Insurance Self-Service Portal to enhance Customer Experience
Customer experience has become the most important differentiator in the current market. According to Gartner research, in the next two years 85% of all customer service interactions will begin with self-service. Moreover, as the trend is going the customer self-service will make up for 64% (approx) of all customer engagement touchpoints. It is not only something that customers demand now a days nonetheless it can also in many ways brings benefits to the insurance organization as well, such as:
- Personalized features for clients.
- Reduced customer service costs.
- Faster support response time.
- Improved agent and employee support.
- Exceptional customer experiences.
- Increased customer satisfaction.
A self-service portal must go beyond simply enabling customers to pay premiums & purchase or manage policies. An effective self-service portal must offer capabilities that anticipate customer needs and encourage engagement, such as experience management, personalized dashboard, notification, alerts, and analytics.
While there are so many tools with different capabilities in the market, some of the must have features in the platform for automating self-service use cases are:
- A self-service portal should be designed to accommodate the demands of today’s tech-savvy policyholder accessing insurance websites using multiple devices and channels. They expect an intuitive and easy-to-use platform that seamlessly generates quotes, submits claims, answers questions regarding specific policies, and assists in premium payment.
- The platform should have forms and workflow capabilities so that insurers can utilize web-based forms to capture customer requests or feedback to help track changing customer needs. Forms are often the first feature customers encounter when seeking assistance on an insurer’s website when they request a quote or renew or update their policies.
- It should provide analytics so that insurers can measure what’s working best and delivering value to customers.
- It should have personalization capabilities so that insurers can personalize the policyholder experience by using information available and recent interactions.
- An insurer’s knowledge base is a valuable self-service tool that provides customers with a repository of information designed to help them make the best policy-related decisions. A knowledge base could include resources such as policy details, comparisons, description of legal terms, claims filing process along with details about potential risks as well as informative articles and videos.
- It should support integration with existing systems and unify common service processes with a self-service scenario. It should easily integrate with any third-party applications such as an AI chatbot, social collaboration tools etc.
A Self-Service Portals can enhance customer experience in the Insurance Industry by:
- Allowing 24/7 Access to Services
- Speeding up the Claim Approval Process
- Providing Real-time Notifications to all stakeholders
Liferay DXP for Self-Service Portals
To achieve all these capabilities, insurers around the world use Liferay. Liferay Digital Experience Platform (DXP) is an integrated set of tools covering Content Management System (CMS), Search, Electronic Forms, Workflow, Document Management, Personalization, and collaboration capabilities which can help an insurance organization to implement self-service portals. Liferay Digital Experience Platform (DXP) offers a seamless, integrated way to meet the rising expectations of customers while supporting insurers digital transformation strategies.
Liferay helps organizations solve digital challenges with omnichannel portal, commerce, and integration solutions. Our platform is open source, which makes it more reliable, innovative, and secure. We try to leave a positive mark on the world through business and technology. Thousands of organizations in financial services, healthcare, government, insurance, retail, manufacturing, and multiple other industries use Liferay.
Liferay- One Platform. Endless Solutions.
By Abhishek Rastogi, National Head-Strategy & Solutions, Liferay India
Liferay- One Platform. Endless Solutions.