Solving the insurance digital transformation challenges with digital data intake
Digital transformation is insurance's topic du jour, and for a good reason - the insurance industry is under pressure like never before to meet the needs of modern customers.
But what does digital transformation mean for insurers? Is it modernizing the backend insurance core systems? Is it developing new insurance products? Or is it something else entirely?
At its heart, digital transformation is about insurance companies transforming the way they do business - from the way they collect customer data and documents to the way they process and approve insurance claims. It's about making the insurance experience more digital, more efficient, and more customer-centric, and it encompasses every aspect of the business.
Why digitizing data intake is the necessary first step for digital transformation in insurance
In insurance (as well as in other regulated industries such as financial services or healthcare) core business processes require the collection of customer data, documents, and signatures.
This data intake process is critical to the insurance business, yet the experience is often subpar. Customers usually need to fill out lengthy forms and go through an onerous application process. They are asked to provide the same information multiple times and in multiple formats, fight with lousy UIs on web forms and mobile apps, and are often left feeling frustrated by the end of the process.
On the insurers' side, the data intake process is often manual, relying on in-person communications. It's error-prone and time-consuming, leading to delays in approving insurance claims and issuing policies. The lack of digitization also makes it nearly impossible to track customer communications and get a 360-degree view of the customer.
This needs to change. Data intake is a critical step in the insurance process, and it needs to be digitized.
This is where digital data intake comes in. By digitizing the data intake process - that is, transforming paper-based, PDF-based and subpar web forms and manual processes into interactive digital workflows - insurance companies can make a big impact on customer experience, operational efficiency, and compliance.
If insurers are to meet the needs of modern customers and thrive in the digital age, they need to digitize the data intake process. This means collecting customer data, documents, and signatures via user-friendly interactive user is a priority.
Solving 5 insurance digital transformation challenges with digital data intake
[.emph]By digitizing the data intake process, insurance companies can improve the customer experience, automate workflows, and increase efficiency.[.emph]
Here are five insurance digital transformation challenges that can be solved by digitizing the data intake:
Improving the customer experience
The insurance customer experience is often compared to going to the dentist - it's something you have to do, but you probably don't enjoy it.
Part of this is the inevitable paperwork, which, even when shifted online, still presents challenges. Online forms are often long and confusing and have poor UX. The manual-data entry leads to a disconnected customer journey whereby customers are asked to provide the same information multiple times. Data is not validated at the point of entry, causing the need for endless back-and-forth communications with customers, leading to delays and frustration.
To improve the customer experience, insurance companies need to make the data intake process digital, intuitive, and customer-centric.
Automating insurance workflows
Automation requires data. Collecting data in non-digitally-native formats and relying on manual data entry is time-consuming and error-prone.
The bottom line is: you can't automate your workflows until you digitize customer data intake.
Once customer data is collected electronically, it can be validated at the point of entry and automatically routed to the appropriate insurance core system or third party app for processing. This frees up time for insurance employees to focus on higher-value tasks and increases efficiency.
Improving communication and collaboration
In the insurance industry, communication and collaboration are often siloed. Each department - from marketing to customer service to claims - has its own systems and processes. This makes it difficult to get a 360-degree view of the customer.
When relying on manual data entry, gaps in customer data are inevitable. Incomplete or inaccurate data leads to missed opportunities, inefficiencies, and subpar customer experiences.
By digitizing the data intake process, insurance companies can improve communication and collaboration across departments. All customer data is validated at the point of entry, is always up to date and stored in a central location - accessible to all employees. This gives everyone a complete view of the customer journey and helps insurance companies provide a better overall experience.
Increasing insurance company efficiency
The insurance industry is often criticized for being inefficient. In many cases, this is because insurance companies are still using manual, paper-based processes to collect customer data.
This is not only time-consuming but also prone to human error. When data is collected manually, it's often inputted incorrectly - leading to delays in approving insurance claims and issuing policies.
By digitizing the data intake process, insurance companies increase efficiency and reduce errors.
Enabling digital transformation with digital data intake
Taking advantage of innovative technologies such as hyper-automation and artificial intelligence requires a certain degree of digital maturity. It all starts with collecting customer data in digitally-native formats.
Insurance companies relying on manual, paper-based processes and data entry can't leverage these technologies to their full potential. They risk falling behind their competition and missing out on important opportunities.
To enable digital transformation, insurance companies need to digitize the data intake process. This will lay the foundation for insurance companies to adopt new technologies and drive innovation.
The benefits of digital customer data intake in insurance
Digital data intake is not a silver bullet for digital transformation in insurance, but it is a necessary first step.
To enable digital transformation, insurance companies need to digitize the data intake process. This means collecting customer data, documents, and signatures in digital formats via user-friendly UIs.
Digital data intake unlocks a number of benefits that are inaccessible to insurance companies relying on manual data collection processes.
Some of the benefits of digital data intake include:
- Transforming your entire business by collecting customer data, documents, and signatures in a way that enables workflow automation, operational efficiency, and better customer experience - the very definition of digital transformation.
- Improving communication and collaboration by giving insurance employees a 360-degree view of customers. Having a complete view of the customer journey helps insurance companies provide a better overall experience.
- Increasing insurance company efficiency by freeing up time for employees to focus on higher-value tasks instead of manual data entry and follow ups.
- Taking advantage of innovative technologies such as hyper-automation, artificial intelligence, and blockchain requires a certain degree of digital maturity. It all starts with collecting customer data in digitally-native formats.
By digitizing customer data intake, insurance companies can lay the foundation for a successful digital transformation. This will help insurance companies increase efficiency, improve communication and collaboration, and provide a better overall customer experience.
The time to digitize customer data intake is now.
Ready to evolve your insurance company's customer data intake process into a seamless digital experience? Check out EasySend’s no-code platform.
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