of insurers have live mobile capabilities, with many more having active or planned pilots for mobile apps. Source: Novarica research
20%
of insurers calculate ROI in their recent tech investments, although 40% say they are still happy with the direction of their investments. Source: Dig In
55/25/20
According to Novarica, innovation takes a back seat to execution in Insurance as 55% of investment is made to run the business, 25% to grow the business, and 20% to transform the business. Source: Novarica
What Are the Most Important Issues in this Industry Today?
Great challenges exist in the new world of digitisation as the figures show. Customers expect flexibility and reliable, fast response in communication, such as the provision of policies. Are you up to the requirements?
Digitalization
Process Automatization
Omni-Channel-Communication
Standarization of Archived Documents
Compliance
Customer Experience, Customer Communication
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.
It's that Easy to Solve Industry-specific Challenges and Take Advantage of them
Convenience, Agility and Personalization (CAP)
According to Capgemini, customers seek ease of use, personalized contact and a company that can keep up with their specific needs. Or, as they put it, Convenience, Agility and Personalization (CAP).
Clean APIs connect digital and legacy processes, front and back office technology and brands to agents to customers.
Digital First Approach
The first priority for traditional insurers should be to stimulate a culture of innovation and to have a” digital first” approach.
Customers and employees need to be able to interact in real-time through digital channels.
Compare Documents
In the omnichannel world, Quality Assurance solutions need to compare documents that are to be rendered in every channel: print, mobile, web, social…in order to comply with state by state regulations.
Don’t leave your document quality to chance. Reap the benefits of an automated quality assurance. We can show you how.
You need to be able to test for both intended and unintended changes, even exposing issues not clearly visible but potentially problematic…down to the pixel level. Since you don’t make a cent by complying with regulations, QA needs to be fast so you can get back to business.
Centralized Document Output
Document creators can send their customer communication directly from their PC to a centralized production print center or Archive. Empower your agents in the field. Save time and money—and your brand equity.
Omnichannel Now
A majority of insurers are still working their way up to omnichannel, according to Aite Group. Many are focused on developing digital tools customer for education, marketing and claims management.
Struggling organizations often cite the challenge of legacy systems not directly linked to their online applications and need to bridge the gap between the old, print-centric world and the new, omni-channel world of document output processing. How can Compart software solutions help your omnichannel communication initiative?
With a large volume of data and a relatively small team, this insurance company relies on powerful software for digitization, optimization and standardization of of core communication processes. The company expects to be fully converted from paper to digital by 2020.
Solution
Automate the handling of statements for optimal printing, record-keeping and archiving. Compart DocBridge® enables the automated analysis, sort, merge, stack and process. If the document is to be e-mailed, the system validates the name and the mailing address. Only then is electronic delivery considered secure..
Use
Analyze all documents and prepare them automatically for both electronic and/or physical mailing
Eliminate human errors
Significant cost savings through optimizing postal discounts
Eliminate manual processes, saving the team 2 working days
2Speed Matters
Objective
Approximately 10,000 employees access more than 200 million policies, damage reports, and letters, etc. for processing. A critical factor for the enterprise is processing speed.
Solution
To safeguard against delays or failures, the insurance group built its Document Management system using DocBridge® Mill Plus for powerful conversion of high-volume files from any format to any format on the fly.
Use
One of the strengths of DocBridge® Mill Plus is the ability to handle high-volume files easily, which in turn ensures speedy and uncomplicated access.
Benefits
Reduces costs
As budgets are generally a constraint in IT and elsewhere, it makes sense to reduce the cost of every single transaction. Transforming documents in batches is efficient as well as effective.
Integrate legacy with the New
Don't throw the baby out with the bathwater. APIs help to integrate the latest technology with legacy systems as you phase out the latter over time.
Enables personal and proactive responses to customer needs
The role of technology is to imitate and extend human dynamics with machines and devices. AI and robotics are rapidly developing and our technology complements their efficiency.
Provides a sharp competitive advantage
At the end of the day, what separates one provider from another is not product or even price, but rather the customer experience.
CIOReview: 20 Most Promising Insurance Technology Solution Providers 2019
Compart is now part of the honored group of companies, on CIOReview Platform - Insurance Tech 2019. To help CIOs navigate through the list of Insurance Technology solution providers, the CIOReview's distinguished selection panel, comprising CEOs, CIOs, CFOs, industry analysts, and the editorial board of the platform narrowed the "20 Most Promising Insurance Technology Solution Providers" that exhibit competence in delivering comprehensive insurance technology innovations.
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