Customer Communication Management Trends In Insurance
CCM solution can help transition from outdated legacy systems to customizable communications that meet every step of any consumer journey. Based on our experience working with dozens of insurers, we’ve identified five trends that today’s leading insurers are leveraging CCM capabilities to optimize their customer communications strategies.
5 Building CCM Capabilities in the Insurance Industry
Modern CCM platforms on the market such as Smart Communications OpenText’s Exstream, have made significant strides in streamlining the content editing process. This means that whenever communication material needs to be modified (e.g. policy statements, claims, etc.), editing and simple rule updates can be made directly within the document template in predefined areas without requiring non-technical users to go through IT or re-design the entire code Just to make some minor changes.
Not only does the content author feature save time, but it also allows insurers to create templates that are repeatable, scalable, and quickly personalizable.
More and more insurers are choosing cloud-based CCM solutions over on-premises solutions for greater interoperability, cost, and business agility. Legacy IT systems can be costly to maintain, and many insurers choose to avoid the high costs and difficulties associated with upgrading CCM functionality in their homegrown systems. Cloud-based CCM solutions can aggregate data into an all-in-one solution, break down data silos, and increase transparency between teams accessing their communication templates. As a result of these efficiencies, insurers can innovate faster and reduce time to market, allowing them to quickly capture new market opportunities and meet customer needs.
Artificial intelligence (AI)
AI-based solutions have increasingly been used to cater to and observe customers’ online behavior. Insurers can now deliver automated, personalized information to each customer at different touchpoints in the buyer journey, without the need for a human developer. In addition, AI can help integrate large volumes of communication material — acknowledgments, statements of claim, etc. — to reproduce them efficiently and ensure consistent messaging and brand compliance.
A “Digital-first” Customer Experience
More and more insurers are recognizing the value of delivering a “digital-first” customer experience. As customers increasingly research and purchase products online, content delivered via mobile, web, and social networks becomes more critical to enhance brand image and enable seamless access.
Additionally, customers increasingly expect omni-channel communications to provide immediate access to their profiles and coverage. For this reason, many customers want their insurer to give them the option to receive claims statements, policies, and other important documents via electronic delivery, rather than the traditional mail that guarantees document delivery. Likewise, the convenience and ease of use of mobile applications have led to exponential growth in mobile application development.
The explosion of data generated by the Internet of Things (IoT), mobile applications, and trackable online journeys is enabling insurers to comprehensively assess and analyze customer purchasing behavior. These analyzes are critical in determining the changing needs of each customer and personalizing the communications each customer receives accordingly. For example, today’s customers don’t just like faster underwriting cycles or the flexibility to access and customize their policy they expect it. For this reason, today’s leading insurers are making strides in maximizing the use of content analytics to improve service and strengthen customer relationships.
Jumpstart Your Customer Communications Management Journey
Today, these five CCM trends are driving insurers’ success in customer communications. The digital age requires insurers to continuously optimize the customer journey, evolving in response to ever-increasing customer data input across numerous channels. To win in this era, insurers must be able to leverage modern CCM technologies, analytics, artificial intelligence, and cloud-based solutions to deliver greater operational efficiency and seamless digital experiences.
Ready to develop a successful CCM strategy? Check Bentech’s Customer communication Management services to learn how we can help you strategize and extend your CCM capabilities to radically improve the customer experience.
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