on replacement. Systems can also become redundant when providers expand their solutions, and you could end up paying for more than what you need.
3) Future Cost
Your system is aging. It may crash in the future. You might think it's a good idea to wait until then, not realizing that the further society “updates” itself, the greater the disparity between your solutions and the norm, the more costly and arduous it will be for you to update it in turn
Your legacy system is special to your company because it’s incubated for a while, and those who have been there know the ins and outs of it. Some departments have allowed their legacy solutions to become staples of their culture.
The convenience factor is understandable, but will not sustain you in the long run. It also doesn’t translate from business to business. If we want a straightforward process that produces consistent communications, we also await the adoption of customer communications systems that are familiar across industries, eliminating much of what is now a learning curve to using a company’s exclusive legacy software.
Your company wants a lean, agile system to deliver their communications, foremost because of future-value. Customer-centric philosophy puts greater emphasis on customer retention than ever before, and advancing communication efforts, with the right tools, has shown to be central to this kind of engagement.
Customer Communications Management (CCM) is an end-to-end solution, covering your internal processes, ensuring that they are smoother and more organized than before, and extending to your outbound communications, generating revenue from longer, more meaningful customer relationships. Although internal support for your legacy systems may continue among a few champions, consider The Future for your organization. Can your legacy systems scale and adapt to a changing market? Are they future proof?
Currently Ecrion provides the latest in CCM tools with Omni-channel capability, interactive documents, and the highest levels of document composition, production, and distribution efficiency available. Compare that with your legacy systems and see where you stand.