Give clients a 3C experience

By Akshay Arora and Erik Stockwell

The insurance industry is deeply influenced by today’s experience economy. Over the next few years, the most successful will be the intermediaries that have invested in the ecosystem of experience, also referred to as a 3C experience.

This focus on these three critical areas is key to delivering unique Experiences for Clients as well as Carriers and Colleagues, mathematically, S = f (3C Ex). Creating growth requires that clients are always at the nucleus of the experience.

To create the 3C experience, brokers must address the needs of each group. Here’s a look at the key priorities for each “C” and the steps brokers can take to deliver.

1^st C (client experience)

• Speed to market: The changing definition of risk, evolving products, shifting state regulations and increasing complexity of the ecosystem players highlight the need of speed to bind. To operate at this accelerated speed, brokers must leverage advanced risk modeling, external data infusion and structured data within integrated workflows and across markets. Success here will empower brokers/producers to accelerate their value proposition.

 For example, external third-party data can be added to existing coverage information to develop a robust exposure management profile and indicate the most likely carriers with whom to place current client risks based on penetration or concentrations of risk.

• Interaction enrichment: In today’s world, having multiple channels to reach clients (from personal to digital, from proactive to self-serve) is mere table stakes. The real goal is to increase visibility and transparency across the omnichannel experience and then accelerate the response to queries, be it a pre-placement quote or a post-placement By leveraging cloud native customer relationship management systems, data visualization and predictive analytics, brokers can increase the visibility and transparency of the process, improve efficiency and make it easier for clients to better understand the status and results of interactions.

• Focused segmentation: Much of the experience journey can be improved by segmenting service levels. For example, brokers can base the level of service given to a client on their premium, the complexity of their policy, or some other determinant of value. Operating models and service standards can be aligned to broker segments through balancing the process standardization with appropriate customization or ringfenced approach for uniqueness in each segment. This drives personalization and a better experience. A system of engagement that automatically monitors and triages both brokers and risks can keep key performance indicators and service levels aligned to the appropriate level of service experience segmentation.

• Service standards: Brokers always should strive to improve service standards. The key here is measurement because what gets measured gets improved. From outcome to process KPIs to lead and lag indicators, leveraging systems of engagement along with systems of reporting will provide brokers with the insight needed to maintain service standards.

2^nd C (carrier experience)

• Increased data transparency: For today’s intermediaries, data is critical. It helps them determine the right risk, capitalize adequately on the quality of information and provides the insights needed to make quick decisions. Leveraging natural language processing and connected technologies to structure the flow of quotes and binders will not only build the speed flow but increase the trust between brokers and carriers.

• Swifter settlement: Settlement of premiums and commissions is a huge priority for both brokers and carriers. Naturally, revenue recognition and speed to general account investment are important but so too are fiduciary implications. Here it’s key to establish a common global process that leverages controls and settlement workflow orchestrator/case management tools. These elements will improve working capital and prevent leakage. Again, a robust level of data analytics to triage cases and detailed tracking in a system of engagement pushed to broker portals can ensure swift settlement and automatic interfaces to downstream premium recognition and investment systems.

3^rd C (colleague experience)

• Continuous reskilling: At its very heart, the insurance industry is a relationship-driven business. The new tools described previously will not only enhance the external experience, they also can improve employee satisfaction. For example, by working on modern tools, employees will gain access to vital information when and where they need it.

New call center-assisted agents and machine learning-based job aids will help employees provide a more professional and faster response to consumers and brokers alike. The ability to provide great answers at a fraction of the time will build trust, confidence, and skills across the company.  Marry that with a robust knowledge management system and a formalized, technology-driven learning and development program, and brokers will be able to increase colleague growth and talent retention.

Overall, focusing on the three Cs of Experience creates a roadmap for both business and information technology that will integrate the value derived from strategic projects. Bucketing projects into these C streams will align process, technology adoption and change management.  Ultimately, the winners in this new economy of interconnected experience will be those who know how best to leverage the ecosystem of technology and process to create digital-first and analytic-driven to realize their strategy.

Akshay Arora is broker and MGA segment leader, insurance, with Genpact. He may be contacted at [email protected].

Erik Stockwell is head of global data-tech-ai transformation – insurance, with Genpact. He may be contacted at [email protected].

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