5 Pillars of Digital Insurance CRM Success

The word ‘Insurance’ is derived from the Anglo-French word ‘Enseurer’ which means protection against significant risks, in lieu of payment. Sounds noble enough?

Unfortunately, the way contemporary insurance companies handle their trade makes customers wary of insurance and gives the business an aura of notoriety. Hence, insurance penetration levels are at an abysmal 3.9 % of world population, especially in developing countries where robust insurance mechanisms are vital.

Insurance companies follow traditional customer relationship management processes which are outdated, cumbersome and frankly a pain in the head. Customers view them as a waste of money with no guarantee of proper claim management and problem redressal mechanisms. Insurance companies are seen as too focused on sales and collection of customer big data, with no requisite customer engagement.

Digital insurance CRM changes this status quo. By taking the best of previous practices and combing them with new functionalities enables it to bring positive experience for insurance companies and customers. A win – win situation, no?

We bring before you the five pillars that can help you succeed in your digital insurance CRM.

#1 Introducing Self Service Platform
By introducing a robust insurance self service platform, you act as an enabler for customers to compare policies on web via any medium. With the help of buy buttons on every channel including social media (twitter showcased below), it is easy for your prospect to create accounts anytime, anywhere.

Source: massplanner.com
Often, new customers are at a loss as to which coverage is the best for their needs. To address their concern, you can offer agent consultation across all devices, including video call assists.

When you implement a self service platform, it aids in capturing customer big data via online medium. This helps your executives to simulate scenarios that give a realistic view for your customers. SSPs also help the work force to create electronically signed contracts which can then be downloaded by customers as and when required.

#2 Implementing automated back-end processes
Manual work processes are dull and boring. By automating back-end processes in your digital business, you bring in efficiency, accuracy and increase in productivity. Not to mention workforce morale as well. Automation can help you prepare contract notes instantly and send them for automatic screening, verification and approval via online. 

Automating back-end processes also makes it possible for you to make available customer data online, enabling anytime, anywhere access. Rather than waiting for hours to register change requests, customers can now request modifications from multiple channels.

#3 Effective claims handling
Claims management has been known to be the Achilles heel of insurance companies since a long time. The callous manner in which the claims are handled lead customers to question whether the insurance is worth it or not. Unreasonably high rejections and lengthy disbursal are also a fall out of improper claims handling.

  • Insurance app with the help of QR code scanner 
  • Online self service portal
  • Social media channels (Direct messaging)
You can simultaneously send digital bills directly to customers for payment processing and insurers for settlements (+1 for the environment!). In case of any inconsistencies in claims or bills, customers can voice their concerns via all touch points like mobile, web, SMS, social media, self service portal etc.

#4 Offer value added services
Today, it is not enough that your insurance business is just a robotic and monotonous process. It is equally important that it become an enabler towards good health practices. Your insurance institution can create an app that makes it super easy to access medical history and related information.

You can imbibe healthy habits in your customers that show prevention is better than cure. It will help portray you as a responsible company that is truly concerned about customer’s health, not just its profit margins. Based on individual data, you can offer customized services. Your app can even keep track of your customer’s workouts and diet, offer tips for great health and even video/audio podcasts from healthcare experts. Webinars are also a great way for healthy customer engagement.

Your digital insurance CRM can also integrate with fitness devices (Fitbit, Wrist bands, you get the idea) that monitor vital statistics. In case of emergencies, it can even alert medical agencies. Offering 24/7 customer service support via all touch points including phone, chat, email, sms, social media is a given in digital insurance CRM.

#5 Consistent brand presence across channels
With thousands of brands competing for consumer eyeballs and wallets at the same time, it is vital for your insurance business to maintain a strong brand presence across all touch points. This helps in positive policy reviews and comparisons on third party platforms like review portals, blogs across digital devices, be it desktop, mobile or tablet. 

Consistent brand management helps in increasing the credibility of your insurance business (making it your competitive USP). It also aids in brand recollection and wider audience reach, thus helping in customer persuasion to opt for your policies. Combine with exemplary customer service and it doesn’t take long to turn them into brand advocates.

Digital Insurance CRM is all about making your customers life more secure with faster customer service. Erect the above five pillars today to see your insurance business stand out and prosper.
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