As you recall, we’ve outlined four resolutions for P&C insurers. In my last post, I focused on the use of analytics to assist in decision-making, and staying business-driven. In this post, I’m going to focus on the last two resolutions: enhancing customer service with technology and—an oldie but a goodie—driving out costs and improving efficiencies.

Use technology to enhance customer-centric service and processes

P&C carriers are selling a product, but it is different from most in that it is not a tangible product, but a promise—and a relationship. Communication is the cornerstone of any strong relationship and the one that you have with an insured is no different. Customer expectations are increasing. The level—and speed—of communications that they expect from the companies that they do business with has a higher bar to reach than ever before. 

Modern technology can enhance that relationship, enabling more responsive customer service—including self-service capabilities—while legacy systems can stymie that.

Spend smart

When it comes to the word legacy, insurance companies shouldn’t look only to their older systems, but also to their processes. Outdated business practices cost money. Spend smart and channel resources effectively—people, money and time—and leverage industry best practices that already exist. Assess what is working and what is not, and optimize what you know to do things better. In the end, spending smart is about knowing what is differentiating and what is not, then investing accordingly.

Knowledge is power, but that power is only worthwhile if you capitalize on it. To rise to the top, insurance carriers need to know more than their competitors and employ that knowledge effectively.