Personalizing the policy owner experience throughout the policy lifecycle

It’s no secret that personalized insurance offerings and services are one of the biggest differentiators for insurers, as some 80% of customers have come to expect from their insurance company. One of the priority areas insurers can personalize is the policy lifecycle.

It’s important to understand that not every customer’s experience with their insurer during the policy lifecycle will be the same. This means insurers need agile and flexible solutions that allow them to meet customers wherever they are and at whatever stage of the policy lifecycle they may be.

The insurance policy lifecycle can have many stages, and when it comes to personalizing experiences, the following stages offer some exciting opportunities:

1. Policy sales
2. Underwriting
3. Claims

Personalizing the policy sales experience

Today’s policy shopper is comfortable using a variety of digital channels to communicate with family and friends. They have come to expect the same level of comfort when shopping for an insurance policy. Fortunately, communication technologies have evolved rapidly over the cloud, giving insurance carriers the opportunity to engage with policy shoppers through their smartphones and laptop computers.

In addition to real-time communication using voice and video over the cloud, a carrier sales agent can now assist shoppers’ research, apply for, and renew insurance policies using co-browsing, screen-sharing, instant messaging and chatbots.

Personalizing the underwriting experience

With evolving risks such as climate change and cyberattacks, and the ever-present threats of insurance fraud and social inflation, underwriting leaders are under pressure to accurately identify risks associated with personal and commercial policy applications, deliver optimal pricing and reduce losses.

Traditional underwriting processes that lack sufficient and relevant applicant data rely heavily on lengthy applications that are prone to error, delay quote delivery and can potentially lose the applicant to competitors. When evaluating complex applications, the underwriter’s workday can get long, filled with pervasive doubt and concern about underwriting decisions that have been made without a clear grasp of the risks associated with policy application.

A solution to these challenges faced by the underwriter is now available. Carriers can utilize AI-powered predictive analytics to rapidly and reliably assess underwriting risk and automatically route complex risk for underwriter review. With seamless access to the predictive analytics “engine” via integration with the carrier’s core system, the carrier can deliver a quote and bind a policy in minutes rather than days.

Personalizing the claims experience

The claims engagement experience of the policyholder who suffers a loss event can make or break the relationship between the insurance carrier and the policyholder. Like the policy shopper, the policyholder making the claim wants questions answered, and seeks transparent, timely responses, made urgent by the stressful nature of a loss event. Adjusters and claims agents, on the other hand, must respond to impacted policyholders in a manner that maintains the trust of the policyholder, addresses their concerns, and resolves the claim in the shortest time possible.

The complexity of most claims processes makes meeting these goals a challenge. A poor customer experience often results from miscommunication that can increase the cost of servicing the claim and the loss of the policyholder to a competitor. This is where the integration of SaaS-based core insurance platforms with intelligent communication platforms delivers real value. Adjusters, claims agents, and other claims stakeholders can utilize the multi-channel communication capabilities available with the integration to deliver a high-quality engagement to policyholders.

All stakeholders can communicate with each other over an omnichannel hub, across SMS, mobile apps, websites and other channels. Messages can be directed to targeted individuals or to groups, and the carrier can receive all inbound communications initiated by the policyholder. In many cases, a transcript of all communications between the policyholder, adjuster, and/or claims agent can be saved for review by claims supervisors.

Personalization is and will remain a core tenant to successful carrier-customer relationships. Insurers that can keep up with evolving customer expectations and find creative ways to offer the best experience will see benefits in both the near and long term.

Andy Yohn is the vice president of product management and co-founder of Duck Creek Technologies. Contact him at andrew.k.yohn@duckcreek.com. Opinions expressed are the author’s.

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