Improving Insurance Customer Retention With Document Management

    Twenty years ago, customer retention strategies in the insurance business included doing fairly simple things like sending holiday cards or tucking a customer survey into an invoice. Fast forward five years and you were ahead of the game if you used email to make these same connections (bonus if you could personalize these engagements in any way). Today, improving customer loyalty and market share is all about how well insurance companies can leverage advanced data-driven solutions being made available to the industry. Of these solutions, document management is essential to insurance customer retention strategies for a variety of reasons.

    “Wow” Customers at Key Moments of Truth

    According to global management and consulting firm Bain & Company, “customers who are promoters of their carrier are worth seven times more in lifetime value than those who are detractors.” Making a customer happy shouldn’t be that hard if you offer them what they want, right? But as their report, Customer Loyalty in P&C Insurance: U.S. Edition 2014, points out, carriers who excel at offering the lowest price point may not always have it together in the customer experience arena – and vice versa. The firm’s research has shown that the “wow” moments that keep a customer onboard or encourage them to jump ship typically have to do with moments of convenience. These moments of convenience include:

    • Giving customers same-day quotes
    • Providing self-service options like Allstate’s QuickFoto claim application
    • Integrating all activity into a single, real-time view. For example, when a customer needs help making a smart-phone payment, customer service can see the transaction-in-progress and help them step-by-step.

    Automated document management enables these “wow” moments to happen in a number of ways:

    • Insurers can take advantage of claim management platforms to shorten settlement times.
    • Agents can have insight into the entire claims process (what’s going on, what’s missing, what to expect next) to deliver a better customer experience in terms of consistency in messaging about progress/delays.
    • Customers can be given opportunities – earlier, not after-the-fact – to add new coverage to an existing policy or purchase additional products – a cross-sell strategy that tells the customer you understand their needs.


    Ensure a Multi-Channel, Multi-Platform Experience

    Your office may not be up to speed on the latest technology, but you can bet many –  if not most – of your customers are. Customers want to be able to use any platform available to them and expect for you to keep up with them along the way. Leveraging document management solutions allows you to digitally integrate all your insurance processes (new client set-up, claims, client education) and all the documents related to those processes (new account forms, claims forms, educational pieces) into a single location that can be accessed from anywhere with an Internet connection. Allowing your customers and prospects to engage with you from where they are most comfortable wins kudos all the way around.

    Here are a few examples of how automating document management to deliver a multi-channel, multi-platform experience can help improve your customer retention strategy:

    • Delivering multi-channel experiences allows customers to engage based on convenience and/or comfort level.
    • Delivering the customer experience through several integrated platforms, insurance companies give customers choice and ensure a consistent experience.
    • Providing more instances through which clients/prospects to engage increases the amount of client data, insurance companies can collect to drive better decisions regarding things like lifecycle planning.

    Improve Targeted Messaging by Customer Segment and Lifecycle Stage

    Ever gotten a present that was obviously re-gifted when what you wanted was something with real sentiment attached? Customers too, are impressed and equally turned-off by how well you manage the message. Automated document management can ensure that customers are catered to not only by who they are, but where they are in the customer lifecycle.

    According to a study on winning customer loyalty in the auto insurance industry, there are at least nine distinct auto insurance consumer segments. Carriers who have the means to deliver segmented messages throughout a customer’s lifecycle will come up ahead. Automated document management allows insurers to leverage specialized, often industry-centric platforms to make sure customers are getting the right message every time they engage with the organization and throughout each stage of their customer journey.

    • Customer service can deliver a more personalized experience with scripted responses, educational material and cross-sell information that is targeted to each segment
    • Targeted messaging-related documents can be centralized for easy access by customer service, sales and marketing insuring message consistency throughout the organization
    • Centralized message-related documents allows for airtight version control. Customers don’t become disgruntled because they’ve waited weeks only to find they’ve been given an outdated form or old information on a product or service.

    In the end, the basics to keeping customers happy are the same. Shake their hand. Look them in the eye. Deliver the best service possible. What has changed is the availability of technologies like automated document management to deliver on these same expectations of outreach, personalization and customer care.

    Find out how DocuPhase can help you improve your insurance-related retention strategies. Schedule a free process automation consultation or call 727-441-8228.

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