Amanda Beesley explains how insurers can effectively manage change, revolutionise communications and provide customers with an unbeatable experience
The insurance profession stands on the precipice of widespread change. Such disruption is not limited to the much-vaunted digital transformation, as the combination of new competitors, increasing customer demands and ever-evolving regulations is also transforming the insurance profession at a rapid rate.
As insurers seek to combat competitive pressures and become more flexible and amenable to customer requests in an increasingly competitive marketplace – with ‘unplanned’ customer switching costing insurers £312m and an increase in people planning to switch (up 19% from 2018 to 22.5% in 2020) – speed to market has become an absolutely necessity for businesses.
The fundamental choice for carriers is how to enhance their customer experience (CX) and grow their operations by rapidly launching new and enhanced products to capture market share, and attract and retain specific targeted customer segments, while at the same time adhering to increasingly complex regulations.
In an environment increasingly led by experience-driven consumers demanding transparency and freedom of choice, insurers must seek to deliver communications beyond traditional renewal notices and bills or correspondence at the time of a claim, which deliver more meaningful, positive experiences that assist in building richer, deeper relationships with customers.
Central to this has been the implementation of systems that enable them to effectively and efficiently engage with their customer base across a range of platforms, with omnichannel communications strategies. As the need for digital adoption has accelerated in the last year, with consumers driven online in their swathes, the capabilities of such systems to facilitate digital transformation has also made them desirable for the profession.
Of course, before widespread change is adopted, other critical factors need to be considered. For instance, many consumers are currently in a vulnerable position because of the pandemic. The Financial Conduct Authority (FCA) has clearly stated that it expects insurers, given the unprecedented impact of the current situation, to be aware of the circumstances that customers find themselves in and be flexible in their treatment of them.
Insurers must focus on adopting innovative technologies that better support broader demographics in intuitive ways, providing these important customers with user-friendly solutions that are appropriate for their capabilities and specific requirements. By doing so, brands have a unique opportunity to evolve their services with technology, to deliver the same exceptional level of service and experiences to different demographics.
The use of data-driven behaviour analysis and ‘single customer views’ – achieved through such intuitive technologies – can drive critical insights into reasons behind consumer behaviours, enabling brands to use customer ‘single-view’ profiles to identify those most vulnerable across different products, services and systems.
This is particularly important when it comes to communication. Like any other demographic, they too will have preferences for the channels they like to communicate through, the types of messages they receive and when they receive them. However, perhaps more importantly, brands will also have to carefully consider additional requirements entrenched in industry regulations.
Under updated FCA regulations, for instance, firms must clearly communicate any policy exclusions that may impact the cover and use of individual policies. This applies both to new sales and changes to existing policies (either mid-term or at renewal) – they must clearly meet consumers’ demands and needs.
Insurers must focus on adopting innovative technologies that better support broader demographics in intuitive ways, providing these important customers with user-friendly solutions that are appropriate for their capabilities and specific requirements.
The latest cutting-edge technologies, as well as modern customer communications management (CCM) solutions, are going some way to aiding insurers by empowering them to connect with customers in a much deeper, more meaningful way, across multiple channels.
By underpinning communications strategies with a single, centralised, CCM delivery model – a ‘one-platform’ approach – insurers can provide the delivery infrastructure to support truly frictionless customer communications across a multitude of traditional and digital channels, while at the same time facilitating transformation at pace.
The deployment of such enabling technologies ensures carriers are able to effectively adapt to longer-term transitions in consumer behaviour and capitalise on opportunities quickly and efficiently. The latest intuitive CCM platforms enable organisations to be flexible with change and keep pace with technological changes, presenting companies with new opportunities to rapidly and efficiently deliver enhanced CX.
Particularly critical in an evolving landscape – where customer journeys have transformed virtually instantaneously and regulatory changes are constant – the resultant centralised view means enterprises can effectively keep pace with longer-term transitions in consumer behaviour by adding new channels or changing messaging almost instantaneously across all channels.
In the case of insurance organisations, which are often entrenched in complex ‘legacy’ service models and IT infrastructures, adding an integration layer of this type delivers the cohesive benefits without touching existing legacy systems, which can be especially beneficial when considering the speed of transformation.
From a regulatory perspective, a centralised approach unlocks new levels of visibility that can help simplify document audits and ensure communications stay compliant with changing industry regulation.
To find out more, visit: https://oneplatform.paragon-cc.com/en/one-platform
Amanda Beesley is managing director, financial services and insurance division, at Paragon Customer Communications
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