The COVID-19 pandemic has prematurely forced the property and casualty (P&C) insurance industry to hasten its digitalization efforts. When the World Health Organization (WHO) characterized COVID-19 as a pandemic back in March of 2020, an industry traditionally slow to adopt digital solutions had to scramble and adapt to a changed environment where human interaction was limited or restricted.
The changes happened quickly. Suddenly, CIOs and CTOs needed to start setting up infrastructure for a fully-remote workforce, policies and premiums needed updating, claims-processing needed to happen faster, and call centers needed to answer an inordinate number of calls.
Digitalization is no longer an option—it’s a requirement. And P&C insurance companies that double down on digital differentiation to increase efficiencies in internal operations and the customer experience have an edge. And with the help of a digital adoption platform (DAP), digital adoption across a newly remote workforce can happen even more efficiently and effectively.
4 Ways Digital Adoption Platforms Drive Efficiencies in P&C Insurance
1. DAPs Solve High Employee Turnover Rates
Every time you need to replace an existing employee, you need to spend an extra 50% to 75% of their annual salary to cover recruiting and training costs. In most cases, poor onboarding is the underlying cause for low employee retention rates.
With a DAP, you can streamline onboarding by making your program more organized and the entire process more engaging.
Description: Whatfix’s in-application onboarding checklist
Checklists give your new hires a clearer idea of what they need to do and how they can get it done. With a digital adoption platform, you can create walk-throughs for important processes and link those walk-throughs to specific entries in your onboarding task list instead of creating multiple video tutorials that require more time and effort. That way, your new hires can engage in hands-on learning rather than watch a demonstration.
DAPs can also aggregate all of your premade help content and other tool-specific support documents for easier access and contextual help. For example, if your new hire is using one of your tools to track leads, when they access the self-help menu, it’ll only surface help documents related to that specific topic.
By integrating an aggregated, contextualized self-help menu, if your new hires have questions after they’ve gone through all of the walk-throughs, they can find the answers they need with the click of a button.
Having an effective onboarding process can increase retention by 80% and productivity by 70%. By integrating an interactive onboarding checklist, engaging walk-throughs, and a self-help menu, you can create an onboarding process that will increase retention and speed up time to competency.
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2. DAPs Increase Employee Productivity
Another problem that the pandemic brought about was the need to quickly adjust to changes while maintaining the same level of productivity. When the pandemic started, six out of 10 insurance agents weren’t prepared to start working from home. Because 60% of processes still required paper trails and human interaction, P&C insurance companies couldn’t expect their employees to maintain the same level of efficiency as they moved into the digital world.
Integrating a DAP gives employees an opportunity to increase productivity in three specific ways: semi-automated or AI-generated forms, access to contextual self-help, and in-application announcements.
Description: Process of AI form generation through a chatbot
With a DAP, you can create forms simply by sending a known prompt to a chatbot and answering all its subsequent questions. Within seconds, the chatbot can generate the exact form that your employee needs. Apart from AI-generated forms, a DAP can also pre-fill or validate entries to speed up certain processes while also reducing errors.
If an employee is confused about a certain process, they can quickly click on the self-help menu and access the existing walk-throughs and self-help documents that they need. If their search is unsuccessful, then the DAP will let you know exactly what search terms they used so that you can create more specific help content and reduce unsuccessful searches.
DAPs can also easily inform employees when certain tools aren’t working or when things are getting updated. Using in-application announcements, you can quickly and immediately update your team so that they don’t waste time trying to figure out what’s wrong. If you’re announcing a feature update, then employees can check the new walk-throughs that accompany that announcement and learn how to use the new feature within minutes.
Through on-demand content and training, a DAP can drastically increase employee productivity and reduce the margin of error.
3. DAPs Improve the Customer Experience
Even before the pandemic, the insurance industry was known for its low customer interaction. This means that most insurers cannot collect enough data from their customers to create personalized policies and provide personalized services. But like digitalization, personalization is also becoming a requirement. Customers expect their insurers to provide an on-demand, digital tool so that they can access what they need when they need it.
A DAP can solve both of those problems. One of the biggest advantages of integrating a DAP is the amount of data you can track. You can track customer behavior, successful and unsuccessful search queries, total walk-throughs accessed, and more. You can also ask for feedback directly in your portal so that your customers are more inclined to give feedback, and you can figure out exactly what they want.
Description: Chart displaying search success by the day
By tracking all that data, you can figure out what features your users are interacting with the most and make conjectures about that information. Or better yet, you can ask them with a pop-up or an automated chatbot.
By learning more about your customers, you can improve the customer experience and give them better solutions to their specific needs.
4. DAPs Save Time on Support
Customer support can be costly and time-consuming. And because of the pandemic, support teams have been handling an influx of customer calls about possible changes to their policies and premiums. Apart from that, the newly remote customer support team is also learning about new or changing processes and how to respond to these queries.
A DAP can encourage users to turn to self-help solutions to get answers without the need for human interaction. Instead of asking your customers to wait an hour for the next live agent, they can get help from an automated chatbot or the contextualized self-help menu. Instead of asking your team member to look for someone who has an answer to a specific question about a policy, they can turn to the aggregated self-help menu and run a walk-through or watch a video.
Description: Example of a self-help menu
A DAP aggregates any and all of your tool-specific help content and makes it much easier for your customers and support team to find the information they need using a self-help menu, thus increasing the success rate of self-help searches. You can also set up contextual pop-ups for hard-to-understand processes and items and for in-application announcements when you need to tell your team or your customers that something is going to change.
A DAP also spots where more help is needed. It can identify main points of confusion by tracking interaction with walk-throughs and help desk entries. Apart from that, it can also track user behavior so that you can see what features your customers and your team are interacting with the most.
By redirecting queries away from your support team to an automated, prebuilt solution, DAPs save you time and money in support hours.
While COVID-19 has certainly brought about a lot of changes, by integrating a DAP with your existing tools and platforms, you can help your team better adapt to this new digital environment and set them up for success. Customers expect some kind of digitalization from their insurers and are more likely to purchase from those that meet those expectations.
As the world becomes more digital, with remote work as the new normal at the forefront, we only have two choices: adapt or fall behind. A DAP can kickstart your journey into digitalization and help you sustain that growth and level of excellence.