Upgrading customer data collection in insurance
Friction at any point of the customer journey can mean the difference between a policyholder signing up with your company or taking their business elsewhere.
One area ripe for disruption is customer data collection. Customer interactions in insurance often require collecting data, documents, and signatures. From there, this data needs to be stored, processed, and made accessible to underwriters, agents, and other stakeholders.
But collecting customer data can be a friction-filled process, and if carriers are not careful, they can quickly fall behind on their customers' needs. The data collection process must be transformed for several reasons:
It's often manual and time-consuming
It relies on outdated technology, like fax machines and paper forms
It's often siloed, meaning data collected in one part of the process is not accessible to other stakeholders
It’s time for insurance carriers to modernize their data collection methods and make it easier for customers to provide the information they need.
To remove friction from data collection, insurance carriers need to focus on three things: technology, process, and people. Let's take a look at each one in turn.
Technology: Going digital with data collection
There are a number of ways to collect customer data, but many of the commonly used methods in the industry today are outdated and inefficient. For example,paper forms are still used in many cases, which is not only outdated but also creates a barrier for customers. Call centers are another common method for data collection. In addition to being the most costly way to collect customer data, they are also time-consuming and often lead to customer frustration.
The first step in removing friction from data collection is to digitize the process. This means using electronic forms and signature technologies to collect customer data. There are many benefits of going digital, including:
Eliminating paper forms and manual data entry
Reducing the time it takes to collect data
Improving the accuracy and completeness of data
Making data accessible to all stakeholders
Technology can also help insurance carriers move away from traditional call centers by implementing chatbots and other self-service options.
There are a number of options available that can make the data collection process more efficient, accurate, and user-friendly.
Digital data collection journeys: There are a number of software platforms that allow carriers to create digital data collection journeys for their customers. These platforms make it possible to collect all the necessary data in one place and in a format that is easy to use and understand. Digital journeys take customers through a guided step-by-step process, which eliminates the need for multiple touchpoints and manual data entry.
E-signatures: E-signatures are a legal and binding way to collect customer signatures electronically. This helps to speed up the data collection process and makes it easier for customers to sign forms.
Self-service portals: Self-service portals allow customers to access their account information and complete taskswithout having to contact a call center. This helps to reduce the time and cost of data collection.
By using these technologies, carriers can reduce the amount of time it takes to collect data and improve the accuracy of the data that is collected.
Process: Streamlining data collection across the customer journey
In addition to technology, process improvements can help insurance carriers remove friction from data collection.
One way to do this is to streamline the data collection process so that it requires less customer engagement. This can be done by reducing the number of touchpoints, eliminating unnecessary steps, and automating as much of the process as possible.
Another way to improve the data collection process is to make it more collaborative. This means involving all stakeholders in the process and making sure that everyone is on the same page. By collaborating, carriers can ensure that the data that is collected is accurate and relevant.
Finally, it's important to make sure that the data collection process is customer-centric. This means designing the process with the customer in mind and making sure that it is easy to use and understand. When the data collection process is customer-centric, it will be more likely to result in positive customer experiences.
People: Creating a customer-centric culture
Even with the best technology and processes in place, data collection can still be a challenge. This is because data collection is ultimately a people-driven process.
There are a number of ways to ensure that the people involved in data collection are able to do their jobs effectively. First, it's important to provide training so that everyone understands the process and knows how to use the technology.
Second, it's important to establish clear roles and responsibilities so that everyone knows what their job is.
Finally, it's important to ensure the integration of tools and systems to eliminate silos and ensure that everyone is working from the same source of data.
The bottom line
It’s time for insurance carriers to modernize their data collection methods and make it easier for customers to provide the information they need.
When done right, data collection can be a powerful tool for insurance carriers. By using the latest technologies and processes, carriers can collect accurate and reliable data that can be used to improve customer experiences and drive business growth.
Ready to upgrade your data collection process? See how EasySend can help.
EasySend is a complete solution that helps insurance carriers collect the data they need to improve customer experiences and drive business growth.Schedule a demo today to see how we can help you streamline your data collection process.
