In Michael Cantwell’s September 10th article Look to Customer-Centric Tech to Bolster Retention, he emphasizes that insurers need to move toward customer-centric technology solutions to improve retention rates. Cantwell points out that while brand advertising is an effective customer acquisition investment, it’s not a retention answer.
Cantwell sizes the USA new customer life insurance market as vast: “There is a $10.2 trillion gap in middle-market life insurance today, and Americans overall are underinsured by $20 trillion”.
How will insurers capitalize on this life market promise? According to Cantwell, “Insurers are trying to be more customer-centric, employing technology that improves the buying experience, service, drives policyholder value, facilitates cross selling and therefore improve retention and loyalty.”
Here at ClaimVantage we are helping our clients implement their customer-centric priorities. For instance, Irish Life (IL) replaced old technology with our state-of-the-art automated system that had clean interface, strong analytics, and seamless integration. The enhanced system helped to change practices within IL to a customer-centric view of claims, which immediately improved customer service.
We’ve known for some time that insurance carriers and self-insured corporations want claimant-centric technology. This is exactly why ClaimVantage built its automated claims management solutions on Force.com. By using this cloud-development platform, our customers gain many claims-technology advantages, including “best practices”, user interfaces, and a claimant portal with anywhere Internet access to check claim status and payments.
As you probably have surmised, Michael Cantwell’s predictions are music to our ears. Here is one more insurance trend nugget that is share-worthy:
“A more comprehensive strategy is needed to support acquisition, satisfaction, retention and finally, loyalty. Insurers are building and enhancing channels, engaging more personally and socially, and moving to a service-based relationship that utilizes technology to meet customer needs.”