This whitepaper from Strategy Meets Action (SMA) focuses on superior customer communication's role in capitalizing on the changes that are occurring in the life insurance industry. The twin pillars for profitable growth - new customer acquisition and improved retention - depend on high quality customer communications. This is not a case in which technology advancements fall short of needed solution requirements. The automated tools are in place. The capabilities for supporting the creation, management, and delivery of sophisticated, comprehensive, and effective communications are available now.
Unfortunately, the automated tools in use today are often antiquated and insulated. Frequently, automation is siloed, with thousands of forms and templates for creating statements, letters, e-mails, and other communications controlled and used exclusively within the many disparate parts of the company. Many life insurers are turning to modern document communication systems to establish a common platform for content design, creation, and delivery management for their massive volumes of documents. These modern solutions can provide clear, consistent, and accurate communications, and provide the flexibility to personalize each relevant communication. Modern document communication solutions can also manage and track both print and e-delivery of customer communications to provide superior results.
The insurance industry sells promises - promises that are fulfilled by people. Unlike other industries that manufacture and deliver physical products, the value experienced by an insurance customer is a result of the interaction they have with the insurer, and the perception of how well the insurer has delivered on the promise of the insurance contract. For insurance companies, customer communications play a key role in shaping value.
The quality of customer communications can make or break relationships. Communications that are consistent, repeatable, informative, accurate, and work effectively across multiple channels are the linchpins of exemplary customer service.
All documents and correspondence, regardless of whether they are delivered electronically or physically, impact the insurance customer's perception of value and the customer's image of the insurance company itself.
One poor job in one single piece can damage a strong customer relationship. On the other hand, consistent high quality documents and correspondence can cement existing relationships and nurture new ones.
This white paper outlines the eight steps and explains how they are being applied by P&C insurance carriers to meet today's difficult customer-experience challenges. By adapting these best practices to their own specific situations, insurers can fulfill rising customer expectations, comply with internal mandates, improve staff morale and gain deeper insight into conditions that impact the insurer's mission-as they increase revenues and reduce costs.
�What Kind of Return Can We Expect on This Investment?�
It�s the question everyone has to face when they propose the purchase of a new technology solution. No matter what industry you�re in, you need to be able to demonstrate a significant return on investment (ROI) for the money you want to spend on new hardware, software, and services.
But ROI lives in the realm of the �bean counters�, and they determine it by taking a hard look at the projected cost savings and revenue increases expected to result from adopting the proposed technology solution. While it�s important to know how a new solution is going to impact the bottom line, strict fiscal measurements are often difficult to develop or accurately measure. As our customers can tell you, ROI is an important factor when considering an investment in a new document communications solution, but it is often a benefit unrelated to ROI that is the real impetus for making a change.
Consequently, measuring ROI isn�t something that can be boiled down to a one-size-fits-all series of steps. Every document communications automation project and every company is different, so you must first figure out what your company�s specific goals are, and then find the investments in hardware, software, and services you need to achieve those goals.
The challenge for most insurance organizations lies in simplifying the complexities involved in harnessing content generated by claims processes. Non-technical resources�not just IT personnel�must be able to apply formatting and business logic to that content and easily assemble, generate and deliver claims correspondence that is accurate, timely and personalized to each policyholder.
So where do you stand? Are your claims correspondence processes showing signs of needing improvement?
Here are nine signs that your claims correspondence
processes need improving, and the one sure way to fix them all!
The contact centers role in a customer experience management strategy cannot be taken too lightly. Consumers recognize that a companys ability to respond to a problem or request has a higher influence on an excellent experience than any other attribute. That puts the contact center front and center in creating that experience - consistently, intentionally, but in a manner that is differentiated and adds value.
VisualWorks web services support SOA (Service-Oriented Architecture) for the delivery of services via the web. The VisualWorks virtual SOA platform provides all of the necessary components of SOA, including the host environment, consumer environment, integration and assembly environment, development environment, publishing and discovery, service-level management, security infrastructure, monitoring and measurement, diagnostics and failure, web service protocols and certification. VisualWorks fully supports development of web services by implementing XML, SOAP, WSDL and UDDI standards.