For insurance companies, communications are a critical part of doing business. Insurers must communicate effectively with customers and channels in order to market new products, maintain good relations, build loyalty and retain business.
Yet communication is often viewed as a cost, with little to no potential for return on investment
In order to ensure that communications are a driver, rather than a drag, on new business, insurers should consider a cohesive, enterprise-wide strategy towards managing customer and channel communications.
Today’s insurance carriers are faced with a dynamic landscape that includes the need to respond to market pressure faster than ever before, meaning rapid product delivery, and the ability to quickly enter profitable lines, exit unprofitable ones, and expand and align distribution channels. Insurers need to simplify IT, modernize legacy systems and automate processes to respond to increased revenue and margin pressure. And, they need to more tightly manage to regulatory requirements and effectively manage business performance, in spite of market turmoil.
In light of these pressures, insurance companies must leverage every opportunity to communicate with their customers and agents—throughout the lifecycle of the business—to support cross-selling and reinforce brand messaging.
There is strong evidence that customer communications can be a critical lever in the insurance enterprise. Insurers are realizing that they need better communications to gain an edge over their competitors. Most insurers describe Customer Communication Management (CCM) as a “mission-critical” application.
Customers expect information and documents when they want them, and in the delivery method of their choice—whether that means a printed document in the mail, or a text message received over their mobile phone - cementing the relationship and improving retention.
More than this, you can move beyond delivering information to effectively leveraging every communication opportunity. Every time you issue a policy document, communicate a change, or send a bill, it can become an opportunity to promote new products and services.
Creating a clear communications strategy isn’t just about producing attractive, multi-channel documents—it’s about an integrated enterprise strategy for communicating effectively with your customers, agents, and third-party service providers.
An enterprise-wide strategy is needed to not only deliver information, but deliver impactful communications that improve and transform your business.