Customer service-focused digital FinTech banks and insurers are changing client expectations. The insurance organisations who will thrive in 2019 and beyond will be those that consistently deliver first-class customer experience. It is Intelligent Automation in insurance and Digital Transformation that are driving customer experience to new heights, ensuring Service Level Agreements (SLAs) are being met, reducing risk and avoiding breaches.
Gartner defines the term thus, “Digital Transformation is the process of exploiting digital technologies and supporting capabilities to create a robust new digital business model.”
In practice, this is the deployment of automated applications across people, processes and data that standardises processes, at the same time as driving operational excellence and delivering superior experiences for customers.
Insurance – An Industry Ripe for Automation?
Insurance is a data-heavy and highly regulated industry. Providing a single view of the customer is vital. Customer information stored across complex, rigid IT systems leads to unstructured data and unstandardized processes – these are just some of the hallmarks of a classic legacy home grown environment that has evolved over several years and is no longer fit for purpose. The internal, external and operational consequences for insurers working in this way are enormous. They represent a significant risk to the business and of course, customer retention and acquisition.
Intelligent Automation in Insurance: The Good News
Process automation and RPA technologies are being implemented by insurers to deliver huge benefits in customer contact centres to:
- Improve customer service and enforce efficiency with First Contact Resolution (FCR)
- Provide a 360-degree customer view – with real-time, more meaningful customer data visibility and reporting. Insurers are then best placed to produce tailored product and service recommendations for their existing clients
- Streamline and add personal touches to the overall customer journey
- Enable more efficient customer onboarding processes and associated SLAs / key performance indicators (KPIs)
- Improve customer retention and acquisition rates by guaranteeing consistent delivery of outstanding customer service
- Comply with business-wide SLAs and KPIs.
Identify the Value
Consolidating your business to harmonise people, process and data creates a joined-up enterprise with ongoing Digital Transformation at the centre. In a forever changing business environment, accountability, control and data visibility are the keys to success.
Author: Tim Hatzis, Account Executive.
Contact Tim on 0845 50 50 120 to discuss our Intelligent Automation in Insurance solutions
Or read more about our insurance software solutions