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ASG Perspectives

Blog > August 2019 > Partner Post: Digitally Transforming InsurTech: Part 1

Partner Post: Digitally Transforming InsurTech: Part 1

In today’s world of instant gratification, consumers and policyholders are becoming savvier than ever and their customer service expectations have skyrocketed. Price has become less and less of a differentiator in favor of prompt and easy customer experiences. Insurance companies today have customers and users all with different needs and expectations: Brokers need to determine policy terms, rates and have an understanding of their commission payments. Group policy administrators need to understand layoff provisions, enrollment rules and where they can find copies of their policy certificates. Policyholders need to understand the claims process, effective dates of coverage and how to change contact information regarding their policies.

For companies navigating these requirements, there are five steps to fuel growth in the highly commoditized insurance market. In part one of this blog series, we will discuss the first two.
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Increase One-Call Resolution Rates
 
Yesterday’s insurance companies put each caller through a series of holds and transfers to different departments depending on their needs. When it comes time to renew, the vast majority of those customers are ready to shop their policy and move on. Today’s top insurance companies have the best “one-call resolution” rates in the industry and, ironically, have the highest renewal acceptance percentages.
 
When your policyholder calls to change their last name on their policy because they got married, they don't care that you need to update your policy admin, claims, billing and other systems—they just want to know that it gets done accurately.
 
How do you improve your one-call resolution rates? You need to consolidate the information from five to 10 systems of record to one interface that presents the information in an easy-to-consume manner and can make changes back to the various systems of record as needed. Today’s top insurance companies are automating these changes and providing better customer experiences. Removing information siloes from your company will improve customer service dramatically.
 
Improve Insurance Policy Quote Turnaround Time
 
Prospective customers and insurance brokers alike see price as less of a differentiator than ever before.  In many of their eyes, comparing policies is a waste of time as the majority of those policies have the same basic structure and perks.
 
So, how do you differentiate yourself in today’s highly commoditized insurance market? Yesterday’s insurance companies are wasting money adding on creative, expensive riders that they think will differentiate their product. However, they end up inflating rates, lengthening quote turnaround times and still aren’t seeing the jump in sales they anticipated. Today’s top insurance companies are the ones winning because they’re able to respond and provide an accurate quote in the shortest amount of time.
 
How do you improve your quote turnaround times? Yesterday’s insurance companies are using underwriting systems and tools from 15 years ago that require a number of approvals and manual workarounds to get the desired quote out the door. Leading insurance companies are using specialized solutions that allow for a unified interface for their legacy underwriting systems. These tools reduce the amount of exceptions and decisions required to produce an accurate quote and get it out the door faster than ever. They're automating the ingestion of policy specification documents that allow for faster and, in many cases, automated decision making. This way, your underwriters spend more time working on the more difficult policies to underwrite and less time rubber stamping or rejecting policies that shouldn’t require much manual work.
 
Download Zia Consulting’s white paper, Accelerating the Claims Process—Reduce Costs and Enhance Customer Experience, here to see how automation can help you.

Stay tuned for part two of this blog series on the next three steps to fuel growth in the insurance market. In the meantime, watch ASG’s on-demand webinar with Zia Consulting, Digitally Transforming InsurTech: Disruption, Innovation and Modernization, here for real-world use cases of digital transformation in InsurTech.