Adapt and Evolve – 4 Benefits Insurers Gain by Digitally Transforming Their Customer Communications
Digital Transformation is impacting nearly every industry and insurance is no exception. Insurers are aiming to deliver rapid, personalized products to market that meet the demands of an evolving customer base. This customer base, well versed in modern mobile communications from social media to app stores, demand a simpler and more personalized buying experience.
Most insurers understand that generating revenue by appealing to these savvy buyers is critical. However, insurers with leftover organizational silos and legacy systems in place struggle to implement cost effective strategies to efficiently modernize their processes and infrastructure to meet their customers current demands.
Many insurers struggle to balance the cost of implementing a digital transformation strategy while also maintaining business as usual. Digital transformation is a continuous process and investment that is a culture and mindset change across the whole organization. However, insurers that fail to make the digital transition will face continuous challenges from competitors. Although there are many aspects to an effective digital transformation strategy, organizations that prioritize a digital customer communications strategy can jump ahead of their competition.
4 key benefits insurers can gain by digitally transforming their customer communications.
- Business IT Collaboration
Emerging insurance IT will take more of a collaborative approach not just towards projects but in the overall shape of how organizations are communicating both internally and externally with their customers. Modern SaaS customer communications platforms allow organizations to connect business and IT teams, to effectively collaborate on the creation and management of customer communications, allowing IT to free up their time and business users to play more of a proactive status in the creation and management of customer communications. This approach streamlines IT’s engagement and empowers the business to execute new revenue growth strategies.
- Eliminate Silos
One of the biggest impediments to insurers successful adoption of a digital strategy is the use of legacy systems and the silos they create by restricting collaboration. Putting customer communications at the forefront of your digital transformation strategy allows you to get ahead of the competition by consolidating the silos and integrating mission critical applications and data.
- Lower Price of entry
The cloud offers a lower total cost of ownership and a quick and continuous return on investment (ROI). SaaS delivery enables organizations to scale their customer communications across lines of business and departments with ease.
- Faster products to market
Moving your customer communications to cloud-based systems allows you to create rapid, personalized communications with collaborative workflows, content lifecycle management, and scalability. By adding automation and efficient processes, insurers are able to both put products to market faster as well as reduce errors on the communications their customers receive.
Although digital transformation is an immersive undertaking for any insurance organization, the implications of not moving forward with a strategy will only hurt insurers in the years to come. With the emergence of cloud-based systems that allow for more effective customer communications management, insurers that begin their digital transformation by updating these systems will be in a better position to meet rising customer expectations than insurers who neglect to update these processes.