Digital transformation is overhauling traditional relationships between businesses and customers across industries, and the insurance industry is no different. With customers expecting increasingly personalized, seamless communication across both traditional and digital channels, it’s crucial for insurers to recognize the customer communication management trends driving cutting-edge digital strategy.
The right CCM solution can help pave the transition from outdated legacy systems to customizable communications capable of catering to every step of any customer journey. Based on our experiences working with dozens of insurers, we’ve identified five trending CCM capabilities that today’s leading insurers are leveraging to optimize their customer communication strategy.
5 Tending CCM Capabilities in Insurance
With modern CCM platforms in the market such as Smart Communications’ SmartCOMM, OpenText’s Exstream and Quadient’s Inspire, insurers are making marked improvements in streamlining the process of editing content. This means that whenever communication materials (e.g. policy statements, claims, etc.) need to be revised, edits and simple rule updates can be made directly onto the predefined area within the document template without requiring non-technical users to go through IT or re-architect entire codes just to make small changes. Content authorship capabilities not only save time, but also enable insurers to create templates that are repeatable, scalable, and ready to be personalized quickly.
More insurers are choosing cloud-based CCM solutions over on-premise solutions for greater interoperability, cost, and business agility. Legacy IT system maintenance can be expensive, and many insurers are choosing to avoid the high cost and difficulty associated with upgrading CCM capabilities within a home-grown system. Cloud-based CCM solutions are capable of aggregating data into an all-in-one solution, breaking down data silos and allowing greater transparency across teams to access their communication templates. Thanks to these efficiencies, insurers can ramp up innovation and time-to-market, allowing them to quickly capture new market opportunities and meet customer demands.
Artificial Intelligence (AI)
AI-based solutions have been increasingly adopted to both cater to and observe customers’ online behaviors. Insurers can now provide automated, personalized information for each customer at different touchpoints in the buyers’ journey without needing an in-person developer. In addition, AI helps consolidate the vast range of communication materials—confirmation letters, claim statements, etc.—to efficiently reproduce them and ensure consistent messaging and brand compliance.
“Digital First” Customer Experience
More and more, insurers are recognizing the value of offering a “Digital First” customer experience. As customers increasingly research and buy products online, content delivered across mobile, web, and social networks become more central to driving brand image and enabling seamless access. Furthermore, customers increasingly desire omni-channel communication to immediately access their profile and coverage. For this reason, many customers expect their insurance company to give them the option of receiving claim statements, policies, and other critical documents via e-delivery rather than traditional mail guaranteeing delivery of the documents. In the same way, the convenience and ease of access of mobile apps have led to an exponential growth in mobile app development.
The explosion of data produced from the Internet of Things (IoT), mobile apps, and traceable online journeys are allowing insurers to fully assess and analyze customers’ buying behaviors. These analytics are crucial to identify changing demands for each customer and to personalize the communications each customer receives accordingly. Customers today do not simply prefer, for example, faster underwriting cycles or flexible access and customization of their insurance policies—they expect them. For that reason, leading insurers of today are the ones who are making strides in maximizing content analytics to improve services and strengthen customer relationships.
Jumpstarting your Customer Communication Management Journey
These five CCM trends are driving insurers’ success in customer communications today. The digital era demands insurers to constantly optimize customer journeys, evolving in response to growing data input from customers across numerous channels. To win in this era, insurers must be able to harness modern CCM technologies, analytics, AI, and cloud-based solutions to offer greater operational efficiencies and seamless digital experiences.
Ready to develop a winning CCM strategy? Check out ValueMomentum’s Customer Communication Services to see how we can help you strategize and expand on your CCM capabilities to radically improve customer experiences.