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 policy management system upgrade, perhaps it’s worth looking at other options.
One option is to move forward with an overhaul of just your insurance correspondence software. One of the primary objectives for your company should be to improve interactions with your customers. By doing so, you ultimately can deliver a better insurance customer experience. Still, do you need a complete upgrade of your entire policy management system?
Insurance companies might feel compelled to ‘change with the times,’ if they lack multichannel or omnichannel delivery options, or any other modern insurance correspondence features. Fully upgrading your policy management or core systems, however, can be notoriously difficult, and it might not result in an improvement in customer experience after all.
The Risk of an Insurance Policy Management System Upgrade
It should come as no surprise that any kind of core system upgrade – or just replacing your insurance policy management system, for that matter – will have its own sticker shock. It can be very expensive to upgrade to a new system.
The replacement isn’t the only thing that could cost your company. Once you get the new system in place, how will it work with the other software your company uses? Did you lose any customer information when you upgraded?
Any downtime will result in costly disruptions for your business, your customers won’t receive the documents they need in a timely fashion, and compliance issues will be a constant headache for IT.
Ultimately, negative customer experiences are the biggest concern as they have the greatest impact on your bottom line1.
Avoid the Risks
Instead of opting for a complete insurance policy management system upgrade, why not use insurance correspondence software that you can seamlessly plug in? Think evolutionary, not revolutionary.
Integrating the right solution into existing infrastructures provides insurers with an easy digital upgrade path to support the demands of your customers with a cohesive engagement experience. Moving forward, your company will be able to engage with your customers using the medium of their choice (email, SMS, push notifications, etc.), their preferred language, or even a custom tone of voice.
Believe it or not, adding the right solution to what you already have will help provide a centralized customer view, so you can focus on the customer experience rather than the technology. Your company would be able to offer a self-service portal with 24×7, device-independent access to smart forms and interactive documents.
In the end, you’re giving your customers the power to begin the quote process on any device, with the ability to modify/continue the process at another time, on another device. All of this creates a great customer experience, and will actually save your company money in both the short and long term.