Document automation or document assembly? The terms are interchangeable, right? Most people believe that, yes, the two mean the same thing. However, one cannot be substituted for the other. In fact, document automation and document assembly mean two completely different things.
To put it simply, document assembly is one of several steps that make up document automation. This includes both automated document assembly and online document assembly.
It might seem like the most natural thing to do. The world is changing, technology is changing, the wants and needs of your customers are changing, why not change your policy management system? Before you decide on a costly insurance correspondence upgrade, perhaps it’s worth looking at other options.
There are many reasons for wanting to move forward with an insurance correspondence upgrade. One of the primary objectives for your company should be to improve interactions with your customers. By doing so, you increase customer satisfaction. Still, do you need a complete upgrade?
Seems like a simple enough question, right? What is Customer Experience Management – or CEM for short? The customer experience is paramount in any industry. If you don’t have customers, you don’t have a business. Again, simple. But what is customer experience management?
A happy and engaged customer is one who will stay with your company longer, spend more, and help you gain new customers through word of mouth. If you provide a poor customer experience, you won’t have many customers for long. In fact, 44 percent of customers take their business to the competition due to a poor customer experience.
Claims correspondence is at the heart of any property and casualty insurance company. There are many things in the insurance industry that will keep your CEO awake at night – changing regulations, technology changes, etc. Claims correspondence challenges, though, can be the stuff of nightmares.
As long as there has been property and casualty insurance, there have been claims. Insurers have had to constantly adjust in order to meet claims correspondence challenges. Customers now expect your company to be there anytime, anywhere. Creating a positive, memorable customer experience has become a significant focal point for many property and casualty insurance companies. There’s a good reason for that.
Customer Experience, or CX for short, is a major focal point for most businesses and industries. This includes the property and casualty insurance industry. Providing an outstanding customer experience not only helps companies keep their customers, it helps to attract new ones through word of mouth. This is why it’s important to listen to new property and casualty insurance trends.
While it might feel as though you hear about new trends all the time, it’s worth paying attention to some. The property and casualty insurance industry has seen many changes over the past few years, especially on the digital side of things. Everything from IoT to Gig and Share economies mean changes aplenty.
Here are three property and casualty insurance trends to know right now.
It should come as no surprise to you that your customers are in the driver’s seat of change. If they want something quicker and faster, your company needs to find a way to meet their needs. Otherwise, your customers will look for another company. This is why automated document generation trends are important.
Learning the latest in automated document generation trends means your business is trying its best to keep up with the ever-changing times. It also means your company is doing what’s best for its customers. After all, landing a new customer costs anywhere between five and 25 times more than retaining existing customers.
All companies face challenges. It might be a simple fix, or one that requires outside help. The last thing your company needs, if it prints a ton of documents, are dynamic document production challenges.
If a challenge does pop up – and, let’s be honest, there’s a good chance it will at some point – it’s important to have the right software and support team in place. This is due largely because many document automation systems won’t allow you to do what your company requires.
Why is all this important? The last thing you need is an extended period of downtime while everything gets worked out. According to analyst firm Aberdeen Research, 82 percent of companies have experienced unplanned downtime over the past three years. That unplanned downtime can cost a company as much as $260,000 an hour.
Believe it or not, it’s not a trick question. Document automation is simply the act of automating documents. Simple, right? Well, there’s a little more to it, but that is the gist. The question you should be asking right now is ‘How can using document automation save my company money?’
Take a moment to think about all the documents your company creates each day. How about each month? Each year? It adds up, doesn’t it? Each document contains information either about your customer or for your customer – or both. The content on those documents (invoices, marketing material, etc.) has to be added somehow.
There’s a strong chance, if you’re reading this, that the information is added manually, meaning someone – or even multiple people – who work for your company spend their time and effort typing in numbers, addresses, figures, and more. With document automation, your employees can spend their time doing other work instead of wasting it with manual data entry.
Omnichannel. Multichannel. Two of the biggest buzzwords in any industry today. Both provide your company with ways to communicate with your customers. While some businesses throw the words around as though they’re interchangeable, they’re not. In order to get the most out of your customer communications management software, your company needs to know the difference between a multichannel and an omnichannel platform.
It can be confusing, trying to figure out the differences between the two since they are so similar. It’s like vanilla ice cream and vanilla bean ice cream. Sure, they’re both kind of the same, but one is a little different than the other. The same can be said for a multichannel or omnichannel platform.
Personalization is a major component of customer communications management. Being able to follow along the customer journey is important, but actually knowing your customers and providing them with what they want is the cornerstone of better customer communications.
The value of customer satisfaction continues to grow year after year, and if your company isn’t prepared to meet the needs of your customers, you could soon be looking for new customers. For consumers, customer experience will become more important than price and product by 2020. Are you ready?