Insurance organizations around the globe face a myriad of challenges – one of the greatest being their customers’ evolving expectations.
As consumers grow more and more accustomed to digital and around-the-clock services, they expect the same experience from their insurance providers. But what does that mean for an industry that’s been bogged down by complicated processes, outdated software, and lots of paper?
Insurers must adapt to the digital world that customers demand. According to Forbes, many insurance companies are already realizing the benefits of digitizing business and processes. In fact, insurance companies that update and automate processes can save up to 65 percent of their costs through automation alone.
Here are four key business processes that should be automated to help insurance companies meet customer expectations and achieve digital transformation:
1. Accelerate Policy Quoting
Customer expectations around the services they use have been completely transformed by digital technology, and insurance is no exception. Customers expect response as fast as possible, especially when they’re researching pricing and policies. Insurance quoting and underwriting is by no means simple, but with intelligent process automation, insurers can produce respond to quote inquiries.
Insurance companies can speed up their response time, ensure accurate archival of documentation and minimize potential errors by implementing an automated approach to policy quoting and underwriting. Using Nintex, insurers can capture prospects’ data via modern forms, process the information and produce accurate quotes using advanced workflows, and generate approval or denial documents with DocGen™.
2. Reduce Payment Delinquency
Transparency, communication, and documentation are key elements to a delinquent account strategy. Insurance companies can automatically manage this process with Nintex’s advanced workflow capabilities. Implementing an automated approach to remind policyholders of payment due dates or notify of a past-due status can help keep premium payments on track, reduce churn and minimize revenue challenges.
3. Deliver Personalized Onboarding
Customers want quick delivery, easy account set-up, and services tailored to their needs. With the Nintex Platform, insurers can quickly and seamlessly reuse client data to craft personalized solutions and communications based on their goals and objectives.
4. Improve Claims Processes
According to a 2017 McKinsey report, automation can reduce the cost of a claims journey by as much as 30 percent. The Nintex Platform offers capabilities for mobile apps, modern forms, and advanced workflow which can empower insurance claimants to instantly submit necessary supporting materials to quickly qualify submitted claims. And once submitted, Nintex’s advanced workflows can keep the claims processes moving all while keeping the claimant aware of the status.
Empowering Employees: Nationwide Leads by Example
Nintex can help insurance companies digitally transform their business by empowering all team-members to automate, orchestrate and optimize their end-to-end processes without code.
At this year’s Nintex xchange, Nationwide, presented a session highlighting how its associates are using the Nintex Platform to automate processes without any formal IT training or support. Watch a recording of the session to learn how Nationwide is building a self-sustaining community of workflow pros with the platform.
So what are you waiting for? The time for digital transformation in the insurance industry is now. McKinsey reports that “insurers in the top quartile for digital performance are achieving twice the growth rate of their less digitally advanced peers and delivering better profitability at the same time.”
In order to succeed in today’s digital world, insurance companies must go digital and embrace technologies that drive employee productivity while enhancing the customer experience.
Interested in trying out the Nintex Platform for yourself? Download a free trial today.