Transform Insurance with Individual Policy Administration
Learning Objectives
After completing this unit, you’ll be able to:
- Explain the need for digital transformation in policy administration.
- Describe how Individual Policy Administration delivers digital transformation.
A Necessary Disruption
Digital transformation is sweeping the insurance industry. Customers now demand seamless experiences at each step of the policy lifecycle, and they expect to engage on their own terms, and on their own devices. Insurers, agents, and customer service reps need tools to know the customer better, guide the customer better, and build true customer loyalty.
In this module, you saw Cumulus Insurance set off on its transformation journey by implementing Individual Policy Administration on the Digital Insurance Platform.
Anna Murphy, a long-standing and now loyal customer of Cumulus, is delighted with the entire policyholder experience.
First, she finds the whole quote-to-issue process smooth, painless, and efficient. She never needs to enter information twice, and the brokers and support representatives she interacts with always seem to know what she needs.
She also greatly appreciates how simple it is to self-serve on any device when she wants to make any changes to her policy. Over the years, she experiences many life changes and each time, Cumulus’s system is flexible in meeting her new needs.
And the renewal and cancellation processes are just as intuitive, with automated processes and services handling all the heavy lifting.
Cumulus employees are just as elated as Anna. Their productivity has gone through the roof now that they spend almost no time on repetitive tasks and manual data entry. The system handles all of the routine, high-frequency tasks, freeing the team to focus their time on innovation, optimization, and customer satisfaction.
Justus, the head consultant for the project, observes all these changes with real satisfaction. He’s proud of his implementation team for how efficiently and thoroughly they mapped Cumulus’s requirements to the policy administration system’s capabilities. Above all else, though, he knows the built-in power, flexibility, and ease of Individual Policy Administration for the Digital Insurance Platform made this success possible.
Let’s conclude by looking at the ways Cumulus delivers optimal policy administration experiences around four core areas of digital transformation.
Omnichannel
Anna can complete all core policy tasks on demand, anytime and anywhere, thanks to portals, mobile apps, chat, and the other emerging technologies supported by the Cumulus solution. And brokers can do the same, thanks to their own centralized portals.
Because Individual Policy Administration fully integrates with product-administration systems and claims systems, carriers can configure and manage all aspects of their business in one place. At the same time, customers and other key users have the freedom and flexibility to seamlessly move from one channel to another.
Customer-Centric Personalization
Thanks to Individual Policy Administration’s complete integration with Salesforce, the world’s leading CRM platform, Cumulus can deliver personalized, customer-centric experiences at every stage of the policy lifecycle. Because the system captures a 360-degree view of Anna as a customer, it can easily tailor her user experiences to her specific characteristics and needs. The metadata-driven product catalog and rules engine allow Cumulus to deliver tailored policies based on all varieties of user characteristics.
And OmniStudio tools such as OmniScripts and FlexCards push the personalization capabilities of the platform even further, ensuring that Anna can complete all tasks on her own with minimal effort. And when she does seek support, the system can instantly provide brokers and support representatives with the information they need to serve her best.
Automation
After implementing Individual Policy Administration, Cumulus discovers an almost unbelievable increase in the agility and efficiency with which they can deliver solutions. Automation opportunities abound at every turn.
Now, Cumulus teams can:
- Adjust pricing, manage documents, and confirm decisions from a single view.
- Prioritize submissions for intake through bind.
- Automate workflows, plans, and tasks with ease.
- Schedule and automate all policy changes, endorsements, and renewals.
- Perform payment processing and document generation in bulk.
For frequent tasks, no matter how complex, Cumulus now has the tools to automate those tasks. Add to this analytics to monitor and evaluate the efficiency of the solution.
Innovation
Now that the team at Cumulus are free from repetitive tasks and dealing with customer dissatisfaction, they can finally push the envelope and become innovation leaders. Cumulus now delivers new products and user experiences with great speed, without the need for custom code.
Employees at Cumulus respond to changes in market conditions and react to other business challenges much more quickly. With an array of advanced tools at their disposal, they not only have the time, they have the organizational infrastructure and intelligence to gain even more operational efficiency and deliver even greater customer satisfaction.
Let’s Review!
There’s so much good that comes from implementing Individual Policy Administration. Let’s briefly review how this solution addresses four areas of digital transformation. Click each to learn the details.
Want to Learn More?
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