Customer Engagement

Insurance industry: communications and customer experience

In a previous article, we had mentioned the lateness of insurance companies in their digital transformation, particularly because of their legacy systems. We had already pointed out that one solution was to automate certain processes and offer multichannel communications to improve customer experience.

Focusing on customer experience is also part of the priority initiatives for 90% of the insurance companies in North America (SMA Research). Again, according to a McKinsey study in the United States, companies with a better user experience generate profits 30% higher than companies that attach less importance to it.

For insurers, customer experience is directly related to the way they communicate with their customers and depends, in particular, on their different documents. In fact, the insurance industry is the industry that relies the most on documents. In a mid-size company with approximately 800,000 insurance policies, the number of documents produced per day may rise to 30,000 (Crawford Technologies). Companies then realize the importance of optimizing this process and digitizing it.

Personalized digital customer experience expectations

This intention to improve customer experience in insurance companies comes from the expectations of consumers themselves. It is no surprise that they want more digital interactions with their insurance, as evidenced by the survey conducted by “Insurance Journal”.

But beyond digital, consumers also want personalized quality interactions. They want customized insurance policies, based on their own reality. They want to pay only for what they really need (PWC).

This leads insurance companies to have to produce more personalized documents, with variable content adapted to each target. This adds greatly to the complexity of management and production of customer communications.

Moreover, the insurance field involves complex themes with a very emotional aspect for customers. They are less accustomed to communications in the form of quotations or insurance policies. This is why every component of the document has a great influence on customer experience; such as legibility, design, format, vocabulary and arrangement of information.

3 constraints of insurance company communications

Given that the content of insurance company communications is variable according to each customer, this sometimes requires looking for information in different systems. Then a layout must be used that respects the company’s graphic charter but that also maximizes user experience. Creating the document is therefore a critical step for insurance companies, even before sending it to the customer.

Insurance companies therefore must account for 3 major constraints in the production of their communications:

  • Customers’ expectations: they want digital, personalized, interactive communications that are simple to understand and easy and pleasant to read.
  • Internal systems: to produce a large quantity of personalized communications, it is necessary to automate the processes. But sometimes companies have multiple systems and multiple templates that make the approach more complex.
  • Compliance: most insurance policies are governed by legal guidelines or laws. This has an impact on the content but sometimes also on the form of the document. Some forms come directly from third-party organizations. This is the case for ISO, NCCI, AAIS and other certifications. In addition, there are graphic directives to respect the insurance company’s brand identity.

A flexible and reliable tool to mitigate the various constraints

All these constraints are sometimes an obstacle to digital transformation of insurance companies. Customer experience may suffer as a result.

In addition, companies sometimes use a hundred different templates. They must keep them up to date and maintain a paper trail. Also, the document sometimes goes through different people and departments before it is finalized. For example, the document may be created in the Insurance Policies Department and is then approved by the Department. The design is adapted by the graphic designer and then goes to the Printing and Mailing Department.

This is why insurance companies need a tool that will allow them to account for these different constraints while giving them the flexibility to:

  • Create and update the document templates without depending on the IT Department
  • Produce variable content from various systems, while maintaining coherence in all of the company’s correspondence
  • Have an approval process to allow several internal interlocutors to intervene according to their field of expertise
  • Offer different distribution possibilities: print, web, mobile, tablet or other channels.

With such a tool, insurance companies will be able to keep their promises to their customers, while respecting the various constraints they face. Their technological choice must not jeopardize all their systems already in place. They need high-performance tools that will accompany them in the different steps of management of their documents and communications. With our OL Connect solution, we can accompany them step by step in this approach, while accounting for their own reality.

 

Thanks to Antora-Fani Dima for her help with the research to write this content!