A recent IBM study revealed that 42% of customers don’t fully trust their insurer, and most insurers (60%) agree that their organization lacks a customer experience strategy. Clearly, for many carriers, there’s significant room for improvement.
Meanwhile, the risk of customer churn is at an all-time high. Innovative new market entrants with their eye on the policyholder prize aren’t going away anytime soon. Increasingly, they’re giving consumers more reasons to evaluate their insurance coverage provider every year.
So, how do you uplift your customer experience and loyalty and reduce the chances of policyholder churn?
What Do Today’s Insurance Customers Really Want?
Insurance consumers’ asks aren’t actually that difficult to understand. Price isn’t the only factor in the equation.
Simplicity, ease of use, responsiveness, and personalization – much like they enjoy on a daily basis from the likes of Uber, Netflix, and Spotify – are increasingly becoming a “ticket to the game” in the hyper-competitive world of insurance.
Prevention Is Better Than a Claim
Then there’s the perception of added value. Insurers that are winning are the ones that are helping their customers understand and gain control of their insurance profiles. They actively look for ways to help people answer the questions they have about their own risk profile. They’re teaching policyholders to be their own proactive risk managers and empowering them with the correct enabling tools.
With the correct focus, this approach can change people’s perception of insurance from simply a “grudge purchase” to a sensible investment in one’s future.
The Role of Technology in Policyholder Engagement and Retention
Insurers looking to establish themselves as trusted and indispensable business/personal partners among their customer base don’t have to invest disproportionally in building in-house processes and training internal teams. Many of the desired outcomes can be achieved through technology.
The best insurance platforms give insurers a means to:
- Ensure customers feel known, get served faster, and receive instant policy refunds or claim payouts, sometimes without the need for any human interaction.
- Give live agents the ability to have seamless conversations across multiple touchpoints and channels with customers in real time.
- Allow customers to move effortlessly between multiple digital and in-person channels.
- Use AI-based tools to deliver increased speed, accuracy, and efficiency.
- Provide personalized product recommendations based on customers’ unique life situations and financial goals.
- Help customers understand and reduce their risk through self-help and self-service tips, tools, and calculators.
Why Choose the Insuresoft Platform?
Committed to helping insurers compete in a more digital and automated world, Insuresoft offers a powerful digital insurance platform that enables insurers to move into the future confident in their protection from existing and future threats. Our Azure-deployed platform allows insurers to reduce IT operating costs and move to a more strategic, innovative, and modern approach to serving policyholders.
Here are a few of the reasons why our insurance clients are using and loving our platform:
Insuresoft’s Diamond Platform has been around for over 20 years and is used by over 40 insurance firms and managing general agents in all 50 states. The solution processes more than $2 billion of both personal and commercial lines P&C insurance premiums each year and continues to improve insurance transaction processing.
A 100% Implementation Success Rate
Our track record of 100% implementation success is what truly sets us apart. Every client that has signed a contract with us has moved to production.
Flexible Deployment Options
You can implement the flexible Diamond Platform one module at a time or as a complete suite. The system is built to serve managing general agents and carriers of all sizes.
Rules-driven Processing for Seamless Transactions
The Diamond Platform was designed with rules-driven claims, billing, and underwriting in mind. It automates routine work so you can concentrate on exceptions. Diamond isn’t just a back-office transaction module. It allows data to flow in and out through public-facing APIs that facilitate seamless transactions between policyholders, agents, and insurers. Using the platform, clients can eliminate the fundamental technology limitations that plague so many insurance players and more effectively serve their partners and policyholders.
A Collaborative Environment for Innovators
Insuresoft is a member of the Kaboodle Team – an insurance collaborative that delivers innovative products and services to insurers. Insuresoft pre-integrates the partners our clients and prospects choose to use.
Ongoing Innovation – Minus Any Disruptions to Business-as-Usual
Insuresoft provides product updates every other month, allowing clients to benefit from technology or product enhancements without disrupting their operations. For example, we recently released a mechanism to enable a modern digital signing experience fully integrated into our core policy processing, digital engagement, and intelligent data platform capabilities. Insurers can quickly and securely send documents to policyholders for signature to any device, at any time, and from anywhere via customized experiences.
An Evolving Strategic Vision
Insuresoft’s team of experts collaborates closely with top industry analysts like Strategy Meets Action, Novarica, and Gartner to formulate their action plans, views, and roadmap.
People Who Make It Happen
Insuresoft’s employees are experts in the insurance sector and have an average experience of 11 years in the company.
Our Clients Say It Best
Gartner clients consistently reinforce our position at the forefront of the digital insurance industry:
“Insuresoft consistently meets or exceeds expectations to ensure the business objectives of their customers are met. Every member of the team, across all levels and disciplines, is a true partner to our organization as though they were our own staff.”
“For the price point and the flexibility that the system offers, it has been a great success for us. Insuresoft functions as a key strategic partner for us and is able to offer business process assistance as well as technical expertise based on their experience in the insurance space.”
Contact us today to find out more about our platform.