Are Insurers Missing a Trick?
For those eager readers with limited time, view our “Top Tips for Insurers” right away.
Ongoing difficult financial conditions are making even traditionally loyal clients more price-focused than ever before. Whether you work for a life insurance company, non-life, general or a property/casualty insurance company or broker, new regulatory controls have significantly increased the cost and complexity of doing business. The rapid rise in insurance fraud must be tackled at the point of sale if it is also to be effectively controlled. Add into the mix fierce competition, fuelled by the upsurge of online insurance providers and comparison websites that drive down prices and increasecustomer service expectations, and the scale of your challenge is easy to see.
Yet opportunities are beginning to emerge for those who are ready and able to convert these opportunities. The choice is to reduce costs or find other ways to differentiate your offering. Either way you choose, effective customer communications and quality of service form the foundation for the success of any insurer or broker.
Insurance Customer Communications
According to IDC, companies can spend as much as 15% of their annual revenue on document production, management and distribution, and the ‘paper-heavy’ insurance sector is amongst the worst offenders. The insurance business involves a lot of communications as you can see from this list of documents:
- Welcome kits
- Declarations of health
- Nomination changes
- Claim status
- Reservations of rights (RORs)
- Loss control reports
Since it is difficult if not impossible to omit these communications, insurers and brokers need to find ways to improve the efficiency in document distribution. Learn how you can save document output costs by maintaining a high-level, quality communication and thus strengthen your customer relationships. Read our “Top Tips for Insurers” respectively “Top Tips for Insurance Brokers”.