Leverage the digital ecosystem to create a seamless customer experience
It takes strategic partnerships and a strong ecosystem for insurers to be able to deliver a truly personalized digital customer experience, while focusing on cost savings, operational efficiency and speed to market. Kevin Ostrander, Sales Director of insurance software company One Inc, will explore these questions, including how to leverage the digital ecosystem to create a seamless customer experience in a Fireside Chat on Day 1 of Claims. Innovation USA July 13, 2021..
The main topics of the Fireside Chat will be: how digital communications provide transparency, improve efficiency and reduce cycle time; how data from ecosystem partners can be leveraged to drive customer value; how ecosystem partnerships can enable automation and solve complex insurance use cases; and how the digital ecosystem can be leveraged to create a seamless customer experience.
In an interview with Smart insurer, Ostrander comments that insurers realize they need to approach the customer journey holistically. Insurers should ask: What is the end-to-end digital omnichannel experience customers demand, and how can I deliver it? The answer is that there is a need to unify multiple insurance centric platforms, which will also require a strong core system.
What will this process look like?
This can take the form of fewer ecosystem partnerships if they are strong partners and able to deliver accelerated integrations.
One example is the artificial intelligence (AI) -based text messaging offered by our Hi Marley platform. It is easy to implement and keeps customers, adjusters and other affected suppliers informed of claims activity through a full conversation in real time. Then this data can be leveraged to optimize other facets of the customer experience, such as capturing payment preferences earlier in the process and digitizing them into the One Inc. app.
To what extent are insurers able to achieve a personalized customer experience with the help of their strategic partners?
To meet today’s expectations for personalization, an insurer must efficiently collect and leverage data from internal and external sources, as well as take advantage of next-generation technologies (e.g., cloud solutions, application programming interfaces [APIs], IA, etc.). Innovative and experienced partners enable risk reduction, speed to market and scalability, helping carriers truly meet the personalized customer experience their consumers demand.
What is cycle time and why is it important? Is it about speeding up time to market?
Cycle time is basically a measure from start to finish, whether it’s the time it takes to implement a solution or the time it takes to resolve a complaint. Reducing cycle time is vital because not only does it increase speed, but it also drastically reduces risk and improves customer experience.
Transforming the customer experience is essential given the increasing demands. Being able to do this in quick turnaround times without requiring a 12-18 month project gives carriers the agility to respond to changing market conditions.
What key strategies are insurers deploying to save money, improve operational efficiency and reduce cycle time?
Insurers are focusing on automation and digital transformation, eliminating manual processes and paper controls. We have had clients who have reduced payment cycle time by 78% and their costs by over $ 1 million per year through the digitization of payments.
âWe have had clients who have reduced payment cycle time by 78% and their costs by over $ 1 million per year through the digitization of payments. Â»Kevin Ostrander, One Inc
How does digital communications provide transparency, improve efficiency and reduce cycle time?
Insurers can reach their policyholders faster by sending them messages through digital channels, which is useful during policy life cycle events such as upcoming renewals, pending cancellations or digital claims payment notifications. . An insurer can send a message to a policyholder of an impending lapse of coverage and provide a convenient option for the policyholder to pay and renew via this same text exchange.
We have seen digital communications lead to an increase in customer retention of insurers by up to 10% and significantly contribute to lower claims rates. By implementing Hi Marley’s text messaging solution, Plymouth Rock Assurance reported an almost 35% reduction in incoming / outgoing calls and voicemail messages.
How can data from an ecosystem partner be leveraged to drive customer value? Why are ecosystem partnerships able to enable automation and solve complex insurance use cases?
Real-time data is essential for driving customer value, so you have to move from stale customer data to real-time ecosystem partner data. It is essential that insurers ensure that the data captured about customers is interconnected, fed back to backbone systems and exploited. These actions will ultimately provide the unified experience needed to solve complex use cases.
For example, data from a communications platform can be integrated into the insurer’s data warehouse and combined with analytics from other partners to provide a comprehensive view of the customer and interactions.
For One Inc with digital payments, it’s not just about making the payment, it’s about automating the manual and paper-based processes that create enormous friction. There are complex insurance use cases, such as property damage payments to mortgagees, that involve transferring data with mortgage lenders and banks. Ultimately, it’s about simplifying banking decisions and accessing claim funds from eight to 10 weeks to just 24 hours.
This generates immense customer value, but it takes insurance-focused ecosystem partners who have proven expertise and really understand how to leverage that data to solve complex cases.
How will the digital ecosystem be leveraged to create a seamless customer experience over the next five years?
Insurers seek to increase the value of their ecosystems, not necessarily to increase the number of ecosystem partners. To do this, they will seek more interconnectivity and a greater focus on partners who truly understand the nuances of insurance. I imagine that more customer-centric platforms create out-of-the-box integrations that will essentially deliver a unified and seamless customer experience.
What will the delegates remember from this Fireside Chat?
Data plays a crucial role in the ability of carriers to take advantage of the digital ecosystem, it is necessary to form strong partnerships to get it right. Data must come from internal and external sources, and this can be supported by adopting and adopting next-generation technologies, such as cloud, APIs, and AI.
To get the most out of it in terms of increasing and creating customer value, it is important to engage with experienced partners who can enable carriers to optimize the customer experience, generate customer value while reducing the risks and associated costs.
An understanding of the nuances of insurers to enable the delivery of a unified and seamless customer experience is essential. To learn more, join the conversation.
Kevin Ostrander, Director of Sales for One Inc, speaks at Smart insurerClaims Innovation USA virtual event (July 13-15). The event brings together over 60 expert claim transformation speakers and is free to insurers and brokers / agents. Sign up now for access to over 15 hours of live and on-demand content.
One Inc, digital ecosystem, customer experience, cyber, technology, insurance, reinsurance, Kevin Ostrander, North America