Technology has impacted the economy in many ways over the last few decades. Take, for example, the New York Stock Exchange in the pre-Internet era. Traders and brokers interacted literally in person, initiating handwritten transactions in a sea of chaos on the trading floor. After each trading day ended, the floor traders would gather up their buy/sell order slips, and it took up to five days to settle trades. Now, however, the exchange manages all of these interactions almost entirely electronically and many trades are settled within one or two days with trade confirmations arriving almost instantaneously.
The financial industry isn’t the only one that has undergone massive technological innovation and integration. Coinciding with the wave of Fintech was a wave of HealthIT and Insuretech revolutionizing the ways both industries do just about everything.
Insuretech, as the name suggests, corresponds to the integration of technology into the insurance industry, where the customer experience is a major priority. Since insurance is, by-and-large, a service industry, the customer experience is vital to gaining and retaining a loyal customer base. Customer experience consists of customer journeys, and customer journeys are a collection of customer interactions. Those interactions are facilitated by technology such as customer communication management (CCM) software.
Insurance providers know the critical importance of automation and personalization.
How It Works: Policy Renewal Letter Automation
A very common example of a customer journey or customer communication use case in the insurance industry is a policy renewal letter. These letters are almost always automatically generated in batches by an insurer’s CCM software and then sent to their policyholders.
A policy renewal letter consists of a large amount of very specific details that pertain only to each specific policyholder. These details convey into the renewal letter template as variables and cover a range of data from policy-information and the name and address of the policyholder to the insurer’s logo, rep’s signature, and a wide variety of other information.
As the CCM software generates an actual policy renewal letter, those placeholders are then replaced by the actual data that relates to the specific policy and policyholder. The CCM software also resolves any integrated business logic to include or exclude content, bringing in related documents, or even generating a carbon copy to a different recipient (e.g., an agent). This compilation results in a personalized policy renewal letter fully automated from start to finish and customized for the specific individual to which it is sent.
Recapping: The Benefits
Integrated technology is changing the landscape of business across a wide spectrum of industries. The entire economy, especially over the last year, has transformed into a mostly digital and virtual world of commerce. The insurance industry is no different.
By implementing powerful CCM software, such as INTOUCH® by Topdown, your insurance company opens the door to a suite of automated features that will systematically improve the efficiency within your organization. By integrating CCM software and automating policy renewal letters, your firm can quickly and easily generate and deliver highly personalized letters to policyholders at scale.
Contact Topdown to further discuss this and other insurance use cases, and learn how our CCM software can help streamline your customer communications with policyholders.
Photo by Romain Dancre on Unsplash
