The way people are buying insurance is changing. The modern client has access to so much information that by the time they first engage with a broker or agent, they’ve already developed a good grasp of the products on offer. No matter how fast these changes are taking place, however, document generation and delivery remain at the heart of a seamless customer experience throughout the insurance industry.
Client interactions around data collection, digital and mobile capabilities, as well as ease of submitting, have been known to leave lasting impressions on clients and hugely impact the way they view the entire process, as well as their likelihood of becoming a return customer. As a result, insurers are working diligently to incorporate new capabilities into omnichannel plans, with an array of communication options including messaging platforms, voice assistants, chatbots, interactive video, and more.
Millennials are quickly becoming a majority in the market and they want to communicate with organizations in a way that differs vastly from the way their parents once did.
“Brokers and agents who are innovating and investing in document automation software are the ones who are going to pick up the new market of clients who are buying and making decisions differently,” said Pam Valentzas, global corporate marketing and partner manager at Xpertdoc. “Insurance carriers and brokers who continue to do things in a more traditional way are going to struggle.”
As the modern consumer grows more demanding, insurance companies need to find solutions to simplify the process and find new efficiencies wherever possible. Xpertdoc, a leading document automation software, has released a new whitepaper on digitizing documents to streamline business while still delivering quality customer service.
In the insurance industry, there tends to be a low volume of very high-value transactions and the level of paperwork required is often not something the client is used to, whether its policies, claims, renewals or endorsements.
With a claim, for example, tech solutions like Xpertdoc Smart Flows can instantly generate and deliver an acknowledgement letter personalized with information provided by the policyholder during the filing of the claim, as well as data found in policy administration or CRM systems.
Changes to the status of a claim throughout the process – whether damages are being assessed by an expert, the payment is on its way, or the claim has been denied – trigger the creation and delivery of related correspondence to the policyholder, communicating relevant and accurate information in a timely manner.
Because there are so many aspects about the documents and correspondence that contribute to the customer’s experience, including accuracy, timeliness, readability and delivery, the whitepaper goes over some of the important aspects and how digitization can help:
In our current climate, as we emerge from the coronavirus pandemic, Valentzas suggests insurers use this time to reexamine systems and processes carefully.
“Insurance professionals need to implement crisis communication strategies to respond efficiently and evaluate how the pandemic is impacting the coverage needs of clients,” he said.
For more on the value chain of customer communication, and how your organization can transition to a digital document process, download the Xpertdoc whitepaper here.
