The insurance industry has a reputation – perhaps wrongly perceived – as being stodgy and stoic. In some ways, perception informs reality. Many leaders in the insurance industry are still relying heavily on legacy systems and disparate software and programs to communicate with policyholders. With companies across all industries looking to improve relations with their customers, the ones who are employing a multichannel strategy are finding success and widening their customer base.
Forrester Research recently published “Trends 2014: North American Digital Insurance” which details the changes in consumer demographics and customer expectations that all insurers need to be aware of. The report concludes that customers – not insurers – are making the rules. Consumers have built solid, online-based relationships with other businesses – such as retailers, banks and other companies – and want their dealings with insurance providers to be no different.
I recently attended a technology symposium featuring an enterprise collaboration software suite. The audience was composed of Information Technology (IT), business analysts, industry consultants, media, and executives across industries. The common thread among attendees was the fact that they were using the collaboration suite or were interested in implementation.
As enterprise communication strategies play a bigger role in customer experience and loyalty, there is an increased need to re-engineer the end-to-end processes for managing core servicing document output to resolve document related issues at their origin.
Enterprise communication strategies are playing a bigger role in customer experience and loyalty these days. This means increased pressure to re-engineer the end-to-end processes required to manage core servicing documents and on-demand letter output. Not addressing issues at the front end of the process guarantees increased problems at the backend – with your document outputs and customer interactions.
According to a 2012 CEB survey, many businesses believe their end-to-end process management does not meet their expectations of today’s workflow. The chart below confirms that most companies are falling short of utilizing a fully-integrated and mature CCM process; Document Outsourcing and Defining Documentation/ Compliance Protocol being the weakest links.
For many years, the number one question asked by many of my customers has been: “from your experience, what percentage of customers are “opting in” to electronic delivery”? Everyone holds their breath in anticipation that their company may fall well below the national average. For the moment, let’s hold that magic number in suspense.
A friend recently experienced a leaky toilet. Thank goodness instead of calling me, he called a plumbing company to address the issue, and it was resolved successfully within a few hours. Yet a couple weeks later, he received the bill and was flabbergasted. The total was twice as much as he had expected. After a little reflection, he realized why. Instead of sending one plumber, which in his opinion would have been sufficient based upon the issue, the company sent two. He hadn’t thought of it at the time, but each man was being billed by the hour independent of the other. What took a few hours in real time took several in billing time.
Finding and retaining top talent in today’s market has little to do with the incentives of yesteryear, and it’s a challenge I think most companies today are dealing with in one form or another. Ironically, the issue parallels the demands we see in today’s customers. Flexibility, enhanced technology, and personalization are key factors. Suits? Ties? Boardrooms? As this new generation of workers might text: LOL.
Almost everyone has moved at one time or another, some of us from state to state, some from country to country, and others simply from office to office. In thinking about it, I would have to say that of all the many “joys” associated with moving—packing and unpacking, damaged furniture, cleaning—the most “rewarding” task has to be painstakingly updating my address dozens of times. It can certainly be discouraging to fill out form after form and wind up only marginally successful for your efforts. Unfortunately, it’s been my experience (and perhaps yours as well), that of all the companies I do business with, my insurance carrier tops the list of those with the most frustratingly inefficient processes.