Your Property Casualty Insurance Software: A Crucial Player in the Customer Journey
When you think about the customer journey, you probably focus on how your people perform. Your team is important, certainly, but your software may play a bigger role than you expect. If you’re trying to finetune your customer journey right now, make sure you’re asking yourself whether or not you have the right property casualty insurance software for the job.
It’s said that good things come to those who wait, but patience is one virtue that you shouldn’t expect from modern consumers. According to HubSpot, a typical buyer starts to lose patience after just 10 minutes, and 82% of consumers say it’s very important to have an “immediate” response to marketing and sales questions.
If you want to avoid annoying – and losing – your prospective policyholders, you need to provide fast service. With a good insurance software system, insurance carriers can quote and bind coverage fast, before their competitor has time to get a foot in the door. Pre-integrations can streamline the process further by providing the capability to instantly look up information and facilitate the underwriting and rating process.
Building an Ecosystem for Your Property and Casualty Insurance
In insurance ecosystems, multiple providers work together to create an interconnected system of services and meet customer needs. McKinsey & Company says that ecosystems allow insurers to “embed their insurance products into seamless customer journeys” and that insurance ecosystems are the “next frontier for enhancing productivity.”
To take advantage of this tremendous potential, insurance companies need an insurance core system that can integrate with other providers easily. These providers may supply billing, electronic signature, interactive voice response (IVR) technology, and other services that are critical to a superior customer service experience.
Offering the Tools Policyholders and Agents Want
In the past, a policyholder with a question about their insurance coverage might have needed to dig through thick packets of policy documents, and a policyholder with a claim might have needed to wait on hold for a long time to speak to a customer service representative and file the first notice of loss.
That isn’t going to cut it today. McKinsey & Company cites ease of communicating with the insurer as one of the top qualities that drives insurance customer satisfaction.
Modern consumers expect fast and convenient tools. A mobile platform can provide the streamlined communication that policyholders want, making it easy to lookup policy information, file a claim and more. Property Casualty 360 says that a mobile app is no longer just a “nice to have” for insurers – it’s now an important part of an insurer’s digital strategy.
Insurance agents want convenient tools, too. A platform that provides a real-time agent policy view makes it easier for agents to access the information they need to help insurance customers.
Facilitating Easy Payments
Payments are a critical touchpoint for any insurer. Most of the regular interactions between an insurance company and an insurance customer will involve the monthly premium payment. For the customer, this is a hassle, so anything that makes it easier and faster is a big advantage.
But it’s not just the incoming payments that matter. Claims payouts also need to be fast and convenient so that the claimant can get back on their feet as soon as possible.
For the insurance customer, the claim is where the entire customer journey has been leading. If the claim isn’t resolved satisfactorily, the policyholder may decide to switch insurers, and speed is a key part of this. In fact, an Accenture study found that consumers value speed over the settlement amount.
Bolstering Security Your Customers Can Trust
In their State of the Connected Customer report, Salesforce found that 73% of customers say a company’s trustworthiness matters more than it did just a year ago, and 54% of customers say it’s harder for a company to earn their trust.
Insurers are hungry for data, and if that data is used well, it can benefit both the insurance company and the insurance customer. At the same time, data breaches and identity theft risks have left consumers wary of anyone collecting data on them. If an organization experiences a security issue, any trust that existed may be eroded. On top of that, insurers need to comply with regulations and security requirements.
Strong security is essential. Your property and casualty insurance software platform needs to be fully compliant and PCI certified. You also need to make sure your system can prevent hacks and other security threats while minimizing downtime.
Adapting to Change
Whether insurers are responding to new risks, new demands or new regulations, when they need to roll out new products and enhancements, every day counts. Deloitte says that speed to market has become a priority for P&C insurance carriers, but legacy technology environments are one reason why speed to market can be hard to achieve.
Your property and casualty insurance software platform shouldn’t be slowing you down. It should be helping you race forward – or in whatever direction you need to go. Look for an insurance software system that lets you pivot.
In addition to the ability to roll out new products and enter new lines of business fast, you also need a policy administration system that lets you quickly adapt to emerging needs – even if you don’t know what those emerging needs will be yet. Technology is advancing fast, and your platform should help you meet the requirements of both today and tomorrow.
Is Your P&C Insurance Software Ready for the Future?
Salesforce says that 75% of customers expect companies to use new technologies in order to improve their experiences.
Your customers are ready for the future. If you’re falling behind, don’t expect you customers to wait for you. They’ll be moving ahead with your competition.
The Evergreen property casualty insurance software system is a cutting-edge policy administration system with a design that allows for regular updates, customizability, security and much, much more.
Learn more about how this system can play a pivotal role in the customer journey. Download the Evergreen brochure and request a demo today.