In the current US economy, life and annuity carriers are enjoying increasing opportunities for growth. This growth is enabled by their ability to anticipate and serve the needs of new and existing customers quickly and effectively, and to provide a consistently superior customer experience. And it’s data that makes this possible.
Whether carriers need to ensure speed of issuance and visibility into the application status for the producer/agent, or deliver timely resolution and action in the call center or through a consumer portal, they must have access to centralized data. The bottom line is that everyone in the ecosystem needs access to data—in real-time—including:
- Agents, who need information about the status of new-business processes or any amendments.
- Consumers, who want more self-service capabilities.
- Call center representatives, who need access to a full customer view and history.
Carriers, consumers and agents all need access to data
For carriers, today’s modern systems and new digital applications offer sophisticated methods for designing, accessing and presenting data. The Accenture Life Insurance & Annuity Platform (ALIP), for example, delivers a consolidated, 360-degree view of the customer, with the ability to drill down to any historical data. This improves the speed of call resolution and supports cross-selling and up-selling. With an advanced and intuitive interface, ALIP makes it easy for users to navigate screens to review and update information.
Consumers have similar expectations for customer portals. They want to request quotes, access their policies and make common changes through interactive and intuitive screens that provide up-to-the-minute account information.
Agents, too, require access to real-time data to monitor underwriting status through portals or through home office systems with secure, roles-based access rights. Access to data, analytics and automated processes can also help increase the speed of underwriting and improve customer satisfaction.
Configurability is critical
One of the keys to effective data capture and presentation is configurability. The right software should provide:
- Page templates and data capture fields that can be configured to support the data a carrier needs and varied according to different product lines.
- Single-page entry to speed the process through pre-defined forms.
- The ability to add reflexive questions, conditions and rules to offer more flexibility and efficiency in the data capture process.
- Role-based views of data for agents, call center workers and consumers.
Related applications improve the customer experience
Related customer service applications are also coming to market that use data in innovative ways to improve the quality of communication and the overall customer experience. One such application is Accenture’s SmartVideo solution, which uses customer and policy data already stored in carriers’ systems to quickly and cost-effectively create data-driven videos. These videos provide customers with personalized explanations of things like account setup, billing statements, event confirmations and more.
If there is one takeaway from all this, it’s that carriers need to shift their people, processes and technology away from the traditional policy-centric view toward a vision that recognizes and supports a compelling customer experience. Modern systems that improve access to centralized, timely data will enable carriers to not only reduce costs, but also to encourage customers to stay longer and buy more—and provide an edge in this increasingly competitive market.
To learn more about the Accenture Life Insurance & Annuity Platform, visit www.accenture.com/lifeandannuitysoftware.