Think Omni-channel is Hard? Doing Business in Silos is Harder.
Insurance companies struggle in many areas. Customers now expect to use email, mobile, web and other channels to connect with their insurance companies to complete a single task, often switching between the channels as they do so. Unfortunately, interactions don’t always flow seamlessly across all channels in real time.
Insurance companies are striving to become customer-centric. However, they must overcome the challenge of operating with legacy multi-department, multi-channel environments that create an incoherent customer proﬁle. This is caused when different and disconnected customer and product information is dispersed throughout the enterprise.
In many cases, diﬀerent versions of the customer’s data and related documents exist in different channels. This leads to duplication of eﬀort and leakage in customer acquisition, creating sub-optimal value to customers.
When you consider that 81% of consumers use multiple devices to accomplish a single task over time, insurance companies must create a direct and seamless digital experience for their customers or risk losing them.
Delivering More Value with an Omni-channel Solution
By taking an omni-channel approach to address incoherent customer proﬁles, insurance companies can enhance the customer experience, the provider experience and the quality of service. An omni-channel solution manages the flow of information and transactions delivered digitally to the customer.
NIIT Technologies’ solution, ClearpathSM, normalizes the customer’s data wherever it exists and presents it in real-time through digital means based on USAN’s Metaphor platform. USAN is an alliance partner of NIIT Technologies.
With the enhanced capabilities of an omni-channel solution, efficiency increases with a smooth information flow, customers are better served, and the provider experience is enhanced.
Omni-channel Simplifies Challenges with a Tangible Impact
Currently, most insurance companies cannot see past their legacy system obstacles to understand where to get started with their digital transformation. An omni-channel solution can be applied in many use cases.
Marketing Products to Customers’ Needs
In one example, an insurance company seeking to broaden its portfolio of products needs to correctly identify which products best fit the customers’ needs. This is because multiple policy systems with different versions of truth about the customer’s profile don’t clearly identify insurance coverage deficiencies.
Clearpath automatically connects all databases where the customer data exists and determines which data is the latest reflection of the customer’s profile. The insurance company can develop a marketing campaign that markets its product offerings directly to those customers that best fit the profile to need those products. Customer satisfaction increases while new revenue streams are developed.
Managing Purchases Through Self-Service Portals
In another case, we see that customers increasingly prefer to manage their purchases through online self-service portals. However, insurance transactional systems exist in siloed processing environments that can be difficult to toggle between during a single transaction.
Clearpath connects all transaction systems through a menu of options for the customer to navigate the different systems. This enables the customer to review a new product, get a quote, make a submission and pay for the product through a PCI-compliant SecurePay channel – all in a single self-service transaction. Omni-channel portals are critical to meet customer expectations and provide an easier way to make purchases.
Putting Systems in Place for BICE
Another concern is the Department of Labor’s recent ruling expanding the ERISA fiduciary definition and the “ Best Interest Contract Exemption (BICE),” which is causing great expense and confusion for insurance companies trying to comply with the regulation.
BICE requires additional customer protection with requirements for fiduciary investment advisors and brokers/dealers when providing advice to customers about the purchase of these products. Many insurance companies do not have systems in place to ensure compliance for this regulation, which may become final in 2017.
Clearpath provides insurance companies with the ability to connect the identity of the customer to the customer’s broker/dealer with business rules (based on BICE requirements) to ensure proper business conduct when the investment advisor discusses products in the best interest of the customer. The customer, with this omni-channel connection, can access additional channels, such as collateral materials or websites, to better understand the product offered as well as agree to purchase the offering and make an online payment.
Omni-channel solutions can easily be applied to the above cases and other use cases in the insurance industry, such as implementing Interactive Voice Response (IVR) solutions, mobile claims notification, transactional dashboards and customer 360-degree reviews.
By incorporating Clearpath, companies can see an immediate impact on agility and customer service. Omni-channel provides a faster, cost-effective solution for insurance companies undergoing digital transformations.
Learn more about how Clearpath can deliver omni-channel use cases within 30/60/90 days. This enhanced agility offers several unique benefits, including:
- Quick value creation
- Lower cost of development
- Faster speed-to-market
Be sure to visit the NIIT Technologies’ Blog again soon. We will explore implementing Interactive Voice Response (IVR) solutions in more detail in a future post.