Meeting the global demand for digital self-service in insurance with no-code development tools
The insurance business is moving increasingly into the digital realm. Especially during the ongoing COVID-19 restrictions, requiring customers to visit an office to fill in and sign forms will cost your organization the ability to attract and retain customers.
Today, policyholders, potential customers, and brokers, and agents expect to interact with the insurer via a combination of digital and in-person channels. 82% of customers expect multi-channel interactions to be made available to them.
Today’s digital consumers expect that they shouldn’t have to send the same information to multiple parties across different methods. The expectation is for service providers to utilize digital and mobile technology to make the process seamless and personalized.
The benefits of optimizing digital channel experiences with digital journeys
Insurers must meet customer expectations for the always-on service. The global pandemic has accelerated the pace of digital transformation, leaving many insurance organizations scrambling for solutions to rapidly digitize their core processes - from onboarding to claims handling and customer service journeys.
Delays and long waiting times are becoming less acceptable in the industry, as customers are used to real-time interactions and immediate responses to their inquiries.
Empower customers to choose their preferred channel of communication
Digital self-service allows customers to interact with their insurer anytime, anywhere. Today, customers expect to snap a photo of an ID or a document to accompany a policy application or submit a picture of the damage to initiate an FNOL process.
After their initial communication, customers expect to be informed throughout the process via the communication channel of their choice: phone calls, SMS, email, or notifications in the customer portal.
Accelerate processes with automation and real-time validation
Optimized digital channel speeds policy applications and claims initiation thanks to mobile capture, as well as real-time data extraction and verification.
Digitally collected data eliminates the need for manual tasks such as data entry and increases accuracy and efficiency. By validating data at the entry point, core processes can be initiated without delays and back-and-forth communications with the customer necessary to correct errors or collect missing documentation.
The role of technology in improving customer experience
Core business processes in insurance, from onboarding to claims handling and policy renewals, require customer data and signature collection.
Digital journeys make it easy to integrate various technologies to benefit from a streamlined customer experience and ensure that the data required to drive core processes forward is accurate and complete at the point of entry.
Digital auto claims
By taking advantage of new capabilities such as self-service claims, the consumer no longer has to wait for an estimator to be physically present at the scene to take photos. The extent of damage can be assessed at the first notice of loss (FNOL) submitted digitally, and vehicle damage photos can be used to facilitate speedier decisions to be made about the claim. The whole claim cycle is shortened from weeks or days to hours and minutes.
Digital health onboarding
With digital journeys, customers can easily submit all data and documentation through digital channels without submitting documentation in person. Real-time validation rules ensure that the data is complete and accurate at the entry point, eliminating the need for unnecessary delays and back-and-forth communications with their insurer. After the information is submitted by the customers, in a single click, the digital journey can be shared with their doctor, who might need to submit additional documentation and sign-off on the health certificate.
How to create an outstanding self-service experience with digital journeys
Digital self-service must balance personalized attention with support in real-time. Digital journeys can empower insurance organizations to balance the demand self-service with offering personalized attention.
By integrating the front-end customer experience with the back-end systems, insurers can use the data they already have to personalize the journey, ensuring they don’t ask for the same information twice.
Mobile accounts for approximately half of the web traffic worldwide. Mobile-friendly digital journeys allow customers to switch from mobile to web and back as they fill in the necessary information. Stop and continue later functionality ensures that data is not lost during the process, eliminating frustration and delays.
Integrated into organizational workflows
Validated digital data can be funneled into internal systems in real-time, ensuring that internal stakeholders get all the data necessary to move the process forward immediately.
The free flow of information and high levels of automatization slash cycle times to the bare minimum, ensuring that customers receive answers to their inquiries as quickly as possible.
In one click, the customer can request assistance or ask any questions from the support agent in real-time. Integration of digital self-service with real-time customer support empowers insurers to meet customer expectations.
Collecting the data is not enough. The data must be made available for analyzing the performance of digital journeys and optimizing the digital self-service experience on an ongoing basis. Testing and continuous optimization is a necessary component of excellent customer experience.
All data collected is in digitally native format and can be analyzed through visual dashboards to improve the customer experience on an ongoing basis.
No-code development tools as enablers of digital transformation
The importance of digital self-service and digital transformation solutions cannot be underestimated. Traditionally, the insurance industry has been lagging when it comes to creating outstanding digital experiences.
That is not surprising, as Insurer’s core competency is building great insurance products. Still, today they are also expected to be at the cutting edge of digital self-service, bringing best-of-breed digital experiences to the market.
No-code development tools empower organizations to quickly spin up new digital journeys in a matter of hours and without straining the internal IT resources. By using visual, no-code platform Drag&Drop builder as opposed to custom code, the speed of delivering new digital products to market can be accelerated to never seen before speed.
Out-of-the-box integrations with back-end systems and workflows ensure that the experience is personalized and there are no unnecessary delays in the process.
Data submitted through digital journeys can be validated and approved in real-time, eliminating delays and back-and-forth communications.
Digital self-service requires balance, personalized attention, and support. Technology including mobile, no-code development, AI, and IoT will increasingly play a vital role in an insurer’s ability to quickly assess and respond to customers.
Leveraging technology to personalize the experience to each distinct customer will lead to higher customer satisfaction, retention and growth.
No-code development tools empower organizations to deliver outstanding digital self-service faster and at a fraction of the cost. By using tools that amplify internal resources, insurers can create exceptional digital experiences quickly and efficiently without having to dedicate a disproportionate amount of resources to the task.