Digital Communication Solutions to Help with the New Normal

The importance of customer experience has many insurers reevaluating their customer interactions to meet customer expectations with consistent messaging and branding across virtually any preferred mode of communication and for any policy that individual customers desire to access.

Good communication with customers and agents is especially important as we face new challenges due to the recent COVID-19 pandemic. Insurance customers, agents, and staff will need to find new ways to interact without physically meeting, and digital communication will become increasingly important—and potentially the new normal—for doing business.

Many insurers look to document creation and customer communications management (CCM) solutions to provide customer communication improvements for policies, notifications, and other documents relevant to the customer journey. At the same time, many are also updating, replacing, or consolidating document management and enterprise content management (ECM) systems to manage growth in electronic content and unstructured data, whether for internal efficiencies, improved customer interactions, or analytics and reporting.

ECM and CCM in the Modern Age of Insurance

ECM refers to systems that manage the intake, storage, workflow, and distribution of various content that an organization’s business functions use, while CCM focuses on providing universal messaging and branding across desired customer channels to deliver tailored messages. ECM capabilities are usually integrated with a CCM solution and not provided as a stand-alone option.

Vendors report a continued insurer preference for SaaS subscription models and cloud platforms for implementation. The insurance industry has lagged other industries in cloud adoption for CCM, but solution providers note that more insurers now deploy in private and public clouds, e.g., AWS and Azure. Many vendors are beginning to leverage emerging technologies like AI/machine learning, advanced analytics, and RPA or are placing them on long-term roadmaps. Some solution providers are beginning to deploy chatbots, voice assistants, or video interactions as delivery channels for customer communications.

CCM and ECM solutions provide insurers with benefits across all of the Three Levers of Value: sell more, manage risk better, and cost less to operate. Solutions provide improved customer experience and better information flow to enable distribution channels to sell more. They help insurers manage regulatory compliance for data security and privacy by improving the management of documents across media types. They can also reduce costs through workflow capability improvements and better electronic document storage and retrieval.

For more on the vendor landscape in this area, see our latest Market Navigator, Document ECM/CCM Systems.

Add new comment

CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
7 + 11 =
Solve this simple math problem and enter the result. E.g. for 1+3, enter 4.

How can we help?

If you have a question specific to your industry, speak with an expert.  Call us today to learn about the benefits of becoming a client.

Talk to an Expert

Receive email updates relevant to you.  Subscribe to entire practices or to selected topics within
practices.

Get Email Updates