It’s no secret that the insurance industry is changing. Disruption is running rampant, and competition is on the rise. The winners will be those who leverage insurtech and digital transformation to become the new leaders in an evolving industry.
Strategy Meets Action (SMA), moreover, predicts that while 20% of insurance companies say they are surviving or sustaining, some of those will “either be acquired or fall further behind the mainstreamer pack unless they can accelerate their journey to become a Next-Gen Insurer.”1
As many insurers have already discovered, digital transformation requires not only a replacement of outdated technologies, but also a transition from old methodologies to new ones. So, where are insurance companies placing their bets? SMA reports that 85% of insurers are investing in customer engagement as the top strategic initiative. 1
Customer engagement may stand as the last battleground in a market mired in price wars, and customer communications management (CCM) will be a critical technology enabler. Yet even for companies who see the customer experience as a competitive weapon, CCM is often overlooked in the push to replace aging core systems.
Now is the time to pay attention to your customer communications. Your documents are critical in shaping a customer’s perception of your company. Well-crafted documents with a consistent and clear message can help you attract new business and retain your most valuable customers. Your documents are also an essential, but often time-consuming component of a new product launch. A CCM solution makes it easier to elevate the customer experience and bring new products to market quickly and cost-effectively.
CCM helps insurers adapt and thrive by:
When you’re ready to launch a new product, generate a quote, or issue a policy, is your document generation process preventing you from capturing a new opportunity before the window closes, or from delivering the customer experience your market expects? If you answered “no” to either question, it may be time to consider a CCM system.
1 Smallwood, Deborah, Karen Furtado, Mark A. Breading, and Monique Hesseling. Insurers' 2016 Strategic Initiatives: Advancing Industry Transformation. Boston: Strategy Meets Action, Jan 21, 2016.
Julie has nine years of marketing experience, the last 5 of which were spent marketing to insurance companies. She is the marketing manager for GhostDraft, a leading provider of customer communication management solutions, and is an active member in IASA, currently serving on the Solution Provider Enrichment Committee. She holds a MA in Communications and BA in English, both from Clemson University.