Insurance underwriting has historically been a slow and cumbersome process, made even worse by changes with the AIDS epidemic that created a need for paramedical visits. Today’s customers want a faster service, done digitally. How is that possible with an in-person interview and a doctor visit?
The first part has been taken care of. New advancements with automatic underwriting, using the kind of sophisticated data collection already common in other online industries obviate the need for an in-person interview. Even the medical collection can be worked around. Prescription profiles, credit reports and other passive collection techniques can confirm self-reported medical and lifestyle information.
Speeding up the underwriting aspect doesn’t just save money for the insurance companies by getting paid policies faster, it also reduces the attrition of potential-customers who drop out due to frustration from the long and complicated process.
But automated underwriting is only half of the story. Customers expect the entire process to be as fast and convenient as the beginning. The key is Omni-Channel customer engagement. Customers want to get information in whatever channel they’re most comfortable with, online, on mobile devices, or through chat conversations. Insurers who insist on voice-only transactions are going to find that today’s customer doesn’t have the patience for 20th century modes of communication. Millennial customers especially disdain talking on the phone.
Customers demand more than the insurance industry standard. They demand exceptional standards.
And it isn’t just millennial customers who need extra care. The transparency of the digital age magnifies the potential cost of any unhappy customer. Insurance companies need to keep customers happy from the beginning all the way to the end payout of the policy. If a widow spends hours on the phone trying to arrange her spouse’s benefits, her frustration will dissuade her adult children from buying their own policies. Today’s generation of customers know what they want, and they’re vocal about not getting it.
Concentrix has years of experience helping insurance companies in all of their business processes, including Omni-Channel engagement. Contact us if you want to learn more.
Publish Date: May 25, 2016 5:00 AM
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