Customer expectations are soaring. To them, everything should be as quick and easy as ordering an Uber or buying a book on Amazon. While the insurance industry may have been a little slower than others to fully embrace this digital world, it is now shifting with a turbo-charged urgency. Today, digital transformation is the competitive edge.
It's the Edge in Efficiency
Operations is just one key area of transformation, especially when it comes to efficiency. With digital solutions and platforms, both front-end and back-end processes can be drastically sped up.
How do digital solutions benefit insurance software companies? They cut out repetitive tasks, minimise errors, and encompass best practices in a suite of features, functionalities, and applications tailor-made to streamline operations and enhance the overall customer experience.
Today, some platforms can process and resolve claims automatically. Chatbots can drive instant communication by taking on the ‘everyday’ client requests and escalating the more complex or urgent queries to human agents. Referrals can be funnelled through the most efficient workflows, and even the underwriting of policies can be automated.
The Edge in Agility
The wealth of online data is staggering, but it is also quite a mountain to mine. When your customers connect with you online, when they buy a product or service, or even when they interact on social media platforms, AI can collect and analyse the data, gleaning the most targeted information about their behaviours and desires.
This information powers the creation of on-trend solutions, the ability to connect and communicate with your customers in real-time, to quickly adapt their coverage or pricing in response to the current climate, and to offer them the most relevant add-on products, services, or insurance solutions.
The Power of Responsiveness
Whether we like it or not, instant gratification has become deeply embedded in the modern consumer experience. People are now hyper-connected and more informed, self-sufficient, and demanding responsiveness. The delivery of fast and frictionless support of tailored products, and ‘everywhere, any time, any channel’ service is no longer an option - it’s an absolute necessity.
‘The last few years have accelerated change. Today’s digital-first customer wants speed, efficiency, and seamless interactions: and it’s time to meet them on the digital doorsteps.’ says Graham Harvey, CEO of Cardinal Insurance Management Systems.
Beyond speed and efficiency, digital-first customers want it all with minimal effort. To meet this demand, maintain brand loyalty, leverage conversion, and capitalise on emerging opportunities, there is no question that we must harness the power of digital innovations and ecosystems.
In short, we must meet digital-first customers with digital-first solutions and provide them with digital insurance management software that caters to their need for instant access and instant service.
With all this in mind, Cardinal has developed the iSELFSERVICE app, which is part of Cardinal's Digital Transformation portfolio, is just one of many cutting-edge solutions you can plug into your Policy Administration System (PAS). In response to the rising trend of self-service, this app empowers your policyholders to digitally transact and perform select tasks. Alleviating the administration process whilst freeing up resources and overall costs, ultimately enhancing turnaround times and elevating the client experience.
Evolving from a product-driven landscape to one of customer experience is a challenge, but wherever there is a challenge, there is an opportunity, and digital transformation is blazing the trail.
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