Quantcast

Insurance Onboarding: The Key to Lasting Customer Relationships

Loyalty doesn’t count for much these days, particularly when it comes to insurance. Our experience with insurance providers has demonstrated that insurers are having to work harder than ever to attract and retain customers. That’s why the insurance onboarding process is more important than ever…

In an industry where the customer has very few touch points with their carrier (hopefully they never have to make a claim), it is imperative to make a good impression wiht the customer during onboarding. You need to give them peace of mind that you are the right firm to provide their policy.

It’s the initial insurance onboarding process that will lay the foundation for a lasting and valuable customer relationship. So how can you deliver the right onboarding process? Here are three areas we believe that you should be focusing on:

 

1 – It’s Time to Meet Your Customers’ Expectations 

As with most industries, insurance is having to adapt to a revised set of customer expectations. Time and ease-of-use have become commodities that are just as valuable as money. Yet a great many carriers rely on legacy technology stacks that are simply not fit to facilitate modern customer expectations.  

Small ticket insurance purchases can now be completed in a matter of clicks. This has inevitably led customers to expect the same smooth sign-up process from the commercial insurance market. While the verification process is more stringent, it doesn’t have to be slowed down with paperwork thanks to new technology and applications. 

Process automation can help to deliver bespoke quotes and terms and conditions that are available across a variety of devices – just as it has for many companies already. This is a requirement for today’s digitally-savvy customer, who will expect an omnichannel experience from their insurer. 

 

2 – Develop a Transparent, Client-Centric Solution 

The PPI fiasco damaged the reputation of the insurance industry and has made everyone warier of signing on the dotted line. The insurance onboarding process is a chance to establish expectations of the policy and deliver a client-centric solution.  

As highlighted by Deloitte, “Onboarding and ongoing learning provides the best method for carriers to generate brand loyalty and affinity.” By connecting your systems, data and people, your brokers have more customer insight. This speeds up applications and allows brokers to build a more holistic view of their client and provide tailored services and communications, paving the way for long-lasting relationships.  

This was the case for a leading US organization who used Bizagi to automate tasks in their insurance onboarding process. They found that the manual, administrative nature of their onboarding meant that they were losing business to competitors who were providing faster services. The staff were stretched too thinly to be able to get to know the customers and therefore not offer a personalized experience.  

But by deploying a DPA solution, they were able to not only reduced to onboarding process by 90% in 90 days, but also advise clients on the best products based on their overall needs thanks to a centralized and contextualized view of customer data.   

 

3 – You Need to React to Regulatory Changes 

As if it wasn’t enough to keep up with customer expectations, the constant shifting of regulations regarding data security and consumer privacy provide yet another hoop for firms and brokers to jump through. So whether you’re ensuring you are GDPR compliant or keeping up with Biba or the FCA’s regulations to diminish fraud, automation can help you to achieve peace of mind so you can focus on your customer. 

As well as carrying out identification and credit checks, automating your back-office is an efficient way to ensure that all data is delivered to a centralized repository. You can also ensure that your programs leave an automated audit trail so that when you need to prove compliance, all your actions have already been documented and securely stored.  

 

Rather than viewing onboarding as a bureaucratic burden, seize the opportunity as a chance to establish customer relationships that will last the test of time. 

If you’d like to see Bizagi’s digital business platform in action and hear about how other industries have improved their onboarding process, watch our webinar below, ‘How to Improve New Customer Onboarding’.

 

 

Banking

Banking Fraud Prevention: System Silos Create Gaps for Criminals

Agile & Low Code

Jump to Lightspeed: How to Use PaaS to Drive Transformation Velocity 

Banking

[Infographic] 3 Processes Ready for Automation in Banking

Use Cases

How CBC Orchestrated Their Distribution of PepsiCo Products

Banking

Loan Origination: The Benefits of Automating the Process

Banking

5 Ways to Empower Banking Employees with Automation 

Infographics

[Infographic] Bridging the Gaps in Banking

Use Cases

4 Ways Tatweer Petroleum are Using Automation to Optimize Operations

Banking

Perfecting the Customer Experience in Banking

Digital Process Automation

Ease the Strain of Supply Chain Disruptions in the Energy Sector with Low-Code Automation 

Manufacturing

3 Ways Unilever International Achieved Agility at Scale 

Banking

Banking Automation: 4 Essential Tips to Transform Your Bank

Agile & Low Code

Why You Need a Cloud-First Strategy 

Banking

3 Ways IT Leaders in Banking can Drive Transformation

Banking

How AgFirst Bank Ensures Compliance with Automation

Banking

3 Processes Ripe for Automation in Banking

Use Cases

Automating the Vendor Management Process: Benefits at 5 Key Steps

Banking

Transforming Approval Processes in Banking: Real-Life Examples

Manufacturing

What is Supply Chain Sustainability?

Process Modeling and Mapping

How to Find and Fix Bottlenecks in Your Supply Chain 

Process Modeling and Mapping

What is Process Improvement? Methodologies to Help Your Business

Manufacturing

Want a Resilient Supply Chain? It’s Time to Automate Manual Processes 

Manufacturing

[Infographic] Supply Chain Orchestration: Fixing the Gaps in Your Operations

Manufacturing

Supply Chain Automation: Use Cases for Every Point in Your Logistics Network 

Manufacturing

How to Build a Connected Supply Chain

Person at desk building business process map in Bizagi Modeler on laptop Agile & Low Code

3 Low-Code Use Cases: How Low-Code Platforms Can Accelerate Digital Process Automation 

Woman looking stock market Data on smart phone Banking

6 Lessons Learned from 6 Years of Using Bizagi at Stone Coast Fund Services

Intelligent Process Automation

5 Intelligent Process Automation Use Cases to Inspire Your Automation Project

Robotic Process Automation

IPA vs RPA – What’s the Difference?

Use Cases

16 Real-World Business Process Automation Examples That Sparked Success

Digital Process Automation

Why Your Shared Services Center Needs Automation 

Agile & Low Code

Low-code and No-code Platforms: Which Approach Should I Use?

Process Modeling and Mapping

Process Documentation Examples: Tools, Use Cases & more

Agile & Low Code

[Infographic] Low-code vs No-code: What’s the Difference

Agile & Low Code

The Citizen Developer Revolution: How to Enable and Support Developers

Digital Transformation: Technology

What is Hyperautomation and How Could It Help Your Business?

Man wearing headphones working on laptop at desk in empty office Finance Solutions

The Benefits of Audit Automation: Real-Life Examples

Use Cases

AP Automation: Getting Started with Accounts Payable Automation 

Process Modeling and Mapping

Process Mapping vs Process Modeling: What’s the Difference?

Cardboard boxes on a conveyor line in distribution warehouse Use Cases

Automation Success Story from Deutsche Post DHL Group’s Shared Services Hub

Agile & Low Code

Low-Code Automation: The Benefits

Manufacturing

Supply Chain Automation: 4 Benefits it Brings to Your Organization

Infographics

[Infographic] Automate to Innovate in Manufacturing - 3 Essential Strategies

Finance Solutions

What CFOs Really Think About Automation in Finance

Process Modeling and Mapping

What is Process Mapping? Benefits and Examples of Process Maps

Business Analysis and Strategy Digital Process Automation

What is Business Process Automation (BPA)?

Confident smiling businessman using smartphone in office Intelligent Process Automation

Process Automation ROI: How to Calculate Yours

Workspace with Blank Computer Screen Agile & Low Code

What is Low-Code Automation and How Could it Benefit You?

Digital Process Automation

Automation Predictions for 2021 and Beyond

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Process Modeling and Mapping

What is Process Modeling? 6 Essential Questions Answered

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Insurance

Transforming the Insurance Claims Process: Real-Life Examples

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Finance Solutions

5 Reasons for Automating the Procurement Process

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Banking

Loan Origination Automation at AEON Credit Service Asia (ACSA)

Digital Process Automation

3 Ways Process Automation Can Aid Your Business Recovery

HR & Employee Experience

[Infographic] 3 Processes Your HR Department Need to Automate Now

HR & Employee Experience

4 Ways to Deliver Change Management for Process Automation

Depressed frustrated trader tired of overwork or stressed by bankruptcy, sad shocked investor desperate about financial crisis or money loss, upset businessman having headache massaging nose bridge Business Continuity

4 Technology Priorities for Enterprises Preparing for Economic Downturn

Digital Transformation: Technology

The Building Blocks You Need for Digital Transformation

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Robotic Process Automation

How to Use Bizagi and RPA to Achieve True Digital Process Automation

Insurance

5 Insurance Processes Transformed by Digital Process Automation

Insurance

Insurance Peer Review Just Got Easier, Thanks to Process Automation

Governance & Compliance

5 Governance, Risk and Compliance Automation Templates You Can Use Right Now

Manufacturing

Smart Manufacturing: How Geesinknorba Increased Production Efficiency by 45%

Insurance

4 Important Wins from Digital Transformation in Insurance

Banking

Intelligent Process Automation: Bizagi and RPA in Action at Bancolombia

Banking

3 Ways Bizagi Transforms Wealth Management Organizations

Insurance

Tackling the Frankenstack: Legacy IT Evolution for Insurers

Digital Transformation: Strategy

Digital Transformation Strategy: Get it Right & Become a Digital Master

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Healthcare

3 Ways to Ensure Data Security in Healthcare

Customer Experience & Engagement

The Customer Journey: How to Capitalize on Critical Moments

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Healthcare

Telemedicine: Meet Customer Expectations in Healthcare with AI

Digital Transformation: Strategy

[Infographic] 3 Ways to Tackle the Tensions Around Digital Transformation

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Insurance

Rescue Insurance Policy Administration with AI & Process Automation

Governance & Compliance

[Infographic] 4 Ways to Reduce Risk & Keep Your Business Compliant

Insurance

Insurance Claims Process: Don’t Leave Your Customers Waiting

Digital Transformation: Strategy

Digital Operations: Transform your Business in 6 Simple Steps

Customer Experience & Engagement

[Infographic] 3 Ways to Transform Your Customer Engagement Strategy

Insurance

Customer Experience in Insurance: How to Accelerate the Digital Transformation

Customer Experience & Engagement

Contextualization: The New Rules of Customer Engagement

Governance & Compliance

Governance and Compliance: Mitigate Risk in 6 Simple Steps

Insurance

[Infographic] 5 Steps to Digitally Transform Your Insurance Company

Governance & Compliance

Why Agility is The Key to Regulatory Compliance

Use Cases

Lotus Notes Migration: Modernizing Your Applications with Bizagi

Banking

Blockchain: The Fuel to Energize Your Financial Services Transformation