Empowering the policyholder experience through the cloud

Empowering the Policyholder Experience Through the Cloud

Introduction

Insurance companies are facing significant technological challenges that hinder customer experience (CX) and ultimately impact profitability. Recent events such as Hurricane Ida, wildfires in the western U.S., and the ongoing pandemic have strained legacy contact centers, leading to overworked agents and dissatisfied policyholders navigating fragmented claims processes. Despite this, property and casualty (P&C) insurers have maintained their "sell rate" during renewals. Seamless processes are crucial to maximize the value of every policyholder interaction. Key operations that closely interact with policyholders, agents, and brokers include new business, underwriting, policy issuance, binding, and claims.

The panelists at a recent virtual roundtable hosted by Talkdesk emphasized the need for a single data source for all policyholder interactions. Legacy systems pose significant challenges, but most expect to maintain them alongside modern technology to build new solutions with improved CX. Insurers are increasingly recognizing the importance of digital experiences that are available anytime, anywhere, driven by the demands of today's policyholders.

Insurance Executives Talk Technology Modernization

To optimize policyholder interactions, agents need access to data residing in legacy systems. However, implementing a cloud CX solution can be hindered by difficulties in extracting such data due to siloed information, undocumented APIs, and insufficient resources. The goal is to achieve a complete policyholder view through cloud systems that can easily integrate with legacy technology stacks.

One panelist, a CIO of an international carrier, highlighted the importance of rationalizing the company’s portfolio of technologies across multiple countries and re-launching its modernization effort, including investments in CX for the website, cloud contact center, and analytics. The aim was to save €800 million. However, the company soon realized that the quality of the platform depends on the data processed and the ease of accessing that data.

Building the Foundation: Getting the Data Right

Access to accurate data is critical for improving customer experiences. A chief architect of a global fraternal service order emphasized the need for streamlined onboarding and engagement processes, supported by self-service options for policy renewals. Governance and compliance across multiple jurisdictions present additional challenges, but achieving a unified view of data is essential for extracting meaningful insights.

Including Distribution Partners in the Change

Transforming the customer experience involves planning across the carrier’s systems, architecture, data structure, distribution processes, and policyholder interactions. Distribution partners play a crucial role, and carriers should communicate the benefits of the new customer experience platform to users. Simplifying the journey with a sleek user interface and providing transparency, such as fixed commission statements and relevant producer codes, can enhance the experience for agents and brokers.

Adding marketing tools to platforms can help agents and brokers sell insurance products more effectively by focusing on product value rather than just price. A robust training program that highlights the economic incentives of the new system can reinforce the value for distribution partners, driving platform adoption and reducing maintenance costs.

Future View: New Ways to Engage in the Cloud

Positive experiences with policyholders, agents, and brokers help create the "stickiness" needed to support and grow businesses. Operational delays due to outdated systems can be hazardous, leading to potential loss of customers. Embracing cloud technology can mitigate these risks, providing better policyholder experiences, improving brand loyalty, and realizing operational savings.

By leveraging cloud-based solutions, insurers can stay competitive and meet the evolving needs of their customers.