Customer Communication Management in Insurance Is Necessary to Enhance Customer Experience

by | Apr 11, 2021

Why Insurers Today Need To Focus On Improving Customer Experience

To succeed, insurers need to shift their focus away from cost savings and instead look at improving customer experience (CX). Fortunately, innovative digital technology is available that allows providers to streamline their many complex processes, improve customer communications and ultimately, enhance customer experience.

An example of such innovation is Customer Communication Management (CCM) in insurance, as it enables the creation and delivery of business-critical documents and omnichannel personalized communications, engaging customers throughout the entire lifecycle with the insurance provider. This enhances customer experience, which helps ensure business success in this increasingly competitive digital era.

We have selected articles that uncover both the customer experience and digital challenges insurers are facing today. Also read how digital technologies, as well as innovative products and processes can help insurers improve customer experience.

To conclude, Elizabeth Stephen discusses how Customer Communication Management in insurance can boost customer experience.

Win at CX by enhancing your insurance customer communication – we can help you. CHAT TO A DOXIM CCM EXPERT TODAY

3 Customer Experience Challenges Within The Insurance Industry

Person in the middle of a broken circle, representing customer centricityCustomer experience has become a key competitive differentiator and thus determines the success of organizations in today’s digital landscape. As a result, the insurance industry is now relying on digital services to help navigate members easily and seamlessly through the many insurance processes.

“A recent survey conducted by Accenture revealed that more than 50% of the insurance customers have a preference for using digital channels when looking for product information or updating personal information with their insurer.”  

This article highlights three “customer experience challenges that insurance companies must overcome to succeed in today’s competitive market.” They are:

  1. Developing an omnichannel sales process
  2. Building apps and websites that enable customers to manage their policies
  3. Using IoT (Internet of Things) to improve personalization and business decisions


Four Issues Face By P& C Insurance In Digital Transformation

A mobile icon in grey and a tablet in blue grey, representing the digitla experienceDigital transformation entails company transformation and the benefits noted in this article range from an increase in agility creativity, employee engagement and eventually, revenue. There is no doubt that the adoption of digital technology also offers many benefits to the insurance industry – from cost savings, to an enhanced customer experience, and it is a key driver of business growth and success.

This article notes however that P & C insurance firms face many digital transformation challenges, most of which are due to their current legacy systems, which are not easily integrated with modern digital technology.

The four challenges highlighted are:

  1. Change management
  2. Data management
  3. Inadequate IT expertise
  4. Legacy systems


Customer Experience Is the Driver of Insurance Success, But Automation Is the Engine (Video)

AI-driven automation IconIn this article, we read about the value of AI-driven automation in the insurance industry. It is noted that, not only will this innovative technology help insurers mitigate risks and costs, but it also enhances customer experience.

The intelligent use of data is vital if insurers want to succeed in the current digital era. It is noted however that the industry is still plagued by disparate, inefficient legacy systems and processes – many of which are still manual. The result is unreliable, unstructured data which derails the insurer’s goal to deliver the experience insurance customers expect.

We learn how AI-automation technologies not only helps speed up processing times, but also ensures fewer errors and provides more reliable, accurate data. Read further to learn more on how automated document processing and data extraction is helping a leading insurance organization save costs and streamline processes.


Investing in CCM in insurance will boost customer experience

With insurance being all about assessing and minimizing risk, it should hardly be surprising that the industry has traditionally been slow to adopt new technologies, outside of process improvement. It’s clear that customer experience has not been a priority.

But, in a world where customer adoption of technological change is happening faster than ever, insurers simply cannot afford to maintain that position. Doing so, means the risk of not meeting customer expectations, who want the experience they’ve become accustomed to with other service providers.

Insurance customers want to hear from and be able to interact with their insurer, using their preferred communication channel. Whether the communication customers receive from their insurer is marketing or service-based, they expect it to be highly personalized – from content to pricing, and easy to respond to. Additionally, it should be seamless across channels and consistent in its message.

Investing in a reliable customer communication management (CCM) platform is therefore an essential part of providing the kind of omnichannel experience that insurance customers now expect. It helps provide a great customer experience, builds rich relationships, which in turn results in customers for life and a competitive advantage in the current marketplace.

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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