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Commercial property and casualty (P&C) insurance thrives on delivering a better customer experience. If you can streamline your customer acquisition, onboarding and retention processes, and remove friction, you can sign more new clients and encourage returning customers to keep doing business with you.
Those are exactly the objectives of one of our clients, one of the largest commercial P&C insurance carriers in the U.S. with more than $3.4 billion in gross written premiums. We’re delighted to share some highlights from their great story thus far, as the team strives to optimize its policy renewal processes and retain customers through strong broker and agent relationships.
If you’re looking for ways to speed up and digitize your customer and broker experience, we’ll show you some extraordinary real-world results the company has measured already, and is looking to achieve in the next few years. Following a similar process could help you to be more competitive, increase revenue and conversion rates, and underwrite faster.
For this organization, the workflow around commercial insurance policy renewals has been complex and involved. It requires multiple data entry clerks, manual handoffs between the insurance business and brokers, inefficient communications, and labor-intensive processing. This manual approach has led to slow end-to-end turnaround times and high levels of inefficiency. This in turn eats into revenue and profit margins.
Intelledox and DocuSign partnered to show the insurer how the team could improve broker efficiency and retention rates when customers were renewing commercial policies.
This move towards a fully digital customer onboarding and retention process is expected to drive some dramatic improvements and measurable return on investment.
This insurer works with several high-profile financial services partners. These partners are seeing considerable benefits, including:
As you can see, this combined solution is driving substantial cost savings, improving form conversion rates and data accuracy, while enabling agents to respond faster to customers. In total, this solution is forecast to deliver annual benefits of between $22 million and $57 million, based on renewing 150,000 commercial policies.
In coming months the company plans to introduce advanced analytics into the underlying interview logic, supporting efforts to generate relevant cross-sale offers, increase conversion rates further, and improve broker sales efficiency, together with delivering even greater customer satisfaction.
If you want to learn more about how commercial P&C insurance carriers are re-imagining traditional forms and processes to move customer engagement to digital, we’ve licensed an exclusive report from Strategy Meets Action: Commercial P&C Strategic Initiatives report for 2019. Check it out here.
Once you’ve done that, find out how Intelledox works with commercial insurers to revolutionize the customer journey. You might also be interested in our webinar on commercial insurance: rethinking agent & customer interactions scheduled for Thursday April 4th.
We can help your organization, too. Contact us to get your own custom demo.
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