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Author's profile photo Joseph Pacor

Go Digital and Run Simply to Adapt to the Future of Insurance

Run Simple.jpg

We all have things we need to protect – our family, health, a home, a car. That’s why insurance is one of most personal and vital purchases consumers make. We’re all looking for the easiest, most transparent experience. If the purchasing process is fast and simple, we anticipate the rest of our interactions with the insurer will follow suit.

And those follow-up interactions will surely have a critical impact on the policyholder-insurer relationship. For example, when it comes to the filing of a claim, the customer experience is paramount. Per Accenture’s study “The Digital Insurer-Claims Customer Survey”, 41% of customers are likely to change insurance companies after the filing of a claim. Clearly, interactions that happen in a time of need are the ones that matter most to customers and create lasting impressions.

Insurers need to provide comprehensive policies and seamless experiences that quickly address their customers’ needs. To win new business and keep existing customers happy, they need to adopt a Run Simple approach by:

  • Providing a real-time, unified, and comprehensive experience
  • Simplifying products and sales processes to win new customers
  • Speeding decision making with cohesive, compliant, and transparent claim services
  • Understanding their customers’ digital information footprint
  • Personalizing customer engagement across channels to create a unique experience

So what are some steps insurers can take to run simply?

  1. Enrich customer intimacy
  2. Advance operations to get innovative products to market quickly
  3. Optimize finance and investments for responsible risk management
  4. Recruit, train, and empower employees quickly
  5. Streamline sourcing for a frictionless supplier network that helps reduce costs
  6. Work with ease on a single, real-time software platform

What is the value of the Run Simple approach to insurers?

Your customers can reap tangible benefits that transform them from policyholders into advocates, such as:

  • Consistent customer experience – Whether they call an insurance rep, contact the customer service center, or ask a question on social sites, they can count on a knowledgeable professional to promptly assist them with the same information.
  • Faster response times – they can rely on benefits to be disbursed quickly and won’t have to wait for system-related delays to be resolved during a stressful time.
  • Integrated, complete processes – they can fill out required forms once on a single channel and have their account handled cohesively – even if it’s with several different representatives – which results in improved customer satisfaction.

Read more about Run Simple and how the SAP HANA platform can help your insurance company master real-time digital processes – and help create a loyal base of satisfied customers. Please share your comments.

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