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How Cloud Capture Helps Insurers Meet Policyholder Expectations

Multi-channel interaction has become the pulse of the insurance industry’s engagement with its policyholders.  From online channels to traditional channels, multi-channel interactions strongly influence policyholder behavior, expectations, and needs.  Although policyholders have embraced digital channels to different degrees, they all expect a consistent experience.  Therein lies the rub: customers find difficulties in submitting and accessing information, depending on the channel.

Creating an optimal experience across channels makes the customer journey consistent and personalized from the policyholder’s perspective, and efficient for the insurance carrier. 

The big issue is that most insurance carriers don’t have a single unified platform for document processing and management.  Many insurers still rely on systems built to handle paper documents.  Some insurers use fragmented, standalone systems for each document and data channel that they support.  Some insurance carriers count on receiving structured documents from policyholders.  Others must manually input claims information into downstream content management systems.       

This isn’t what claimants and policyholders have in mind. 

The benefits of cloud capture technology

Claimants want to file a claim whenever and wherever they want.  They want access to the status of their claim in real time using their preferred device.  And they want the peace of mind that the information captured by a carrier is correct.  Policyholders don’t want to re-enter the same details when they switch channels.  And they want the information to be pre-populated, when possible.      

The incursion of ‘digital born’ competitors that focus on making every stage of the customer journey easy and personalized is raising the stakes for traditional insurers to rethink the way they do things.  Insurers know that at least part of their business could be at risk from disruptive competitors.  

Policyholders who have grown up immersed in digital technologies are especially likely to head for the door if their overall experience with an insurance carrier doesn’t meet their own expectations.  Competitive pricing and coverage options are no longer enough for service-minded policyholders.  

Cloud capture technology provides an opportunity for insurers to embrace the potential of multi-channel interactions with policyholders.  All-in-one cloud-native technology removes friction from the customer journey by classifying and extracting data from any online or traditional source, integrating between systems without code, and connecting to existing content services solutions. 

Curious how a cloud capture solution can improve your customer interactions? 

Here is a roadmap for using cloud capture to improve your multi-channel interactions:

  1. Assess.  Take a hard look at the way your organization currently processes and manages customer information to determine areas of improvement.  Is the customer journey consistent across your digital and traditional channels?  How easy is it for policyholders to see where things stand in the process?  Chances are, you will discover that your systems could be better integrated.  Cloud capture solutions extract content from multiple diverse input sources.  Data can even be extracted from unstructured documents.  And the Robotic Process Automation (RPA) technology built into best-in-class cloud capture solutions integrates the cloud capture platform with legacy systems, without code.  As a result, information flows seamlessly from the cloud capture platform to legacy content management services, image-enabled line-of-business applications, and other downstream systems, keeping policyholders in the know. 
  2. Automate.  Eliminating friction in the customer journey is a critical step toward delivering an exceptional policyholder experience.  With a cloud capture solution, policyholders are not forced to submit documents in a rigid format.  Data from any source is automatically classified and extracted.  Information is integrated with downstream systems without the need for rekeying.  And users can easily search and find information from one platform.  Eliminating manual tasks makes it easier to deliver an exceptional experience.
  3. Prioritize.  Disruptive competitors are coming at you fast.  Stay one step ahead by identifying measures that will deliver the greatest customer impact.  Managing all inbound documents on a single unified platform is a good place to start.  With cloud capture solutions, smart AI classifies and captures data automatically.  RPA integrates information between systems without the need for error-prone keying.  And users can go back and review videos of completed tasks.  All ensures that customers will have an efficient and consistent experience across channels and that you can provide fast answers to their inquiries. 
  4. Get started.  Insurers have no time to waste.  Policyholder expectations are constantly rising.  With an all-in-one cloud-native cloud capture solution, insurers can be up and running fast, without the need for custom code and without disrupting existing systems.  Insurers own their data in their choice of infrastructure.  The technology can scale up or down in an instant.  Insurers only pay for what they need.  And a unified solution saves on storage and retention.  

If you want to improve your policyholder experience, a cloud capture solution may be the answer.  

Learn more about cloud capture solutions by arranging a time to chat with an ibml representative.

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