New Data Shows Life & Annuity Insurers Are Fumbling Digital Sales & Claims
What happens when you take dramatically changing customer expectations spurred by emerging Insurtech challengers, major factors reshaping the Life and Annuity (L&A) market, and add the impact of the coronavirus pandemic?
You get a new mobile-first insurance customer that expects to open up a policy or file a claim with their carrier or broker quickly, digitally, and as seamlessly as when they’re purchasing their favorite products on Amazon.
A life event is a Moment of Truth, both for prospects browsing an insurer’s site, or customers needing to complete a request for benefits or death notification form.
Customers are often dealing with significant pain and anxiety and can be dealing with health and other complications when they turn to their insurer. That’s why the digital customer experience is so make or break for insurers: If it adds more pain and complexity to the customer, their trust and loyalty are lost for good and they’ll take their business to a competitor.
Are insurer’s current L&A sales and claims passing or failing these moments of truth with their customers?
Claims are crucial moments of truth for customer relationships. It will be critical for L&A insurers to deliver digital and mobile solutions that assess customer claims accurately and resolve pay them quickly.
Multiple touchpoints and slow completion times are directly the result of siloed digital solutions and paper-heavy legacy processes, which exhaust and frustrate both employees and customers.
Despite insurance companies’ pouring in investment to digitally transform their back end core systems, their customer-facing experience is typically sewn together using several digital solutions that are not integrated resulting in high-effort, multi-step, customer interactions.
Legacy processes - like email, PDF-based forms, printers, fax, and scanning machines - needlessly add more touchpoints for customers, who may start a process digitally, but are then bounced offline, forced to print out lengthy forms and use outdated machinery just to fax or scan forms and required documents back to their insurance company.
The damage is felt on both sides, with higher call volumes inflating Average Handle Time (AHT) for agents, customer satisfaction and loyalty taking the fall due to sub-par CX.
Start Completing at the Speed of Lightico
Instant eSignatures, Payments, Document Collection & More
Read This Next
Breaking Free from Digital Paralysis in the Enterprise
Picture this: Enterprises spend nearly $2 trillion annually on digital transformation, yet 70% of these…
Read MoreFrom OCR (Optical Character Recognition) to IDP (Intelligent Document Processing): The Evolution of Automation & AI in Financial Services
Organizations, whether its banks, auto finance, or insurance, face an overwhelming influx of documents as…
Read MoreSteering the Financial Wheel: AI Co-Pilot or Fully Autonomous Lending?
The financial services industry, particularly auto finance and banking, has long relied on human expertise…
Read More