Modernize Your Insurance Business to Build Customer Loyalty Like a Retailer
Submitted by Andreas Klemm:
Consumers expect a seamless experience across channels, with red-carpet service enabled by the latest technology platforms – and not just in the retail sector. Insurance companies are feeling the pressure to deliver consistent, streamlined services to the hyper-connected masses. Informed insurers know they need to make specific strides to stay on the cutting edge of the industry and build customer loyalty:
- – Simplify core processes across all lines of business
- – Streamline operations to quickly deliver innovative products to market
- – Optimize underwriting, policy, billing, and claims processes to reduce costs
Deliver an always-on insurance experience
How can insurers accomplish those goals in such a dynamic climate? They have a bevy of responsibilities and areas to master – ones that change quickly and require great flexibility. They also have to stay competitive by getting to market faster than ever and reducing days outstanding. Four main lifecycles require complete,consistent optimization:
- Product and policy lifecycle: Align product creation with customers’ needs for timely, relevant releases.
- Claim lifecycle: Process claims quickly and efficiently to ease the burden on your customers and improve sentiment.
- Reinsurance lifecycle: Keep a comprehensive view of the entire lifecycle to more effectively manage risk and capacity.
- 4. Billing and payments: Improve cash flow processes to better serve customers in their hour of need.
But modernization comes at a cost. Updating processes and investing in new infrastructure has its own set of challenges:
- Data conversion issues
- Long timelines that create expensive and complex issues
- Trends changing before project completion
- Cultural resistance to change
- Lack of adoption
Hit your modernization targets with an SaaS approach
So why wouldn’t insurers want to lessen the burden with SAP solutions that can help them become more customer-oriented, while improving profitability and core processes through:
- Tailored products and services that target groups and distribution channels
- Streamlined functionality to expedite data capture and jump-start the claims process
- Enhanced tracking of individual risk cessions between insurance and reinsurance companies
- Centralized collections and disbursements to reduce overdue premiums and revenue loss
With SaaS-based software, you can reduce demands on IT and lower potentially prohibitive upfront costs. This way, you can focus on your core business and your customers’ needs, instead of reinventing processes from the ground up.
You can cut costs while complying with applicable regulations and maintaining transparency for stakeholders – and, most importantly, giving your customers the kind of always-on insurance experience they expect.
Find out more about how SAP for Insurance software can help your business drive sales and superior customer service based on a wide range of innovative products…and build customer loyalty like a retailer.
Andreas, I love your focus on the four main lifecycles that enable speed to market and increase operational effectiveness!
Excellent view on what needs to be done and giving advice how to lower the hurdles