Last week, I discussed the four models along the fulfillment continuum for creating exceptional customer experiences. While each model can be effective, the reality is that many insurers will find it more realistic to blend components of different models to achieve their ideal state.
Insurers should evaluate each fulfillment activity to determine the desired level of integration. When looking for this optimal mix, companies should measure not only the impact on customer experience, but also other business considerations such as productivity and cost.
There are four key considerations that financial service companies should consider when selecting a fulfillment model.
1. The magnitude and complexity of change is significant.
Conduct an analysis of customer pain points and overlay it with high volume transactions to identify your “strike zone.” Address fulfillment activities in this zone first to yield the highest return on investment and greatest impact to the customer experience.
2. Navigating organization barriers can be difficult.
Appoint a strong leader who is accountable for change and who can navigate barriers effectively and help to establish a robust model and issue resolution process.
3. The regulatory environment can prohibit integration of some activities.
Conduct an analysis to determine regulatory impact on integration.
4. A highly-complex technology landscape may limit the ability to realize the target model.
Prioritize where to focus first through an evaluation of business value and then identify the complexity of change. Broadly communicate wins to garner support for further change.
Of course, the future holds heightened customer expectations and additional channels for communication. Tune in next week for a discussion on the advanced capabilities that will be necessary to meet customer needs in the future.
To learn more, download: The Transformation of Fulfillment: Seamless Integration across Diverse Businesses.