Insurance companies: Cut IT costs while improving business operations

How do you cut your insurance IT overhead costs and meet customer expectations at a time when #insurtech technology solutions are disrupting older business models?

This is one of the most pressing challenges in the insurance industry, especially when grappling with new regulatory compliance such as MiFID II.

In one insurance operating costs study conducted by global management consulting firm McKinsey, they referenced how a fragmented legacy IT landscape is often a root cause for failing to leverage economies of scale, driving high IT costs as well as mushrooming operational costs.

Price comparison sites and mobile apps alone have not satisfied customers - they still find the process of shopping for insurance consuming and frustrating according to the Financial Times. So while companies battle to improve that shopping experience, the key question is how to meet and exceed changing customer expectations to provide amazing customer service?

Insurance organisations need to adopt business technology which is flexible enough to meet the demands of today's insurance companies, while also addressing new regulatory requirements of MIFID II for example. Whether that is by improving multi-channel communications with the customer, or resolving back office queries more efficiently and effectively, adopting new models help to offset any negative shopping experience, and is needed to drive a positive contact experience with your company. 

In the McKinsey study, one insurance company taking this leap reduced costs by more than 20 per cent when they replaced their complex legacy IT and Communications, which now enables them to accommodate and manage new regulatory compliance easily.

So how does business technology improve your customer experience and cut operating costs?

Well, let's think of it from an operations director point of view, typically, they pivot between business, customer and technology, often expected to be a technical expert, taking an active role in audits, products, compliance, documentation and reporting.

As insurance organisations move toward complete digital transformation, businesses must not lose sight of the main goal - to ensure loyal customer relationships, yet ensuring compliance with regulations such as MIFID II. While using big data and machine-learning can help speed up processes, your financial organisation needs to ensure you are developing innovation aligned to what customers actually demand and need.

The best way to ensure this is to adopt multi-channel contact centre solutions incorporating web chat, email and screen pops to ensure your agent knows your customer before they even ask a question, and gain valuable insight into every step of your customer’s journey and their satisfaction levels.

Collaboration technology such as desktop to desktop video and audio conferencing across locations, with screen sharing and encryption for security, can help you build stronger relationships with customers, departments and across your supply chain.

When your mobile workforce has telephony, messaging, conferencing, contact centre and video at their fingertips at any time, and across devices, they also have the security to ensure compliance to safely carry out confidential conversations wherever they are and the ability to record conversations to comply with MiFID II.  

Example use case:
Reporting for insurance operations

Example solution:
Avaya Workforce Optimisation Select

Create weekly and monthly dashboards for claims and transactions reports and summaries

Provide detailed information on KPI performance and wider initiatives across your business

Provide detailed losses and wins for the month - with action plans for upcoming initiatives.

Take action based on meaningful information to ensure optimal performance.

Get the Customer Experience Infographic

The Avaya Workforce Optimisation Select (AWFOS) can capture and analyse voice and non-voice customer interactions with a flexible and secure recording platform designed for midsize businesses.

Instantly see where the highest standards of customer service are attained and where you need to make changes, and compare standards of service at different points in your customer’s journey.

The AWFOS CRM integration with phone, web chat, video and social media creates a seamless and consistent customer experience that exceeds customer expectations.

Produce reports on interaction data to enhance the service processes, policies and agent practices.

How do you transform your customer communications and meet regulatory compliance?

Knowing what is happening on every call can be difficult, especially when you have to meet regulatory commitment with MIFID II.  Call recording solutions make reviewing any call simple and easy, making it easier for you to monitor employee performance and increase employee engagement when their progress is visually displayed.

From in-house analytics and monthly account performances to employee management and appraisals, our call monitoring and customisable reporting dashboards help you manage the overview of your entire business.

Customisable and rapid insights into historical and real-time information from extensions and devices across your business virtual system helps you make highly informed business decisions.

Your technology needs to work harder to engage employees to achieve profitability, productivity, and deliver excellent customer experience across all areas of the business.

Talk to our solutions experts to review your business operations in insurance to ensure you have the right specialist communications and collaboration solutions to drive forward digital transformation while also ensuring compliance with new regulations such as MiFID II and GDPR.

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