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Digitalization
Former Paper-bound Processes Are Replaced by Digital
Baby Boomers and millennials are the two largest generations in human history. Both cohorts are changing the landscape of business communication. But the truth is that disruption and change is driven by people seeking what they want: more benefits, an easier time, the lowest cost.
The question of what to do with Legacy IT within insurance is top of mind for many business leaders and is eating as much as 55% of Insurance IT budgets. The question of how to continue to add new communication channels is similarly vexing because new channels continue to proliferate.
Digital transformation can deliver meaningful benefits to customers and ultimately win them over. Do you have what it takes? Compart can help ensure that you do, click here
Process Automatization
Process Automatization
More and more automated recognition of the data when the documents are received, standardized and subsequently classified and archived.
Automating the process saves time and money. Intelligent automation makes documents more usable and useful.
Omni-Channel-Communication
Omni-Channel-Communication
Forms or inquiries come to the company in various ways and have to be checked for correctness and then standardized for the archive.
Insurtechs and competition from other traditional insurers has put a premium on CX and communication as a customer service.
Standarization of Archived Documents
Standarization of Archived Documents
Many insurers have grown through acquisitions and mergers and with this comes many systems, many databases and many different ways of dealing with data. Insurance companies are advised to standardize their method of working with documents that must be archived and retrieved on demand.
Compliance
Compliance
In the US alone, approximately 23,000 regulatory measures are proposed annually across industries, according to LexisNexis. In fact, 42% of executives expect the size of their compliance teams to grow as regulations proliferate state by state. Because of the nature of insurance policies and pricing, consumers have relatively little information about the quality and comparative cost of insurance policies. Regulation is needed to ensure that consumers have access to information that is necessary to make informed insurance purchase decisions and to compare prices.
Regulatory compliance can slow down a business unless automation improves the efficiency of the process. It might be best to think of regulatory compliance in the positive: customers trust companies that are compliant with regulations and prefer to do business with them. A company’s commitment to respecting ethical codes is good for its brand and can boost consumer engagement by as much as 40%.
Customer Experience, Customer Communication
Customer Experience, Customer Communication
For insurance more than most other verticals, the key customer touchpoints are the statement (EOB, etc.) and the customer call center. Ensuring that everyone in the company has a customer-data-first focus – measuring everything in order to improve the experience, reducing friction and optimizing the customer journey each step of the way, with full transparency -- is the most important function of the entire enterprise.
Thus, your document output strategy must be tightly aligned with your business needs. Studies show that when patients don’t feel engaged in their own healthcare, the results suffer; with so many technology channels to drive customer communication, the industry must learn how to be strategic in how they’re reaching their patients to yield better outcomes.
This is the importance of a great customer experience and great customer communication.