Constantly changing regulations and increasingly demanding customers. How can an insurance company meet the demands of an "instant feedback" culture?
Comprehensive digital support on the channel of choice, a quick and conclusive solution to the issue and all this 24 hours a day? These are just some of the expectations that modern customers have of an insurance company.
But from an insurance company's perspective, this is often not so easy. Employees are not available around the clock, brokers lead their own lives and legacy systems are often used that are not or only partially connected to each other.
Processing a business transaction therefore often means using several different systems and manually transferring data from one application to another. In the worst case, this is still a "standard process" that is carried out frequently.
In the past, attempts at streamlining often ended to the detriment of the customer. Today, however, we have technologies at our disposal that keep the customer at the center.
But if you're not exactly a start-up, you can hardly simply rebuild existing environments digitally from scratch, can you?
Modern solutions enable us to avoid such a dilemma in the first place. Instead, there are now ways to expand, network and even automate existing structures, resulting in tangible improvements in a short space of time. This not only offers customers the added value they are looking for, but also relieves the burden on employees and brokers.
How exactly can today's technology help with digitalization?
Two key components play a decisive role here: the implementation of bots and the use of low-code technology. Ideally, both areas should even come from the same toolkit.
By using RPA (Robotic Process Automation), standard activities or pure "copy & paste" tasks can be taken over by bots.
For example, a simple chat conversation can be conducted 24/7 by a bot in future. In the best case scenario, the matter can be dealt with conclusively. However, if this is not possible, the entire history can be easily transferred to an employee within seconds and seamless further processing takes place.
This not only saves valuable resources, but also guarantees the customer 24-hour availability without having to forego personal contact - should this be desired. Further opportunities for digitalization lie in fields such as machine learning, artificial intelligence and speech recognition.
By efficiently implementing cutting-edge innovation, insurance companies can continue to be the authority that customers are happy to entrust themselves to and that is only a push of a button away, even in a crisis.
What exactly can the implementation of low-code technology look like?
Using a real-life example, we will show you how you can optimize a typical day-to-day insurance operation.
Imagine the following scenario:
Your customer has a car accident. In addition to everything else that needs to be done now, he/she also has to take care of the damage.
But instead of tedious phone calls and paperwork, he/she now records the claim directly digitally via an app or the portal. The claims history, the current scope of insurance and a comparison with similar claims are then automatically analyzed.
The resulting score determines whether the application is automatically approved, forwarded to a clerk or rejected.
In the event of approval, further information is automatically provided (e.g. nearest workshop) and an appointment is suggested.
At the same time, the selected workshop is informed about the claim and can make preparations. After the repair, the invoice is sent electronically to the insurance company.
The next actions are triggered here (e.g. payment instruction to the workshop, information letter to the customer, automatic reservation for a care call).
The care call is automatically initiated to the customer at a later date and feedback can be collected. In addition, an individual offer for further insurance services or adjustments can easily be made. The feedback results obtained can be used for future adjustments to the service.
How does PEGA help with the implementation of such a digitalized customer journey?
A prerequisite for such a holistic approach is that the necessary systems are linked together in the background. Low-code platforms, such as the PEGA platform, already offer the possibility of mapping the customer journey described above in the system.
PEGA establishes the connection between the contact channels (telephone, chat, web portal, social media) and the various back-end systems. You simply design the journey in the platform, which does not require any software programming. Instead, the process is modeled using a visual interface.
With "standard connectors", you establish the connection to existing systems and only need to configure them.
If human interaction is required, employees, customers or brokers have access to all relevant information in a single system and can be guided through the process.
Without any further effort, you can also use the PEGA platform to provide an app that ensures a seamless connection.
If you would like to find out whether your company can also benefit from the innovative solutions of the PEGA platform, simply click hereI would be happy to advise you on individual solutions.
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