Companies that successfully engage their customers realize 63% lower customer attrition, 55% higher share of wallet, and 50% higher productivity.
Customers today are better connected than ever. They need detailed information before purchasing an insurance product, and after the purchase, they expect relevant and regular interactions through multiple mediums to learn benefits, and procedures related to the subscribed products.
Customer communications offers a prime opportunity for every organization to enhance experience of customers and prospects. Gartner predicts – by 2017, 70% of customer communications will be digital, contextualized and consumed on demand via multiple channels, including print, web, mobile devices and social media.
Insurance companies who are yet to adopt a Customer Communication Management strategy, should have a clear goal – transformation. Organizations can look to address multiple issues such as legacy system integration, operational efficiency, enhanced presentation/content and omni-channel distribution. An integrated customer communication tool like GMC inspire, OpenText Exstream, Doxee and Prinova can help insurers achieve this. Most CCM tools are modular and can easily access legacy customer data and content, which is transformed into new communications aligned with individual consumer preferences. Top benefits include – ability to consolidate multiple native data sources in a single run, regardless of output being in multiple languages, formats, fonts or delivery channels – including print, web, IM, text, email or on mobile and social.
FCI helps insurers manage their omni-channel customer correspondence by offering end to end customer communications management services. Our services are uniquely crafted to meet your requirement at any stage of CCM maturity you are in. We partner with leading platform providers such as GMC Inspire, OpenText Exstream, Doxee and Prinova.
The customer journey is shifting increasingly towards Customer Experience (CX). Insurers are moving in this direction not only to reduce costs, but as a way of differentiating themselves in the market, improve customer engagement, and enhance customer experience.
Your consumers have two or more personal, connected devices and they prefer to consume information on the go. Since your customers prefer to consume information on multiple platforms/device of different screen sizes, your correspondence should be mobile ready.
Most companies are adopting innovative practices such as HTML5 Dynamic Documents and Personalized videos for customers’ ease of access and save time. The following chart compares traditional insurance correspondence with modern practices at different stages of customer life cycle:
A right CCM stratergy can help you engage your customers effectively, win their trust and loyalityClick to Download
Insurers have limited customer touch points – since frequency of interaction is not high – starting from policy subscription, on-boarding, policy renewals and ending with claims – this presents a high challenge to create an impact on the customer and communicate your brand value. An effective CCM strategy, combined with proven technology, can drive customer satisfaction and cement customer loyalty.Whitepaper: How Insurance can facilitate superior CX through customer correspondence