While Jen battles aging legacy systems to meet modern engagement preferences, many of her leading competitors are already delivering the customer experience today’s consumers demand. By adopting a leading digital distribution platform, they’ve achieved top digital capabilities in a matter of weeks instead of years, with limited commitment from IT. The advantages are many, including:
Seamless integration of traditional and digital channels positions carriers to exceed customer expectations for engagement by allowing them to research and purchase insurance anytime, anywhere
Smart application capabilities that capture all of the information necessary to issue quotes for multiple products in a single transaction, improving retention by 12% and revenues 24% over five years
A single platform that easily connects to back-end legacy systems uniting customer data from across channels and products in one easily accessible location
A process framework that maps back to internal people and systems, reducing errors and uniting efforts across the organization
Auto-quoting, -binding and –issuance allows carriers to quickly meet customers’ expectations for immediacy and greater customer convenience
For customer acquisition leaders, leading digital capabilities make the difference between rising acquisition and retention rates and faltering numbers. According to the most recent Temkin Experience Ratings, the insurance industry ranked at the low end of “okay” in customer satisfaction, beneath good and excellent[ii] and far below the best-in-class customer experience necessary to realize the 30% higher profitability discussed in the McKinsey report. While customer experience standards are complex and not tied to a single element, recent J.D. Power surveys indicate that carriers with |