Smart Communications is recognized as an industry leader in Workflow & Content Automation by Aragon Research
Download our eBook: 5 Ways Your Forms Are Killing Customer Engagement and Hurting Your Bottom Line.
Demand is increasing in the enterprise for faster and more agile mobile app development. But if you’re just hiring more mobile developers, you’re missing a huge opportunity.
In just minutes, find out where you stand and get insights on where you can improve along your journey.
Rethink documents & customer communications for an on-demand, "Want-It-Now!" digital world.
Does Your CCM Solution Slow Down Your Business?
Call us on:
US: +1(888) 576 6428 (EXT 700)
Australia: +61 (02) 6280 6244
Asia: +65 8222 2266
Karen Oakland, VP of Marketing |
February 12, 2020
Changing U.S. state regulations around Personal Injury Protection (PIP) add-ons for auto insurance offer a great example where digital forms transformation can have a big impact. Insurers often need to adapt to regulatory changes quickly, and that means updating often a huge library of forms, processes and documents for new policies and policy renewals to stay in compliance.
As you shift your business to digital, that should mean more than simply moving paper forms online. Customers and agents still detest the tedious nature of searching and downloading the right form, printing it, completing information you already know about them, then going back and forth to complete and approve the new policy or renewal.
In contrast, next-gen forms technology enables insurers respond to changing regulations quickly while delivering a better, faster customer experience. This post discusses how next-gen forms can help car insurance carriers gain operational efficiency, improve top-line revenue and provide a frictionless customer experience around new policy underwriting, renewals and service.
What is PIP? The PIP component of auto insurance covers medical expenses, regardless of who’s at fault, and often includes lost wages. It’s mandatory or optional in 22 U.S. states. Depending on that state, PIP may be an available option or a required policy add-on. And these rules continuously evolve based on state budgets and the ongoing discourse between the legal community, insurers, health care providers and state legislators.
Michigan is a prime example of where insurers need to respond rapidly to regulatory change, with new PIP rules set to take effect in 2020. Currently, Michigan’s 7 million drivers must purchase unlimited PIP coverage as part of their auto policy, guaranteeing that insurance companies will cover all medical costs associated with car accident injuries – no matter who is at fault.
Yet starting after July 1, 2020, Michigan auto insurers will need to give customers the option to select from five different coverage tiers, many of which would lower customers’ rates, but also limit their coverage. There’s even a tier for 100 percent opt-out, with Medicaid picking up the coverage.
So that means if you operate in Michigan, you need to change and update all of your forms for PIP sales and renewals. You will also need to re-engineer processes around policy renewals. That can become a mountain of work if you’re reliant on paper, PDFs or hard-coded Java-based electronic forms.
According to the insurance research firm Novarica, “Carriers are pushing the envelope in digital self-service, designing products for digital processes and targeting digitally oriented consumers. Generational cohorts like Millennials and Gen Z expect digital experiences.”
The point is: to keep pace and remain relevant, you need to be able to capture customer information digitally and then create quotes on demand, tailored to individual state requirements – with or without PIP. Then, as regulations change, you need renewal communications to accurately and seamlessly update across your online venues.
Many insurers still publish a huge library of static, blank PDF forms online and try to call that “digital.” This forces the customer or agent to deal with identifying and downloading the right PDF, filling it out by hand, and then scanning or faxing it back to the company. That’s a terrible experience!
In contrast, next-generation forms enable you to gain efficiency and elevate your brand through a modern, re-imagined customer experience:
Rather than applying costly resources to continuously modify forms, you need to engage consumers in an online discussion, leading them to select the ideal coverage for their needs. With Intelledox, you can engage modern consumers and communicate about your PIP offerings the way they like best.
Next-gen forms take the concept of “smart” online forms to a new level. These discussions are essentially digital self-service interactions. Customers and agents input what they want and engage with a responsive form that drives them to the right offers based on their expressed needs, including PIP coverage.
These interviews are accurate and engaging, because they are holistic by doing these things:
As part of the adaptive interview, many of our insurance clients incorporate a workflow to automatically flag urgent issues or exceptions. This enables them (or their agents) alert a customer in real time when additional information or action is needed, such as a live, personal phone call.
When you use Intelledox alongside DocuSign, you can dynamically generate and deliver policies and documentation that correspond to an individual’s locations and circumstances, for an end-to-end personalized and paperless experience.
Harking back to the Michigan example, here’s how that process would look for an existing customer of an insurer:
The insurer and customer can always opt to output this data to the standard ACORD form, just like producing a tax form for recordkeeping after e-filing taxes.
As an insurer, you need to ask yourself the hard questions if you want to stay top-of-mind with the modern consumer. Are you ready to adapt all your forms as rules and regulations change? Do customers interact with you in digital and mobile-friendly ways for new policy and renewal processes?
Gone are the days of presenting PIP consumers with a blank form. Instead, greet visitors with a simple question – “What do you want to do?”
The rest happens automatically with your next-gen, guided forms. For more detail about streamlining your auto policy underwriting, onboarding and renewal processes, download our new white paper, or contact us today.
© 2019 Intelledox. All Rights Reserved.
In just minutes, find out where you stand and get insights on where you can improve along your journey