Consumer Expectations in the Insurance Industry - Invensis

Information about Consumer Expectations in the Insurance Industry - Invensis

Published on July 18, 2014

Author: invensistechnologies



PowerPoint Presentation: Top 5 Consumer Expectations in the Insurance Industry PowerPoint Presentation: Outsourcing for the Insurance Industry Insurance agencies are forced to confront many challenges, such as diminishing margins, increasingly strict regulation and the difficult economic environment, which has made it exceedingly difficult to develop a competitive advantage. Many insurance providers are opting to create partnerships with BPO providers to remove the inefficiency of non-core tasks and stand out from their contemporaries. Invensis provides effective insurance BPO services, to innovate processes and transform back office operations for companies in the insurance industry. Outsourcing non-core processes is a great way for providers to reduce costs, while also increasing the amount of time to focus on the more important aspects of their operations. Invensis has been providing cost-effective and efficient BPO services and has the capabilities to greatly enhance the performance of your organization. PowerPoint Presentation: How Outsourcing Can Help Insurers to Satisfy Customers The changing requirements of customers pose new challenges for insurance companies. By outsourcing functions that are not core to the business, insurers can focus their energies on other more critical strategic domains. Insurers can avail cost benefits with outsourcing , by saving on the expense of investment in technology and qualified personnel. The following functions can be outsourced: Customer care:   For 24/7, convenient and responsive service, insurers can outsource contact center operations to an experienced provider, who will support consumers across channels like phone, email, live chat, social media and mobile texts. A specialist outsourcing company can ensure that the customer information across channels is managed and processed effectively, actionable insights are garnered through analytics tools, and a personalized and relevant experience is provided to customers. PowerPoint Presentation: Document process automation: A company with expertise in deploying document process automation solutions can be relied on for a claims processing software. This will help to streamline the business operations of the insurer, ensure that crucial data is available when required, and deliver a timely response to customers. IT services: Building mobile and web capabilities is integral to connect with the consumer on a channel of his or her preference. Insurance companies can outsource this requirement to an IT service provider with the proficiency to develop, deploy and maintain these applications. How Outsourcing Can Help Insurers to Satisfy Customers PowerPoint Presentation: Top 5 Consumer Expectations in the Insurance Industry According to a Deloitte white paper ‘Preparing for the Futur – Meeting Changing Customer Expectations in Life Insurance’[1], consumers want their insurance companies to be responsive and provide prompt service to them. This is a derivative of the superior customer service they have experienced in other industries, which makes them less tolerant to delays and inconvenient processes. One of the ways insurance companies can meet this demand is by providing multi-channel contact centers, which offer support through calls, emails, live chat, social media and texts. It is critical that this center is able to track the history of the conversation with the customer across all channels, so that time is saved in each subsequent interaction. Consumers want responsive, immediate service PowerPoint Presentation: Customers expect their claims processing to be fast and accurate. In the ‘J.D. Power 2014 Property Claims Satisfaction Study’[3], 5,500 homeowners’ insurance customers who filed a claim between April 2012 and January 2014 were surveyed in the US. Overall satisfaction with non-catastrophic claims increased to 843 index points in 2014, compared to 832 in 2013. This rise was attributed to insurance companies providing a thorough explanation to customers of their coverage, and the faster settlement of claims. Modern automation solutions play a key role in bringing about rapid processing of claims. Released in March 2014, an AIIM white paper titled ‘Process Revolution in Banking and Insurance’[4] revealed that for its 131 respondents, the top three drivers for process change are faster processing (56%), cost reduction (55%), and compliance and regulatory requirements (52%). Automation and outsourcing are considered instrumental for bringing about this process change. 2. Consumers want fast processing of claims PowerPoint Presentation: Consumers expect appropriate advice and counseling from their insurers before purchasing policies. A well-trained staff is integral for this need, but the requirement for timely and relevant information is across all channels of communication, including digital. According to Bain & C ompany , some insurers have started to offer information to their customers through mobile apps and social networks, like Twitter. One of the insurance companies that has realized the potential of the digital medium is US-based Humana . The healthcare insurance provider offers customers personalized billing statement videos, versus dry mathematical business records. The video presents the health plan information in an understandable format, and emphasizes essential data with the help of contextual language and visual aids. Through the MyHumana mobile app, customers can get access to details, like account balance, deduction, claims and health benefit information. 3. Consumers want expert advice and counseling PowerPoint Presentation: Irrelevant spam mail, telemarketing calls and online advertisements are an irritant for many consumers and can affect their perception of the insurance company. According to Deloitte, insurers need to enhance their ability to segment prospects and customers and make them offers that are appropriate for them. This capability can be achieved by employing data analytics to derive insights from all the information that is available – through customer interactions with the contact center, their past purchase behavior, their usage of the company website and social media networks, among other sources. 4. Consumers want offers that are relevant to them PowerPoint Presentation: Consumers tend to purchase more products and policies from carriers, when they build a relationship of trust with them. Straightforwardness in marketing communications and interactions plays a strong role in building trust. In its white paper titled ‘The Valued Insurer’[5], published in 2013, KPMG advocated that insurers can gain trust by embracing a customer-centric approach. In order to meet the changing needs of their clients, insurance companies need to have a clear understanding of who their most valuable patrons are, their behavioral pattern, and the most apt way of retaining them and attracting others like them. 5. Consumers want to trust their insurers PowerPoint Presentation: In conclusion, consumers will continue to have a variety of options when it comes to their insurance companies, and insurers will have to put in every effort to not only gain their business, but also retain it. Deploying digital technologies, acting on insights from analytics, adopting a customer-centric approach, and innovative thinking are the need of the hour. All these will help to keep insurance companies agile and efficient, and make them ready to meet the changing demands of their patrons. PowerPoint Presentation: THANK YOU Invensis Technologies (P) Ltd. 34/1 Upkar Chambers, R.V. Road Bangalore – 560004, India USA +1-302-261-9036 UK +44-203-411-0183 AUS +61-3-8820-5183 IND +91-80-4115-5233 sales {at} invensis {dot} net Click to View our Blog Post on Top 5 Consumer Expectations in the Insurance Industry.

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