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The Consumer Behavior in the Insurance Field in 2023
2020, with the pandemic and lockdown, has changed once and for all the way people consume products and services. All that could not but affect the insurance industry. Individuals and businesses around the globe are conscious of the need for insurance coverage in response to the emerging risks, especially those unleashed by COVID-19.
To correspond to a high level of demand in 2023, insurance companies should modify their distribution strategies and leverage technology as their major asset by competing for customers.
Insurance Self-Service Portals
What is an insurance portal? A self-service portal is a vast potential technology channel successfully exploited by insurance companies nowadays. In this blog post, our experts will share their thoughts regarding:
- Sense and primary goals of insurance self-service portals;
- Pros of self-service portals for customers and companies;
- Where to start if you are looking for a self-service portal for your company.
Self-Service Portals: What’s That?
The insurance self-service portal is a software solution dedicated to automating operations provided by insurance carriers and simplifying the way policyholders get insurance services, such as client and claims management, insurance accounting, and much more.
The principal goal of insurance portal software is to provide a personalized customer experience, as well as enrich engagement channels for customer acquisition. Utilizing self-service portals and other digital channels enables insurers to build a new approach to insurance products
How can Insurance Self-Service Portal Enhance Customer Experience?
An Insurance Self-Service Portal can significantly enhance the customer experience by providing policyholders with convenient and efficient ways to manage their insurance-related tasks and queries. Here are several ways in which such a portal can achieve this:
24/7 accessibility
Self-service portals allow customers to access their insurance information and perform tasks at any time, eliminating the need to wait for business hours or speak to a representative.
Convenience and flexibility
Customers can review policy details, make changes, and file claims from the comfort of their homes or on-the-go, without the need to visit a physical office or make phone calls.
Quick policy management
Customers can view and update their policy information, such as beneficiaries, coverage levels, and payment preferences, without relying on customer service agents.
Claim filing and tracking
Customers can initiate and track the status of their claims through the portal, providing transparency and reducing the need for multiple phone calls to gather information.
Document management
Uploading and accessing important documents such as policy documents, proof of loss, and communication history becomes easier through the portal.
Cost savings
For insurance companies, self-service portals can lead to reduced operational costs by automating routine tasks and reducing the need for extensive call center operations.
Overall, an Insurance Self-Service Portal can empower customers to take control of their insurance-related tasks, provide faster and more convenient interactions, and enhance their overall satisfaction with the insurance company's services.
Self-Service Portals: Pros For Policyholders
Let’s catch on to the advantages your customers can get from self-service portals:
24/7 remote access to the service
When can customers contact you? How many customers per day can your employees consult? Company working hours or office location are no longer a decisive factor.
Self-service portals provide continuous client support regardless of the time or location of your client. Convenient access could be provided through the web or mobile application serving the portal.
Easy access to information about insurance products
It’s hard to imagine a self-service portal without client support and a FAQ section. Developing this functionality can significantly reduce the workload of your customer support department.
Self-service portal users can get a clear and comprehensive answer to any question at any time. This is provided by online chats with chatbots and AI assistance.
A fast claim approval process
One of the most impressive features of self-service portals could provide clients with - a transparent claim management process. You can provide information about each stage of the approval process with progress bars and real-time notification. It will eliminate the uncertainty that customers may experience throughout the claim approval process.
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Self-Service Portals: Pros for Insurers
Lower customer acquisition cost
All the above-mentioned advantages will improve the customer experience for policyholders. As a result, better CX could reduce customer acquisition costs for insurers. A self-service portal that works fast, with a qualitative user experience and interface design engages customers on the best terms.
Diversification of the product channel distribution
Self-service portal development allows insurers to modify the channel distribution strategy by exploring capabilities of multi-channel advertisements, such as social media ads, PPC (pay-per-click) ads, and SEO (search engine optimized content).
Improving customer retention
A well-organized client management system on the portal could increase the customer retention rate. This can be automated reminders of the renewal of contracts, offers to purchase insurance products based on the previous actions of the customer on the portal, and much more.
More data about your customers
Self-service portals provide an opportunity to analyze customer actions, based on which insurers can offer more appropriate insurance products with better risk coverage, and as a relief - make products more personalized for customers.
Top Features of an Insurance Self-Service Portal
Creating a successful Insurance Self-Service Portal requires incorporating a range of features that cater to the needs and expectations of policyholders. Here are some top features that can enhance the effectiveness of such a portal:
Policy information and documents
Allow customers to access their policy details, coverage information, and related documents such as policy contracts, endorsements, and renewal notices.
Online claims filing
Enable customers to initiate and submit insurance claims through the portal, including the ability to upload supporting documents and photos.
Claim tracking
Provide real-time updates on the status of filed claims, ensuring customers are informed about the progress and resolution.
Profile management
Allow customers to view and update their personal information, contact details, beneficiaries, and preferred communication methods.
Payment management
Enable customers to view premium payment history, set up automatic payments, and make one-time payments online.
Document upload and download
Allow customers to upload documents required for claims processing and policy updates, and provide them with the option to download important documents.
Secure messaging
Implement a messaging system that allows customers to communicate directly with customer service representatives, ensuring privacy and security.
FAQs and knowledge base
Provide a comprehensive library of frequently asked questions and answers, along with informative articles to help customers find solutions independently.
Chatbot assistance
Integrate a chatbot for immediate assistance with common queries and tasks, enhancing the portal's responsiveness.
User authentication and security
Implement strong security measures, such as two-factor authentication, to protect customers' sensitive information.
By incorporating these features and many more, an insurance self-service portal can offer a comprehensive and user-friendly platform that empowers customers to manage their insurance needs efficiently and effectively.
Where To Start?
It’s quite common when insurance companies are struggling to start the development of software for their needs. The fear of taking a risk is caused typically by a lack of product development experience.
The optimal option would be to contact the vendor, a software development company, with expertise in the insurance field. Vendor specialists will analyze the current processes of the company in collaboration with a company stakeholder, and prepare requirements for a future self-service portal that will suit the company best.
We recommend bearing in mind the possibility of integrating a self-service portal into the current tech infrastructure, as this will speed up the start of portal usage by your employees significantly.
