Insurance Industry Customer Experience Projects: Is secure data an important part of yours?

June 10, 2019

Tom Eineker

In almost every industry you see rapid change for customer experience (CX) as technology accelerates at a very rapid pace – yet not so much in the slower paced traditional insurance environment. When I think of the insurance industry I often think of descriptions like slower paced, traditional, conservative – all good traits when talking about money. When it comes to technology though it seems that the insurance industry has been hampered by these cultural constraints. Talent shortages, old mainframe systems, paper, fax, scanners, printers, manual processing, following business processes that have little or no automation – have been the norm for a customer’s experience rather than the exception.

Modernizing processes is one of the reasons why we are seeing digital optimization become a major agenda item for many insurance institutions, particularly around the customer experience. Areas such as unified communications, collaboration tools, contact centers, call tracking, enterprise messaging, CPaaS (Communications Platform as a Service), customer service messaging, and mobile B2C messaging are just a few of the technologies impacted.

Within these organizations there are disruptive innovators developing quick, simple, clean, easy to use, paperless, secure, and inexpensive solutions to making a customer’s experience with them seamless. Some of the technologies and business communications used today did not even exist five years ago. The days of business as usual are gone forever – the digital age is taking hold in this slow to adapt insurance industry marketplace.

What is driving this modernization? One reason is changing demographics. The millennial generation are important new target markets, and have higher expectations for insurance providers to deliver omni-channel access, real-time processing, paperless and mobile everything – technologies insurance companies are just getting started in. The customer experience needs to be as transparent as possible, after all this usually is an annual purchasing event so you only get one chance a year to get it right.

Younger generations are willing to shop around to get the right deal. And younger consumers are smart mobile shoppers with low loyalty, and long gaps or spans of time between insurance customer interactions. They don’t interact in traditional ways. For example, the transactions might be happening at 2 AM in the morning on a mobile device without the need for conversation with a licensed insurance agent.

The customer experience part of this digital optimization is most critical. Design considerations must produce and maximize the highest user satisfaction. We all know the customer is king! Omnichannel is being deployed, so that customer engagement processes address the demographic and societal shifts for using any device, any time of the day, from anywhere in the world.

While the customer experience needs to be clean, simple, transparent, and intuitive like using an I-phone, the technology behind the customer interface is getting exponentially more complex. More digital channels, more options, more alternatives, more ways to access the same information, more cloud, more integration and the pace of changes are all accelerating. Frictionless enterprises are leading to streamlining customer experiences at every level – unified customer profiles, efficient workflows, self-service capabilities for policyholders, agents and internal operations workers. Legacy Insurers will be challenged by the burden of legacy systems, complex business models and organizational structures, unclear business processes, data ownership issues and growing regulatory, security and privacy concerns.

Historically security and compliance were often treated as an adjunct or separate process, as afterthoughts to the main business development processing and workflow. Now, security, compliance and privacy concerns are a critical part of the customer experience. Beyond regulatory requirements, there is value to the consumer when this data, personal identity and privacy information is handled much more carefully and securely. Personal privacy protection of sensitive information is key for building a long-term relationship especially with GDPR style laws coming to the USA. A foundation of trust and customer loyalty across the entire insurance marketplace needs to be reestablished.

I often wonder if my personal information is as important to my insurance broker or service provider as it is to me. The price of the service, my time completing a transaction, an easy-to-use portal, and having a reputable trusted advisor to work with that keeps my information secure and protected, are all equally important factors to me for a high performing insurance provider in today’s marketplace. And I’m betting it’s not just me. Today’s insurance consumer wants protected, secure, transparent, quick and unencumbered access to all their insurance services.

About DataMotion

DataMotion offers a secure message center platform – a messaging exchange center that adds web-mail, file share and/or web-form services natively to customer self-service portals and mobile apps – so that clients can easily ask questions and share supporting files or images in compliance with security and privacy regulations.

Featured Customers and Partners