processing communication in finance and insurance companies

In today’s digitized world, your customers and professional stakeholders expect fast and seamless services. And with modern core systems, advanced web portals, and chatbots, you’d expect to meet their needs with ease. But that’s not the case. Reality seems to bring you even more complexity.

Recognize any of these headaches? Learn how to cure them.

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_{CHALLENGE #1:}

You communicate over many channels

Customers alone, expect to reach you with paper mail, by phone, via email, or self-service portals. And if not already, then soon also on social media. New channels pop up, and very rarely old ones go away. Have you retired the fax by now?

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_{CHALLENGE #2:}

You communicate with many stakeholders

In finance and insurance companies, customer is king. And they expect fast, easy, and seamless communication — always. On top of this, you’ve got dozens of professional stakeholders also on the line. Pressuring you for nothing less but efficient communication.

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_{CHALLENGE #3:}

You still have manual processes in place

Increasing volume of communication — with a myriad of partners and over multiple channels — complicates processes. If you manage all this by hand, you rely heavily on individuals. And the manual errors they make.

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_{CHALLENGE #4:}

You’re pressured to react faster

Your stakeholders have considerably higher expectations when it comes to availability and response time. If a customer calls in shortly after submitting a damage report, or to follow up on his assets under management, he of course expects the customer responsible to know about it, right away.

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_{CHALLENGE #5:}

You lack overview

With so many touchpoints in your communication, you lack a unified approach across the organization. Documents end up flying back and forth between the customer, client manager, authorities, and probably your corporate archive. And because of this, you have no overview. What is the current inflow? And outflow? What is the current backlog? All hard questions to answer, when communication is handled uncoordinated.

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_{CHALLENGE #6:}

You have a hard time coping with changes

When you lack control over a process, you also become fragile to changes. New product launches, reprioritization of human resources won't happen with ease. Be hit by sudden events like storms, wildfires, or flooding, and you’ll end up having to reorganize within hours. If your communication processes are handled manually, this will forever be a frustrating anchor.

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_{CHALLENGE #7:}

Compliance is hard to prove

As a finance or insurance company, you handle highly sensitive information. Complying with GDPR and other regulations is challenging as long as manual processes are involved. Failure to comply is not only financially risky, but also jeopardizes your company’s reputation.

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_{CHALLENGE #8:}

Rapidly evolving IT landscapes

Many companies have an IT landscape with multiple core systems involved in serving customers and managing service partners. Old systems tend to be phased out and replaced with new ones. And often with one or more services in public or private cloud. Securing a consistent handling of correspondence across a rapidly evolving IT landscape is a challenge.

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_{CHALLENGE #9:}

The rise of new tech-savvy players

The face of insurance and finance is changing. Like it or not. New tech-savvy players disrupt the market with their all-digital business models. And charm away your customers at the push of a button. With your actual business at stake, you cannot allow loose ends in your digital landscape. But if your communication is still handled manually, taking control over your future will forever be an impossible mission.

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