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Karen Oakland, VP of Marketing |
October 19, 2019
More than 350 property and casualty insurance companies worldwide use the Guidewire platform as their core system of record to manage policy, claims and billing operations. If you’re a Guidewire customer, have you considered how you might unlock the core data in that system and use it to reduce friction across your customer and agent interactions?
Forms are still the primary way most insurance companies collect information as part of a quote, enrollment or claim process. But even if you’ve transitioned your forms online, chances are you are still operating from what we call the “PDF paradigm.” You’re asking your customers or agents to complete static blank forms that demonstrate little knowledge of who they are and the action they want to take. Those PDFs or HTML forms probably aren’t mobile-friendly, either.
Yet in today’s era, personalization is key to customer engagement. What if you could not only prefill that form experience with information from your Guidewire system, but use data to create an adaptive interview, which leads customers through an interaction? For example, you can reveal different questions based on the customer’s state or product line, or even deliver relevant cross-sell offers as part of a renewal process.
Why does this matter? Traditional forms are time consuming and tedious, and often difficult to understand. Meanwhile digital-first customers are demanding the same easy, fast experience they get from Amazon.
As noted by Forrester insurance analyst Ellen Carney: “As more customers use their handy mobile devices to research, buy, and use their insurance coverage, digital insurance teams have to streamline information gathering. Instead of filling in fields, digital insurance teams are turning to more prefilling, tapping, sliding, and swiping to confirm, rather than collect, customer info.”
Forms are costly and time consuming to process inside your organization, too. How much time, money and effort does it take for your organization to rekey information from a form into your Guidewire system? Or, scan forms into an OCR system, only to create data output full of errors?
Incomplete forms or manual processes mean delays and lost revenue. MunichRe estimated that it cost as much as $300 per application to resolve issues with errors and incomplete forms in life insurance due to underwriting and administrative issues.
When customers confirm or update information in a digital adaptive form, you can skip those steps. Synch that data automatically with your Guidewire system, rather than worrying about retyping information. This enables you to reduce data errors, improve efficiency and speed up time to revenue (or time to claim payout, making your customers happier.) Intelledox clients have seen dramatic reduction in NIGO (Not in Good Order) rates and faster turnaround times.
Once that updated or new data is submitted, Intelledox further incorporates a fully integrated, customizable workflow engine so you can initiate and route tasks based on the customer’s unique experience and needs, either in specific order or in parallel to other activity.
And, with the integration of tools like DocuSign, electronic signatures can be incorporated into any workflow, reducing friction and making the experience appear seamless to your customers. Streamline collaboration, reviews and approvals with reduced risk of error.
These Intelledox-powered guided forms don’t just transform customer interactions. They also transform internal and external processes vital to employees and channel business partners, such as insurance brokers and advisors. Many organizations are looking for opportunities to reduce data entry and streamline interactions for their customer service representatives (CSRs) or other agency principals.
With Intelledox you can enable multiple parties involved in an interaction or project to engage with role-specific screens and questions tailored to each individual. Nobody has to manually combine the responses into a single document or system. This speeds transaction time and delivers an elevated experience to everyone involved.
For most organizations, your IT team is in high demand and short supply. But customers and market demand require a more agile, flexible approach to building new processes.
With the Intelledox approach, after IT sets up the initial connections to your Guidewire system, your business users are empowered to build any new data-collection process quickly through easy-to-use, drag-and-drop capabilities. They just pull in the data fields they want with the right rules and conditions.
This enables your organization to bring new forms and products to market faster than ever, rather than relying on Java developers or other IT resources.
In short, Intelledox enables you to gain efficiency and elevate your brand through a modern, re-imagined customer experience:
With our recent acquisition, Intelledox now has the opportunity to take advantage of the longstanding partnership with Guidewire and Smart Communications. If you’d like to learn more, meet us at the Guidewire Connections conference in the Smart Communications booth November 3-6, 2020, or contact us to schedule your own demonstration. We’re excited to help insurers elevate their digital customer and agent experience.
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In just minutes, find out where you stand and get insights on where you can improve along your journey