Category Archives: Insurance

Why Your Insurance Policy Management System Doesn’t Need to Be Upgraded

insurance correspondence upgrade

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?

Claims Correspondence Upgrade Challenges that Keep CEOs Awake at Night

claims correspondence upgrade

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.

3 Property and Casualty Insurance Trends to Watch in Customer Experience

property and casualty insurance trends

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.

Why Is Insurance Technology So Important?

insurance technology

In the last few years, the insurance industry has made strides by adopting new technologies. Thanks to the emergence of new technology, such as traffic cameras, self-driving cars, drones, and smart homes, insurance companies are able to collect a mountain of new information they’ve never had before.

This growth comes with its own particular set of challenges, though. As your customers adopt these new technologies, insurance premiums will go down universally. While this might make your customers happy, it ends up shredding your bottom line. Because of this, you need to keep all of the customers you can.

5 Statements Your Invoices Make To Customers

invoices

It happens to us all, usually every month. Whether it comes to your mailbox or inbox, you’ll still end up getting it. A bill. Usually more than one, depending on the utilities you use, how many credit cards you have, etc. Think about how long you look over these statements. Some folks go over every line of every bill every time, and good for them. The average customer, however, spends less than five minutes looking over their statements. Sometimes, they only look to see how much they owe and that’s it. With that in mind, what kind of statements do your organization’s invoices make?

In theory, every invoice makes at least one of the following five statements. Regardless of the type, each invoice provides information and, if this is the only means of communication your company has with its customers, it’s worth taking a moment to see what pitfalls your organization might be facing.

5 Insurance Trends That Have Everything To Do With CCM

insurance trends

This year, as with every year in the world of insurance, has already brought new technologies, business practices, and government regulations — all things that directly impact the insurance industry. If your company hasn’t kept an eye on insurance trends and doesn’t have a solid customer communications management platform, it may already be far behind its competitors in the field.

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.