IT’S ALL ABOUT SERVICE:TRANSFORM APPLICANT ONBOARDING IN INSURANCE

Improve the quality of applications submitted

for underwriting

Improve customer experience and

placement ratios

Reduce operational risk and improve

compliance

FLAWLESS APPLICANT ONBOARDING ALLOWS YOU TO:

Reduce abandoned or withdrawn applications

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So how do you deliver a flawless

onboarding process?

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Identify the best insurance

options

Submit supporting

documentation

Provide required information

Stay informed during the

process

APPLICANTS ARE LOOKING FOR A FAST AND EASY WAY TO:

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So what is going wrong?

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COMMON ONBOARDING PROBLEMS

Lengthy sign up: Too many steps exist and too much information is required.

Repetitive requests: Customers are forced to provide the same information.

Limited channels: Lack of alternatives to traditional, paper-based methods.

Delayed response: Applicants don’t receive immediate feedback.

Only 1/3 of insurers allow a customer to start a transaction in one digital channel and then resume in another.

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Why is this happening?

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YOUR SYSTEMS OF RECORD LACK FLEXIBILITY FOR MODERN SYSTEMS OF ENGAGEMENT

• Information collection continues to be the most burdensome task within applicant onboarding.

• Traditional solutions don’t leverage and reapply information throughout the process.

• Customers demand to engage using their channel of choice; mobile, email and web.

• Communication methods are limited to snail mail.

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REGULATORY FINES ARE COSTLY, MAKE SURE YOUR ONBOARDING PROCESS IS COMPLIANT

Strict regulations govern the collection of personal data:

Compliance with internal service level agreements (SLAs):

• Are you meeting your performance obligations?

Compliance with external regulations:

• Is data security and privacy legislation observed?

• Are your customer communications consistent and timely?

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LIMITED ONBOARDING CHANNELS AND INEFFECTIVE COMMUNICATION WILL IMPACT CROSS-SELL OPPORTUNITIES

Gartner predicts 70% of customer communications will be digital in 2017, but insurers lag far behind.

The average time between interactions with policy holders can be as long as 18 months.

79% of insurers say they’re “still learning” and “not setting the baseline” for digital.

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1. Simplifies and automates data entry and document collection.

2. Intelligently captures, extracts and reapplies all information across the onboarding process.

3. Allows customers to choose their channel of choice.

4. Provides visibility and control over entire onboarding process through analysis reports and dashboards.

SO HOW DOES FLAWLESS APPLICANT ONBOARDING WORK?

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And, are you delivering

on your SLAs?

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• How many applications have been submitted? Where are they in the process?

• What is the average time for each step, and between steps?

• How many applications were abandoned or withdrawn? And where in the process?

• Are your placement ratings where you want them to be?

• Have there been deviations from required processes?

• Are there any non-compliance issues?

WHAT YOU NEED TO KNOW TO MEET YOUR SLAS AND IMPROVE THE ONBOARDING PROCESS

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How can you quickly find out where the issues are? — and more importantly,

why does it matter?

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• 82% of consumers believe the number one factor to having a great customer experience is getting issues resolved quickly.

• 55% of consumers have intended to conduct a business transaction, but have decided not to, based on a poor customer experience.

• Customers are willing to spend 13% more with a company they believe provides excellent customer service.

WHAT’S AT STAKE: A SECOND IS THE NEW MINUTE

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Process intelligence can immediately alert

you to any issues and where they’re

happening.

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• Review the onboarding process from start to finish.

• Examine the flow of cases throughout the work process.

• Uncover and fix bottlenecks.

• Discover exceptional pathways.

• Drill down and take actions to enhance customer experience.

SEE YOUR ONBOARDING PROCESS IN A WHOLE NEW WAY

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This allows you to fix problems before you lose

new applicants.

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• Enhance the customer experience.

• Create loyal, lifelong customers.

• Reduce costly errors, and frustration.

• Ensure agile compliance with new regulations.

• Do business the way your customers demand.

• Ensure processes are visible, transparent and measurable.

BENEFITS OF TRANSFORMING APPLICANT ONBOARDING:

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For successful onboarding, organizations must make

customer engagement and customer

experience a priority.

To find out how you can deliver flawless onboarding

and meet your SLAs, click here.

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