2022 Archives - Smart Communications Blogs

4 Steps to Prepare for a Pain-Free Legacy CCM Migration Process

Posted on November 20, 2023 by Chris Murphy

By: Chris Murphy, VP Product Marketing at Smart Communications

Adapting to the always-connected customer has become a catalyst for digital transformation – especially now as we adjust to the new norms brought forth by COVID-19. When it comes to customer communications management software (CCM), more organizations are finding that their legacy print system models and applications are turning into roadblocks and preventing agility. These fragmented systems are unable to communicate efficiently across business units and company divisions. Nor can they easily integrate with marketing, eCommerce, and CRM systems to coordinate data and messaging, which leads to a disjointed customer experience.

The good news is, you don’t have to become victim to an outdated legacy system. Here are four key steps to follow to prepare for a seamless CCM migration and ensure you are well-equipped to digitally transform your customer communications.

1. Understand the Goal of The CCM Migration

Gaining consensus on the why of your CCM platform migration is crucial, but sometimes overlooked part of obtaining organizational buy-in and the successful fruition of any digital transformation project. Is the impetus of considering a new customer communications management strategy driven by compliance reasons, core system modernization, to reduce risk, to centralize communications across lines of business, to reduce costs, to instill more agility into communications strategy, to better empower business users, or maybe to provide an overall better customer experience?

While all these may be realized benefits of moving to a modern CCM solution, the primary driving reason will help to dictate not only the core buying and evaluation group that you’ll need to work with but also the key performance indicators and success metrics that you’ll use to quantify the success of the project.

Explore these real-world success stories of organizations that are mastering CCM migrations with Smart Communications.

2. Determine Which Deployment Option is Best

As more organizations begin to adopt and develop a cloud-first strategy, it’s likely that your organization has already discussed the option of leveraging an enterprise application in the cloud. Before jumping head-first into a migration, it’s important to ensure everyone has a basic understanding of not only the options available but also the benefits of each approach in order to determine on the best approach for your company.

Software as a Service (SaaS): A method of software delivery in which software is licensed and then accessed online via a subscription, rather than being purchased for installation.
Platform as a Service (PaaS): A cloud computing model in which a provider delivers hardware and software (typically those needed for application development). The provider hosts the hardware and software on its own infrastructure, rather than requiring users to install in-house.
Cloud: Simply put, cloud computing is the delivery of computing services over the internet. These services are offered as either public or private cloud. With public clouds, all hardware, software, and other supporting infrastructure are owned and operated by a third-party service provider and users share those resources with other organizations or “tenants”. With a private cloud, resources are exclusively used by one organization either via an on-site data center, or a hosted data center. Either way, the services, and infrastructure are on a private network with hardware and software dedicated solely to one organization.
Hybrid Cloud: A combination of on-premise and public/private cloud, each performing distinct functions, with orchestration between the platforms.
Managed Service: A deployment model in which a third party manages a customer’s IT infrastructure and/ or end-user systems remotely, requiring hosting, management, and staffing costs.

3. Assess Your Digital Readiness

This might be your most important step in the process because it will show you exactly how ready your organization is to make the leap to a more modern, cloud-based service. As part of any CCM migration process, it’s important to consider whether or not to add digital channel production to your existing print operations. First, you’ll want to evaluate your print operations to see which document types can most easily be digitized. Begin by measuring print volume by department, categorizing types of printed collateral, and identifying types of customers receiving print documents. Start creating a content inventory list that covers basic metrics surrounding the total number of communication documents and templates you have, the total number or percentage of reusable content, volumes by document, and which department owns the content. It’s also important to start thinking about the complexity of the documents – are they easily converted to digital channels or are they very complex – these may up end up being prioritized later in the migration process. This process allows you to trace and quantify your current reliance on printed collateral while recognizing any knowledge gaps that exist so you can perform a CCM migration efficiently and effectively.

4. Know Your Existing Cost Model

Cost is always one of the biggest issues when it comes to justifying a migration strategy business case. When starting the cost evaluation process, most businesses realize they know a lot less about their full cost model than they thought they did. Depending on how many communication documents, forms, and templates need to migrate, and how they’re currently being generated, it can be confusing to put a figure on it. If you don’t have a comprehensive view of the current cost model, it can be hard to make a migration strategy business case look positive to key stakeholders.

While some of us are lucky to have a corporate decision that’s driving migration out to the cloud, having a clear picture of your all-in costs (don’t forget on-premise maintenance and operational costs, print and mail delivery costs, etc.) will only benefit you in the long run by setting realistic expectations upfront. Working with a vendor to establish a solid ROI calculation or looking at similar total cost of ownership (TCO) studies can also be an invaluable input into any evaluation decision criteria.

Let’s face it, change is hard. But, remember that your customers’ lives are changing, so to stay ahead of the game, your organization must be willing to change too.

Are you ready for a more simplified, pain-free legacy migration? Discover how our CCM migration solutions reduces cost, time, and complexity.

How Enterprise Risk Management Helps Enterprises Safeguard Their Reputation

Posted on October 24, 2023 by SmartComm

By Chris Murphy, Vice President of Product Marketing, Smart Communications

In today’s digital world, regulatory oversight is on the rise, and it’s not necessarily a negative thing. From consumer protections to privacy safeguards to accessibility guidelines, constantly evolving regulations affect nearly every industry—particularly those that handle sensitive information, such as insurance, financial services and healthcare. This fact is great when we consider that much of the regulatory oversight was put in place to help protect consumers in marginalized or vulnerable groups. While compliance has traditionally been viewed as a business necessity that creates more work, in today’s enterprise landscape it actually presents an opportunity for organizations to show their customers that they care, earning trust and safeguarding the business’s reputation. Though it may be seen as a business challenge, it allows companies to be responsible in their actions and held accountable by developing a strong process for enterprise risk management and compliance.

To stay aligned with ever-changing requirements, enterprises need an agile and scalable technology stack that makes it easy to keep up. Cloud-based solutions provide many of these benefits. For example, cloud-based solutions offer open APIs that make it easier to connect to core systems and use known data to deliver more transparent and personalized client experience. Modern Customer Communications Management (CCM) solutions can provide instant visibility into the content and language being used across the entire library of forms and communications so businesses can easily find and update even the smallest details.

Shifting Regulations Present New Opportunities for Risk Management and Compliance Management

In recent years, digitization has led to increased data privacy and consumer protection regulations. To stay compliant with regular updates, enterprises need to take a closer look at how they interact with customers. Cloud-native solutions offer the agility and speed that's required to meet these regulatory requirements while also offering an opportunity to better serve customers. This is especially true for the industries that are subject to the most scrutiny. Some examples:

Insurance: Evolving requirements

The global pandemic accelerated digitization in the insurance industry, impacting compliance requirements and other key areas such as data security and consumer privacy. In the US, 21 states have adopted the NAIC Insurance Data Security Model Law. On a global level, Insurance Capital Standard (ICS) development continues, with ICS 2.0, in a five-year monitoring period that began in 2020, while also being reviewed for compatibility in the US. As digitization grows, insurers will need to balance an increasingly long list of regulatory issues, making visibility into organization-wide documents and communications a top priority.

Financial Services: Under the microscope

The rise of open banking, growth of digital-first fintechs, and rising defaults and customer vulnerability coming out of the COVID pandemic have all sparked a new wave of regulations and penalties in financial services. Regulators like the FCA in the UK; the European Commission; and the CFPB, SEC and FINRA in the US are focusing on transparency and data usage. Keeping up with changing demands is difficult for even the most well-resourced compliance teams. Lending businesses are focusing especially on refining their default and collections business processes, while wealth and asset management firms are focusing on suitability and client reporting, all with an eye on making sure customers know more about costs and risks. Sophisticated, cloud-based systems are critical to staying one step ahead of both regulations and threats—which is critical to protecting the reputation of any financial services organization. Having a full audit trail that shows who, when and how changes were made to forms or document templates is an absolute must.

Healthcare: Privacy law updates

The healthcare sector in the U.S. has long been subject to strict consumer privacy laws including the Health Insurance Portability and Accountability Act (HIPAA). Some states are implementing even more stringent regulations. The California Consumer Privacy Act (CSPA) along with new laws in Colorado, Connecticut, Utah and Virginia, collectively known as “2023 Privacy Laws,” will affect the extent to which entities maintain patient information and lay out complex exemption standards that vary by state and law. Healthcare organizations in affected states need to prepare to update data management processes and also to present relevant privacy policies to consumers. Legacy systems simply aren’t up to the task.

WCAG Driving Change Across Enterprises

Until recently, accessibility was considered a “nice to have” element in terms of digital presence and communications for most enterprises. But with European Union Directive and the Department of Justice’s recent assertion that websites (or outbound communications and other digital experiences) fall under “public places of accommodation” in the Americans with Disabilities Act (ADA) Title III, certain accessibility standards are now required. While specific requirements vary by country, the most recent Web Content Accessibility Guidelines (WCAG), which are the international standard for accessibility, focus on four principles: perceivability, operability, understandability and robustness. WCAG also lays out three levels of conformity with most organizations striving for the middle, Level AA. Failure to meet WCAG standards can lead to costly litigation – not to mention loss of reputation.

Making websites and communications accessible helps enterprises reach a wider audience and also builds trust, because consumers today care about doing business with ethical companies. Digital forms and other customer communications should also meet accessibility standards. Some accessibility requirements are fairly straightforward — for example, including alt text on all images and transcribing audio files. But incorporating accessibility into the entire digital ecosystem at the enterprise level is complex. Updating things like font size and color, background color contrast, and screen reader accessibility require a sophisticated approach. Relying on outdated systems or manual updates runs the risk of error, costly fines and litigation. Modern solutions allow enterprises greater visibility into and control over digital assets at scale.

Reducing Risk for Highly Regulated Industries

For the most closely regulated industries and the public sector, the risks of failure to comply are costly. Healthcare organizations can face minimum penalties ranging from $100 to $50,000 per HIPAA violation, with a maximum of $1.8M for top tier violations. Failure to meet Service Organization Control (SOC) 1 and 2 requirements relating to data confidentiality can result in total lack of public trust. For businesses operating in the cloud, SOC 2 compliance has become table stakes. Similarly, the international standard for managing information security, ISO/IEC 27001, brings hefty fines for failure to comply. In the U.S., the SEC has leveled huge fines on asset managers who failed to deliver Customer Relationship Summary forms to clients, part of the Reg BI standards that call for brokers to act in their clients’ best interest. For this reason, prioritizing compliance has become a strategic imperative across the healthcare, insurance and banking industries.

Protecting customer data and reducing errors are also critical to safeguarding a company’s reputation and should be at the core of any enterprise’s risk management and compliance efforts. Failing to show good faith in securing data or making content accessible can reduce an enterprise’s competitive edge and likely lead to revenue loss as well. Moving to the cloud gives organizations the visibility and agility that’s needed to maintain compliance and minimize risk, without driving up costs. Rather than manually searching forms and communications one-by-one to find what needs to be updated, modern-architected solutions compartmentalize the building blocks of communications into component parts. This creates a seamless process for searching entire communications libraries for language fragments that are used across communications and make instant updates across the board. Even things like font size and color can be updated centrally, making it easy to keep up with changing regulatory requirements.

Choose the Right Solution Partner to Enhance Compliance and Regulatory Risk Management Capabilities

Choosing the right cloud solution provider can help enterprises greatly reduce oversight-related risks by simplifying, and in some cases automating, compliance. Choosing a vendor-hosted SaaS solution with an established data security framework and built-in safeguards can help enterprises meet privacy requirements, prevent breaches and automate reporting. A cloud-based solution also provides deep visibility into nuanced vertical requirements and the agility to quickly update language, formatting and other content when regulations change—which they always do.

Discover how The Conversation Cloud makes it easy for highly regulated industries to maintain compliance and mitigate risk.

About the Author
Chris Murphy is Vice President of Product Marketing for Smart Communications, the only provider of a customer conversations management platform specializing in helping enterprises – many in the world’s most highly regulated industries – to deliver smarter conversations across the entire customer lifecycle. Chris is currently responsible for the go-to-market strategy for its flagship product SmartCOMM™, a customer communications management solution. A frequent speaker at customer and industry events, Chris has over 18 years of industry experience and has held various positions at leading organizations including SalesLoft, IBM, and Silverpop.

How Banks Are Transforming CX in a Volatile Credit Market With Digital Lending Technology

Posted on August 1, 2023 by SmartComm

Times are certainly strange for lenders and credit servicing businesses. Economic data is telling competing stories about the health of the global economy and overall lending trends. Either way, consumers are still requesting new loans or lines of credit and manual processing isn’t cutting it. Could digital lending technology be a catalyst for lenders to future-proof?

In some markets, demand for credit has continued to increase. For example, Ally Bank reports a “25% jump since 2019 in [auto] loan applications from people with incomes above $50,000.” The Los Angeles Times reports that American consumers currently have auto loans totaling $1.4 trillion, double the amount from 10 years ago and now larger than credit card debt, citing the Federal Reserve Bank of New York. College loans have grown so fast that one in seven Americans carry student loan debt.

Yet historically high inflation and recession fears are denting demand in other areas, as some borrowers pull back. Auto loan delinquencies are on the rise, particularly for young and subprime debtors, according to the Los Angeles Times. “Auto loans more than 60 days late were up 30% in May from a year earlier, although defaults so far remain below pre-pandemic levels, Cox Automotive said.” This means loan servicing and collections staffs are under more pressure than ever.

What’s Driving Lending Demand Now?

On the consumer side, many people have spent the savings they accumulated during the pandemic. This has driven an increase in credit card loans, with JP Morgan and Wells Fargo both reporting a 17% jump. This seems to be offsetting in some ways the weakening home mortgage demand brought about by higher interest rates. Further evidence of this trend: “Average loans for Citi’s personal banking and wealth management division, which includes cards, rose roughly 4% from a year ago.”

On the commercial side, the war in Ukraine and the need to cover costs due to rising inflation seem to be driving the need for financing. In 2Q22, “JPMorgan, for example, saw strong growth in corporate and industrial loans, which grew 6% on higher use of revolving facilities and new accounts opened.”

Shifting Regulations Put Pressure on Lenders to Stay Agile

Additionally, changing government regulations are keeping lenders on their toes. For example, the UK’s Financial Conduct Authority (FCA) is launching a new Consumer Duty. It’s designed to improve the customer experience but will inevitably put extra pressure on lenders to ensure compliance. It calls out clear and understandable communications as a requirement, meaning that lenders must have robust content review policies and have technology capable of rapid changes at scale. The Consumer Financial Protection Bureau (CFPB) is also increasing scrutiny in the U.S., especially in the area of debt collections.

Now’s The Time for Consumer Lenders to Invest in Digital-First Customer Experiences

So, at the end of the day, what are lenders to do with so much curious, conflicting data and a rapidly shifting regulatory environment? What they should do regardless of external circumstances: focus on the customer and their evolving needs. Specifically, this means investing in creating fast, easy, digital-first lending experiences.

In fact, banks are investing in improving digital lending as a key priority, according to analyst firm Celent. In its IT Strategy and Priorities for Retail Banking 2022 survey, Celent reports 56% of banks are investing in improving the digital lending experience — the single biggest product priority.

We’re seeing this in our conversations with banks and lenders as well, speaking with transformation leaders who are finding a return on the investments that modernize the way they engage and communicate with borrowers as well as front office customer service staff and internal back office loan operations teams.

Here are a few things consumer lenders can do to take advantage of this unique environment, while setting themselves up for success regardless of what the future holds.

Double down on digital customer experience. As we revealed in our ebook, 5 Trends Shaping the Next Generation of Client Reporting, research from EY suggests that clients are willing to pay more for better digital experiences. You can grow rapidly and avoid price sensitivity by boosting your digital lending technology, particularly ensuring that mobile experiences are just as excellent as desktop.
Automate as many processes as possible. As The Bancorp and many other leading financial services firms (who also happen to be Smart Communications customers) can attest, the more you automate the lending journey, the faster and easier it is for customers to work with you. That translates into big gains in terms of more originations and higher margins, while reducing costs like manually rekeying data, postage and printing, and other relics of the time before digital.
Increase agility to navigate regulatory changes. For customers in collections, or in areas like student loans, make sure you have the business agility to make changes to your communications and forms processes quickly. For example, the UK’s FCA, US CFPB, or Australia’s APRA regularly issue new guidance that must be complied with, but it doesn’t have to derail your operations. The right technology gives you the power to quickly modify your communications at scale, even analyzing tone and readability scores.

What’s Next for Lending?

While everyone’s crystal ball is cloudier than usual, experts are making some predictions on what’s ahead. Though Morgan Stanley said it grew its loans by $7 billion year over year in 2Q22, their CFO still predicts consumer demand will soften as central banks around the world raise rates to ease inflation. Similarly, the research director at CFRA Research predicts “commercial loan growth would be flat in the second half” of 2022.

Another major trend we expect to intensify is more focus on embedded finance and Buy Now Pay Later (BNPL) credit, with banks partnering with non-finance entities closer to the point of sale. Even if consumers don’t pursue large loan amounts, many will still take advantage of BNPL financing options on purchases big and small. The appeal of getting what you want now and dealing with the consequences later may rule the day as bank balances shrink due to higher costs of all types of goods and services. [We’re currently partnering with OneSpan on a survey around Embedded Lending trends. Contact us for details on the results.]

How Can Digital Lending Technology Help Lenders Prepare for Uncertain Times Ahead?

Though no one really knows what the future may hold, if you’re responsible for growing your loan portfolio, building loyalty or reducing credit default risks, here are some steps you can take to futureproof your business, come what may.

Make the right technology investments now so you’re ready for what’s next. Don’t wait for a rainy day (or an invitation from angry shareholders) to invest in improving your lending customer experiences. Modernize every aspect of your digital lending journey, improving integration and agility with flexible cloud-based solutions wherever possible. Expand your use of digital channels such as SMS, chatbots, virtual meeting rooms or even home devices to communicate with customers. Don’t let your competitors leave you in the digital dust.
Reduce inefficiencies and go lean. The tighter your operations are now, the better positioned you’ll be no matter what happens. Investing in digital lending technology that eliminates manual processes while delighting customers is a win for everyone. Reducing friction for the customer means improved conversion rates – and more revenue.
Improve the personalization and consistency of your communications. Customers want communications that are relevant, timely and available on the channel and device they prefer. They expect you to know who they are and what other financial products they have with your institution, across every interaction. By choosing a robust customer communications platform, integrated with your core systems and e-signature platform, you’ll be able to orchestrate a truly omnichannel experience that puts the customer in the center of the lending journey.

We hope this advice is helpful, but we’re just scratching the surface of digital lending technology. For a deep dive into the many ways lenders can modernize their digital lending experiences, check out our new white paper, 6 Ways to Change the Conversation in Lending.

About the Author
Karen Oakland is Vice President of Vertical Marketing, Financial Services for Smart Communications, focusing on thought leadership and solutions development for banking, investment advisory firms, and other financial services institutions. For more than 20 years she has been dedicated to helping enterprises transform the way they communicate and engage with their customers, partners, advisors, and other stakeholders, driving revenue and profitability. Karen previously held leadership roles with content and business intelligence software providers including Intelledox, dunnhumby, Thunderhead, FileNet and Epicor.

The Future of Personalization in Insurance Claims

Posted on July 10, 2023 by SmartComm

By: Ruth Fisk, VP Insurance Marketing at Smart Communications

Customers today have sky-high expectations. They expect to be able to do whatever they need digitally and expect around-the-clock access to services from any device. And they expect ease, speed and personalization in every digital experience—not just when it comes to online shopping or ordering food. Now more than ever, consumers want the same simplicity and on-demand availability they’ve become accustomed to with delivery services and similar apps in all aspects of their lives.

For insurers, this means radically transforming processes that have traditionally been manual and paper-based. As new players enter the field, providers need to catch up to the latest digital capabilities or risk losing market share. That’s why insurers are prioritizing overall efficiency, faster settlements and reduced policyholder effort. As part of this effort to become more efficient and effective, insurance leaders are focusing on one of the most common pain points: claims management.

Smart Communications, in partnership with Salesforce and Insurance Innovators, recently conducted a survey of more than 150 insurance executives and found that 95% agree that the claims experience is where insurers have the greatest opportunity to win loyalty—but also the greatest risk of losing it. In this post, we’ll take a deep dive into this new research and look at how insurers can:

Use personalization to reimagine the claims process for today’s consumer needs and priorities
Build brand trust and loyalty
Get to know their customers better
Drive long-term growth

All of the information below is from the report Hyper-personalization in Claims: Streamlining Processes to Build Loyalty and Trust, produced in partnership with Salesforce and Insurance Innovators.

The Current State of Personalization in Insurance Claims

Previously, filing an insurance claim meant a lot of forms and hassle. While the insurance industry has been on a somewhat slower digital transformation trajectory compared to other industries like retail or banking, recent world events threw that arc into overdrive.

When the global pandemic struck, sweeping stay-at-home orders brought about transformative change to countless activities, from how we work to how we get food. Suddenly, people were doing everything digitally — holding virtual meetings, doing mobile banking, even ordering groceries online and having them delivered right to their door.

Meeting consumer expectations is at the forefront of every claims manager’s mind, especially while insurers seek to exceed their claimants’ expectations — while still balancing the need to effectively investigate and settle claims. To do so, the claims experience requires digital solutions to support hyper-personalization and two-way customer conversations, while also providing easy-to-use interfaces and seamlessly delivering information across customers’ preferred channels and devices.

The increased exposure to digital services in the past two years has broadly impacted consumer expectations. And insurers recognize this—85% believe that the level of live interaction customers experience with home deliveries has set a new benchmark for the insurance claims experience. Poor experiences include paper-based forms, tedious processes and having to repeatedly enter the same information. In a highly competitive market, just one bad experience can cost the loss of that customer’s business for life.

Insurers need to level up to meet these new expectations. Keep in mind, insurance interactions will be measured against the customer’s last best digital experience. That means insurers are being compared with big brands such as Amazon, Netflix and Instacart which calls for radical change. The good news is that change is definitely possible through the use of Artificial Intelligence (AI) which can enable insurers to better align their processes and software to meet customers’ growing expectations. Even better, the data below shows that (at least some) insurers are catching on:

Insurer AI expectations by end of 2023:

88% will pre-populate FNOL forms
83% will tailor scripts
70% will adapt forms in real time
67% will allow channel shifting
43% will use AI for omnichannel orchestration

There’s a real opportunity for insurers to meet the moment and rethink outdated processes. In addition to simplifying claims, protecting valuable customer data is also critical in today’s digital world. Not only are paper forms inefficient, but they also put sensitive data at risk. Digitizing forms helps improve processes and protect customer data, which enables straight-through processing to allow for faster claims.

Hyper-personalization: The Future of Insurance

According to our survey, insurers currently have three top claim-related priorities: significantly reducing time-to-decision, building trust with claimants and improving customer loyalty.

The industry believes hyper-personalization will result in:

Increased efficiency (89%)
Faster settlement times (84%)
Deeper trust and loyalty (94%)

To deliver on all three goals, insurers will need to adopt modern technology platforms that can help them personalize customer conversations. This means pulling customer data into digital forms to save time and hassle and making the relevant forms, processes and information available around the clock.

It’s no longer enough to add digital experiences to a website. Today’s customers expect to engage across channels—from mobile apps to social media. And to switch channels when needed, without having to start over. Taking advantage of sophisticated technology solutions allows insurers to meet customers where they are.

The research found that 83% of insurers agree that their ability to shift channels with customer needs and circumstances is a key factor in deepening trust and loyalty. Insurers can exceed expectations by providing seamless cross-channel experiences, which allow policyholders to fit interactions into their day without disruption. For example, they should be able to start a claim on a mobile app and follow up via web chat without losing the thread or having to answer the same questions again.

How Automation Can Help Insurers Meet the Moment

To meet today’s customer expectations, insurers need to focus on creating the kind of digital interactions that build trust and loyalty. They need to simplify and streamline processes, reducing the hassle factor when it comes to filing and managing claims. To drive the kind of customer satisfaction and retention that leads to long-term revenue growth, it’s time to bring hyper-personalization into the picture.

Hyper-personalization is about pairing customer data with automation to tailor communications and experiences individually, and at scale. Pulling existing customer data into AI-powered smart forms reduces customer effort—a common claims pain point. And by streamlining FNOL interactions as well as status updates, decisions and settlements can be made faster.

Where claims handlers have traditionally spent significant time asking questions and collecting information, automation can now do the work instead. This saves time on both sides and frees up staff to provide personal support for the more complex, high-value cases when a human touch is really needed. Plus, customizing conversations makes the whole experience more personal, so customers feel seen and appreciated—a key component of building brand loyalty.

In the realm of insurance claims, hyper-personalizing customer conversations significantly increases end-to-end efficiency, resulting in a higher quality and more satisfying experience for the claimant.

Change the Conversation with Cloud Technology

The best way to deliver hyper-personalization in claims is for insurers to invest in and adopt a cloud-first strategy that focuses on optimizing the end-to-end customer experience. The Conversation Cloud helps insurers move beyond paper-based processes to implement a digital-first strategy at scale, optimize the end-to-end customer experience and make every interaction SMARTER.

The right digital platform works seamlessly with core systems including claims management tools — giving insurers a way to turn one-way, transactional messages into two-way, interactive conversations. Insurers can then put existing customer data to use and enjoy frictionless experiences when collecting new data. And with an omnichannel approach, it’s easy to meet customers where they are on their preferred channels and devices — bringing the convenience they expect into the insurance experience, too.

Investing in a solution that enables insurers to provide personalized claims experiences yields measurable returns, including:

89% increased efficiency
74% reduction in settlement time
74% reduction in customer effort

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To take a deeper dive into the information shared in this blog post, check out Hyper-personalization in Claims: Streamlining Processes to Build Loyalty and Trust, an infographic produced in collaboration with Salesforce and Insurance Innovators.

How Low-Code Automation from SmartIQ™ Enhances Customer Experiences

Posted on May 31, 2023 by SmartComm

By: Sally Schulte, Product Marketing Director at Smart Communications

As enterprises around the world face unprecedented levels of disruption and ever-increasing customer expectations, business leaders are rethinking their customer experience strategies—and speed to market is critical. To meet demand, companies are exploring and implementing secure, low-code solutions that transform one-way, siloed interactions into secure, automated digital processes.

Customers are interacting with large institutions such as those in financial services, insurance and healthcare at some of the most critical moments in their lives. Significant life events such as an accident, planning for a major life event or navigating an illness, are opportunities for businesses to create meaningful, simple and sensitive experiences.

Unfortunately, impersonal, and time-consuming, paper-based or PDF forms processes have been the standard way to navigate through these life changes, negatively impacting how customers view the companies that are there to support them. In this post, we will dive into how low-code forms software like SmartIQ enables enterprises to exceed customer expectations while also creating more efficient internal processes. We’ll also share how some of the new tools available in SmartIQ empower businesses to work more intelligently, quickly and digitally with their customers.

Low-Code Forms Solutions for Business Users

In any industry, having the right software and systems can make a huge difference in the way internal users and external customers interact. Your employees — the people who will use these tools most often — can enhance the customer experience when they have greater ownership over how they communicate with customers.

By implementing low-code forms solutions, employees across the enterprise can own their business processes directly — allowing them to better serve customers without relying on internal IT teams. With several pre-built, validated connectors and flexible architecture, SmartIQ is easily implemented and automatically updated, bi-weekly. This ensures business users can quickly take advantage of feature enhancements to deliver a seamless customer experience. This also means that previously resource-strained IT teams can focus on larger, more strategic initiatives instead of installing software updates.

Some additional benefits of the SmartIQ low-code solution include:

Drag-and-drop interfaces make it easy to learn and use while providing specific business units with ownership over projects.
Centralized software application allows for broad use across multiple lines of business without the need for users to obtain added licenses.
Automated approval workflows speed up processing times and allow for real-time status updates.
Real-time data verification through core system integrations reduces incomplete or muddled data. 
Analytics to evaluate forms performance help to identify potential areas of confusion, regional trends and additional process statistics.
High security standards ensure compliance with ISO/IEC 27001 certifications, HIPAA and more.

Optimizing forms processes is just the beginning of creating an easier, more secure experience. Guided, interactive forms can enhance the value of e-signature solutions, for example, and give customers the digital-first, end-to-end experience they expect.

For more on the powerful pairing of e-signature solutions and sophisticated forms, check out 'Get to eSignature Faster: Maximize the Value of Your eSignature Investment with True Forms Automation'

Maintaining Brand Standards in a Digital Environment

There’s a good reason B2B companies devote (at least) 5 percent of their annual revenue to branding every year — it’s integral to creating a consistent experience. That’s why Smart Communications has developed features within SmartIQ that ensure companies can achieve the consistency that wouldn’t otherwise be possible by using paper forms or PDFs. Theme Builder, for example, is a low-code module that allows companies to brand forms based on business unit or the type of project. Business users can control a range of visual elements—from logos and colors to typography and styling—and view them in a live preview that makes it easy to view changes instantly and in context.

These components allow enterprises to create a responsive, cohesive look and feel that is aligned with the company’s brand standards. This can help build brand awareness, loyalty and trust —important factors in attracting new customers and building and retaining trust among existing ones.

Global, Cloud Offering Enhances Security and Compliance

As technology (and the way we all use it) continues to evolve, so does the need to keep information secure across the various platforms and in the different geographies in which data is stored. Not only do companies face regulatory fines due to non-compliance, they can also damage their reputation due to security breaches or other security-related mishaps. And, while regulatory requirements are on the rise around the world, requirements vary by country—adding complexity to an already challenging landscape for software solutions.

Let’s look at Canada, as an example. According to PilotCore’s explanation of Canadian Privacy Laws, it can be extremely tricky to navigate how to operate digitally when it comes to data transfers, transparency and levels of protection. That’s why, in 2021, Smart Communications added a data center in Canada— easing the burden of understanding what to do if data travelled outside Canada and subsequently helping Canadian enterprises deliver secure, compliant customer experiences.

Additional Benefits of Forms Modernization

Consumers continue to have their attention grabbed by any number of things these days. That’s why requiring people to download additional tools or jump through other hoops to complete a form can quickly turn a customer’s experience into a negative one. However, gathering information is still important for businesses as they must understand customer needs and how to meet them.

Fortunately, with more resources – like low code forms solutions – at their fingertips, businesses are better equipped to provide exceptional customer experiences from the very first interaction. Software that allows customers to quickly fill out a form, from wherever they are, allows companies to get the necessary information without bogging customers down with static forms or PDFs. When a company is willing to meet its customers (or potential customers) where they are in order to make their lives easier, they become a brand that people trust and want to do business with.

Learn more about how our low-code forms solution can help your company better serve its customers and enhance the end-to-end customer experience.

How Cloud Adoption in Insurance Can Help Enterprises Remain Agile and Improve Business Outcomes

Posted on March 30, 2023 by SmartComm

By: Ruth Fisk, VP of Insurance Strategy at Smart Communications

It’s no secret that cloud functionality is, and will remain, a factor that can produce big benefits for insurers, now and in the future. Recently, Smart Communications joined many leading companies in the insurance industry at Guidewire Connections in Las Vegas . We heard about the importance of cloud adoption in insurance, the current state of the industry and what is still required of insurers in order to remain agile, improve business outcomes and deliver on customers’ ever-changing expectations.

Of the many themes discussed over this four-day event, it was interesting to hear about what’s keeping insurance leaders on their toes. Things like cyber risk, new distribution models, data and analytics potential, as well as the ability to quickly adjust to inflation and changing market conditions were all referenced as key priorities. Additionally, cloud adoption became a focal point when discussing how insurance companies can attract top talent.

In this blog, we cover how digital transformation — with a focus on cloud technology — will remain integral to the success of insurers going forward especially as leaders aim to address:

Employee turnover and skills shortages
The need for agility and scalability
Deciding on the right cloud solutions to help insurers secure a future-ready organization

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Attract Top Talent with Cloud Adoption in Insurance

Although the current skills shortage is a hot topic across all industries, the insurance industry is especially in need of top talent. Not only will cloud adoption help insurance organizations remain agile, but it will also give them the ability to recruit better talent. Today’s talent wants to be part of something bigger than themselves – to be seen as an innovator and a game-changer.

This means that as insurers aim to attract and hire top talent, manual processes and legacy systems should be retired. This will give digitally savvy employees the processes and solutions that keep them excited about working for a forward-thinking organization. Leveraging the power of the cloud can also make insurance professionals’ jobs easier by improving employee engagement and internal NPS scores. When employees are happy, they tend to perform better, and this has been proven to extend to the customer experience.

Finally, cloud technology allows employees to be more proactive in their day-to-day tasks. Legacy, on-premise systems can offer band aid approaches to daily issues, but they’re not helping staff work toward larger challenges and/or wider company goals. With cloud, employees can be more strategic, allowing them to get ahead of customer needs and provide a better experience all around.

Enable Cross-Functional Agility with Pure Cloud Solutions

Cloud solutions help modernize IT operations, another key initiative insurers must adopt in the face of changing market demands. Part of that modernization includes enabling teams across the business to work cross-functionally with less friction and more ease. Balancing the need to maintain stable, resilient systems and the need to innovate requires an agile platform across the complete insurance lifecycle, making cloud technology the right approach

Insurance is an industry that continues to change, and it will take strong vendor partnerships in order to transform the industry standard. This means leading by example and helping to shift mindsets across industry leadership. Undoubtedly, this will require stricter alignment between the IT function and the business, enabling them to respond to market demands much quicker and in a more agile fashion.

With solutions like the Smart Communications Conversation Cloud, insurers can connect all data, applications and history, giving them actionable data in real time. Of course, this is made possible by leveraging cloud solutions with strong APIs. With the ability to act on this data, insurers can scale as needed to deliver personalized, omnichannel conversations that help their policyholders feel seen and heard as individuals. This also helps insurance companies prepare for the future and increases their internal efficiencies—all feats made possible by pure cloud solutions and impossible by sticking with on-premise solutions or legacy systems.

KEEP READING | ‘2022 Forrester Consulting TEI:SmartIQ Enables Cost Savings, Solves Business Challenges’

Leverage the Right Cloud-Based Solutions for Insurance Companies

Legacy systems or platforms don’t have the necessary interoperability to power core operations that modern, forward-thinking insurance organizations use. These systems lack the sophisticated APIs that allow companies to integrate key elements of their technology stack. Without the necessary customer data at critical touchpoints, it’s impossible to provide a personalized, omnichannel experience—all important factors in offering value to customers.

Ultimately, it’s about making insurance fit the business rather than asking insurers to adjust to a software solution. Building modern technology gives insurers the confidence to keep their attention on customer needs rather than managing systems and software. This following quote from Mobilitas, during their session at Guidewire Connections, exemplifies how Smart Communications’ pure-cloud solutions can do this:

In providing more value to policyholders, insurance companies can enhance brand loyalty and trust while increasing customer retention and satisfaction – top priorities for insurance leaders around the world. Cloud-based solutions help insurance companies reach a significant improvement in customer satisfaction (CSAT) and renewal retention by allowing organizations to deliver more value at a faster rate than if they were using on-premise solutions.

Existing – and succeeding – in a highly regulated industry means insurance companies need to stay abreast of the compliance requirements and regulations that are always changing and oftentimes region-specific. This is impossible to do with legacy systems and processes that are both error-prone and costly to update. For instance, something as simple as an update to the Terms and Conditions of a policyholder’s contract could go unnoticed and become an expensive oversight that damages not only the organization’s reputation but also leads to fines and fees. With cloud solutions, content can be easily updated across all instances, using the power of AI instead of leaving it up to human error or doing nothing at all.

Conclusion

Digital-first strategies are no longer a ‘nice-to-have’ for insurers, they are a necessity across an insurer’s operations. This allows insurance organizations to remain competitive and agile, helping them to take a more decisive approach to becoming a customer-centric enterprise. To effectively reduce costs and risk while also increasing customer satisfaction, retention and top talent across the business, insurers must continue to invest in cloud adoption.

Interested in hearing about how Smart Communications’ cloud solution can help insurance enterprises modernize business processes? Listen to what our customers at Mountain West Farm Bureau Mutual Insurance Company had to say at the Guidewire Innovation Awards 2022:

Embedded Lending: How Customer Expectations Are Changing the Rules of Traditional Financing

Posted on March 30, 2023 by SmartComm

The banking industry can seem like one gigantic, complex experiment these days, with embedded finance, open banking and fintechs top of mind for many executives. According to new research Smart Communications conducted recently with MoneyLIVE, in partnership with OneSpan, 45% of loans could be obtained through non-financial ecosystems over the next five years—a clear sign that borrowers are leaving banks in exchange for the speed and convenience of accessing credit from other sources, from Amazon and Apple to other fintech app-based businesses.

So, what are the strategies banks and lenders are developing to compete and remain relevant in this time of disruption? One key is in making sure the customer experience is frictionless and consistent across digital and mobile channels – for both borrowers and third-party business partners.

Below, we outline key findings from the MoneyLIVE research. For starters, let’s dig into what embedded lending means.

What is Embedded Lending and Why Does It Matter?

Embedded lending (also referred to as embedded finance) can mean a variety of things, from Buy Now Pay Later (BNPL) services to Banking as a Service (BaaS) offerings delivered in partnership with non-banks or smaller institutions. Basically, it’s about shifting the availability of financing closer to the point of sale, or “embedding” it into the buying process.

Many incumbent banks have launched their own BNPL offerings to compete with fintechs like Klarna or Affirm. Others are building partnerships to offer IT and operational processes to non-banks. Business lending is seeing particular growth. A 2022 study from Bain Capital predicts that embedded finance-driven business lending will grow five-fold over the next five years in the U.S. alone, from $200 million in 2021 to $1.3 billion by 2026, thanks to the rise of a range of new specialist providers.

Embedded lending speaks to the necessity for credit solutions that deliver the instant gratification expected by today’s digitally savvy customers, and shines a light on consumers’ desire for convenience, ease and speed. Data shows this is particularly important for younger generations who may be shopping for credit for the first time – and tend to be “mobile first.”

As noted by Bain: “In the years to come it will have a transformative effect on the relationship we have with our finances, removing friction from the sector and making financial services more contextual, accessible and helpful.”

Embedded Lending: Driving Innovation in Customer Experience

So as this embedded lending concept takes off, it’s clear that banks and lenders need to focus on providing a seamless digital-first customer experience – not only for their own traditional loan products, but for partner solutions as well.

That means shifting from paper forms to digital and doing the necessary optimization to reduce abandonment rates. It means shifting to on-demand communications produced in real time on demand and available for e-signature, perhaps white labeled for a partner brand, rather than sent out in a huge batch. These are all focus areas for innovation, our research shows.

93% of survey respondents said the rise of embedded lending will make smooth and effortless loan applications not just a competitive differentiator, but a survival factor
60% of respondents expect it will be “very important” to provide borrowers with the option to switch channels and stop/start on different devices (though one in five don’t offer this today)
89% say paper or static web forms are trigger points for form abandonment, yet 65% still use them
At least 75% expect to be able to communicate with borrowers via messaging apps, social media and voice-activated digital assistants by 2027

Reducing abandonment levels have been found to be highest when loan applicants are forced to enter in repetitive information while switching channels; a headache that’s typical when using paper forms, fillable PDFs and/or one-size-fits-all web forms. This manual approach increases the burden on the customer and drives them to other lenders that seem easier to use. This is the sort of problem we solve with our SmartIQ forms automation solution.

Is Friction Good or Bad? Regulators Weigh In

Eliminating friction from the customer journey seems like a smart idea to compete in this disruptive era of embedded lending. However, some federal regulators are taking a different tack, requiring banks to include more friction. In July 2022, the UK Financial Conduct Authority, for example, announced a new Consumer Duty requiring every financial firm to ensure that “it includes appropriate friction in its customer journeys to mitigate the risk of harm and give retail customers sufficient opportunity to understand and assess their options.” The Dutch Payments Association has also suggested that such “positive friction” should be introduced BNPL payment journey. Similarly, the Consumer Financial Protection Bureau (CFPB) in the U.S. and Australian Prudential Regulation Authority (APRA) are increasing regulation of lender communications.

So what gives? It reflects a focus on making sure that borrowers understand the cost of borrowing money, especially when it’s faster and easier to get through embedded lending products. Nearly all respondents – 97% – agree that responsible lending will require more digestible and personalized customer communications about the affordability and cost of credit to ensure that borrowers are making informed decisions. This is a great reason why incumbent banks and lenders need to strengthen and modernize their customer communications management solutions, taking advantage of automated workflows and open APIs to make sure their documents and messages are as personalized as possible while being fully compliant and in the right brand.

Conclusion

Overall, leaders across the finance industry are beginning to make strides toward innovative processes and solutions that will significantly reduce customer effort, improve engagement and ultimately close more loans. The MoneyLIVE study shows that as the financial world responds to shifting customer expectations, embedded lending presents both an opportunity for growth and a possible threat to lenders that don’t adapt and embrace new strategies.

Ultimately, it could make the difference between financial institutions becoming future-ready or stone-age relics.

**To learn more about the future of customer experience in embedded lending and how financial institutions can prepare for the shifting market demands, download the infographic, ‘*The Future of Customer Experience in Embedded Lending***’.

Customer Experience Takes Center Stage at Bank Automation Summit

Posted on March 27, 2023 by SmartComm

Automation has always been seen as a pathway to greater operational efficiency, but most banking operations and IT people I met at the Bank Automation Summit this month are aiming at a different higher purpose: better customer experience – for both external clients and internal employees and teams.

We were delighted to sponsor this spring event and get back to meeting with banking executives face to face in Charlotte, N.C. I was particularly excited to discuss trends in automation around commercial lending in a panel alongside Daniel Seay, SVP of Wholesale Transformation at Fifth Third Bank, Ahul Verma, CIO of BMO Personal and Business Banking and Chris Gufford, General Manager of Commercial Product at our partner nCino. We talked about a variety of issues and best practices, including how banks are looking to remove friction to meet changing customer expectations for speed of delivery.

Seay noted that the biggest area of focus for Fifth Third is leveraging third-party services and data in smarter ways to support faster turn times. We also discussed the importance of taking a hybrid approach, empowering clients to interact digitally while still supporting the human element provided by relationship managers.

In addition to the panel discussion I was a part of, I also enjoyed several of the other sessions led by banking executives. Here are a few highlights and takeaways from the sessions:

Using Automation to Make Banking Seem Effortless

John Elton, CIO for TIAA Bank, said he views the goal of process automation as making banking transactions easier so that they feel almost effortless to clients. “We need to take a look at the industry to change our focus from looking at single departments to looking at all of the interactions in the process and the customer journey,” Elton said. That’s one reason the company has an enterprise Center of Excellence focusing on automation projects.

The team breaks down customer expectations into five key areas of focus:

Safety and security
Availability
Performance
Speed to market
Cost

Customers know when something is inefficient, Elton stressed. Even if they can’t see inefficiency in the back office, they can feel it. Echoing the comments from Seay of Fifth Third Bank, Elton said turnaround time is a key part of improving that customer experience, especially for areas like commercial lending that require a lot of documentation and data collection. Improving business processes around new customer acquisition is a priority for the bank this year.

Eliminating Human Error and Reducing Banking Compliance Risks

Changing the culture of a bank that’s been around for 200+ years isn’t easy. But that’s just what Dominic Cugini, CIO of Service Digitization for KeyBank, has been doing to help the bank look and operate like one that was born digital. Like TIAA Bank, the team has focused on removing human error from repetitive tasks through Robotic Process Automation (RPA). “We had people rekeying data from system to system. To maintain data quality, we need to keep digital data digital,” Cugini said.

In automating processes around the Paycheck Protection Program, the KeyBank team was able to squeeze what he estimated was nine years of work into just two weeks, putting approximately 160 automated bots in production in that time. “RPA saved our bacon,” he declared. Current focus areas for RPA include looking at automating fraud reduction and reducing overall security risks to the business.

Improving Employee Experience Equally Important

In addition to external customers, internal employee experience is also a key focus area for banking automation, as noted by Ami Iceman Haueter, VP of Research and Digital Customer Experience from MSU Federal Credit Union. “Identifying pain points from the people perspective is important,” she said. “Simplifying their day-to-day so they can do less monotonous work.” The company has invested in an internal chatbot named “Gene” that has created significant efficiency in employee-to-employee communications, she added.

Some of the biggest applause came for Cugini as he inspired attendees with a line from basketball great Michael Jordan: “Some people want it to happen, some wish it would happen, others make it happen.” It takes mental strength to create and manage change in organizations, he noted. But for people who push back and say they don’t have time to innovate, or they think a process is too complex and difficult to change, he says: “Great – you know what happened to the dinosaurs.”

If you’re comfortable with a mask or otherwise feel safe, I hope you’ll take the opportunity to head out to meet with your peers at a conference this year. We have a full events calendar in the next few months that includes DocuSign Momentum in San Francisco, Digital Banking Summit in Austin, Texas, and Financial Services Customer Experience in London. And of course, we’re excited to meet you at our annual INNOVATE conference in Nashville May 18-20. Stay tuned for INNOVATE dates for London and Sydney later in 2022.

4 Ways Forms Automation Can Enhance the Healthcare Member Experience

Posted on March 27, 2023 by SmartComm

By: John Zimmerer, VP of Healthcare Marketing at Smart Communications

It’s said that repetition is the key to mastery. With this in mind, anyone who has visited a doctor’s office or filed a claim with their health insurer should be an expert at filling out paperwork. Given all the advances elsewhere in healthcare, it sounds silly, right? Perhaps, though, not as silly as the fact that people are still expected to complete the same paperwork online and in-person. This certainly isn’t a great way to meet the expectation of helping consumers be seen and known as individuals. There is, however, an opportunity for insurers to become experts at creating an exceptional healthcare member experience.

In the case of manual processes and paper forms, the repetitive nature is more of a headache than anything else—for both payers and members alike. This approach has proven to be unsustainable and unsuccessful for meeting members’ needs and enhancing their trust in health insurers. Simply put, member expectations have exceeded the capabilities provided by static forms and one-way communications. Health insurers must rethink how they engage with members and adopt solutions that enable interactive, two-way conversations.

When it comes to optimizing the healthcare member experience and building loyalty, unfortunately it’s time for health insurers to play catch up. To dive into the topic a bit more, we commissioned Forrester to conduct research into the current state of member experience. The resulting report, Disjointed Experiences Cost Insurers Members and Money: The Bleak Reality of Member Experience with US Health Insurers, highlights the opportunities available for health insurers to make improvements to each stage in a member’s journey, such as collecting member information. Something to keep in mind: when we refer to the member journey, this is the typical pathway members take with an insurer—engaging with touchpoints along the way—to achieve a particular goal.

Fortunately, there are technology resources available today that can take the member experience to a new level nearly immediately. SmartIQ, for example, gives health insurers a competitive advantage and the ability to quickly implement or extend a digital-first strategy. Using a forms automation solution helps to digitize, optimize and modernize the forms process across the healthcare member experience.

This article dives into the tangible benefits of digital forms and specifically highlights how health insurers can:

Enhance the healthcare member experience by making meaningful, incremental improvements
Drive down call volume and improve the member experience with claim-related forms
Transform the manual, paper-based processes to digital, intuitive experiences
Optimize the processes for member-submitted claims and adjudication

1. Use Low-Code Solutions to Eliminate Manual Forms

In healthcare, forms are everywhere and at every stage of the member lifecycle. While forms are just one stage of a member’s journey, they’re often the most important. They can provide a starting point for two-way, interactive conversations—giving insurers the ability to gain deeper insight into their members’ needs and expectations and respond in a manner that’s personalized and meaningful.

The process for gathering the necessary member data isn’t always easy or efficient—especially since paper forms lack the interactivity that drives rich, in-depth engagement and the ability for payers to meet members wherever they are. Research even showed that nearly 60% of consumers abandon a form if the process is too difficult. Even worse, manual processes create a transactional relationship between member and payer which isn’t ideal for an industry as intimate as health insurance.

A low-code forms automation solution helps health insurers enhance member engagement by paving the way for a better end-to-end experience. It removes the additional hoops that consumers must jump through when filing or appealing claims. Eliminating manual forms in favor of digital solutions creates a less burdensome member experience and improves operational efficiency for the payer. With digital processes in place, payers can focus on building member loyalty and trust through empathetic conversations at every interaction.

A person’s health and financial security are both intensely subjective and personal topics. And, depending on an individual’s situation, there’s no shortage of emotions when members interact with payers. That’s why it’s key to create easier ways for members to submit information in critical journeys like submitting claims and filing appeals. This will reduce the level of stress and anxiety during these engagements.

RELATED READING | ‘Eliminate Healthcare Forms and Boost Member Satisfaction with Cloud Technology’

2. Improve the Healthcare Member Experience with SMARTER Conversations

The key to improving member engagement is creating more seamless, efficient interactions. Static or fillable PDFs and web forms don’t allow payers to nurture interactive conversations that provide the deeper insights they need to meet members’ needs.

As previously mentioned, the health insurance industry is lagging in digital transformation—a fact that’s creating friction in attracting new members and keeping them loyal. Improvement starts with identifying and measuring key member journeys, with the goal of prioritizing changes. Through this audit, organizations can identify processes and functions that may benefit from automation, specifically looking for opportunities to make incremental improvements. These are often manual tasks, such as responding and following up on claims-related interactions. Automating these processes can enhance both the member and employee experiences.

The opportunity to improve the healthcare member experience is perhaps most visible within the claims process. Members submit claims for a variety of reasons. One common type of claim is a request for reimbursement for covered items purchased over the counter. Requests for reimbursement for COVID-19 test kits are a great example of how insurers should modify existing processes to comply with new and changing mandates. Using cloud technology to tackle these types of reimbursement requests will result in faster settlement times and ultimately, happier members and employees.

YOU MIGHT ALSO LIKE | ‘Optimize Digital Forms for COVID-19 Claims’

3. Enable Intelligent Conversations for Claims Appeals

Despite a health insurer’s best efforts, there are occasionally issues with how claims are adjudicated. Sometimes, the issue is related to the timing of when claims are received versus the chronological order of dates of service. When something is amiss, a member will want to appeal the initial determination.

Unfortunately, there are several problems with the current state of claims appeals. When questions arise, members are often asked to contact the call center and are then instructed to submit a generic appeal form to request a redetermination. This form is an important step along the claims redetermination pathway.

But what happens when agents are bogged down or lack the training necessary to help members solve even this basic problem? Furthermore, often completing the necessary forms are highly manual efforts for both payer and member and unfortunately do not include any pre-populated, known information based on the member’s information or specific claim.

This immediately leads to member dissatisfaction, lack of trust and inability for members to self-service a claims appeal. Even though Forrester has found speaking on the phone was the most reliable channel for members, that same research shows that 51% were dissatisfied with their experience with the call center.

After contacting the call center, members may have a difficult time simply finding an appeal form. Once they do find the correct form, there’s an additional headache of filling out and submitting the form. This method forces a member to print and mail or fax the form (along with supporting documents) to the insurance company and wait for a response. It’s inconvenient for both the payer and member as it adds additional time to get to a resolution.

There are many other pitfalls to this approach, such as:

Members skipping a required field or forgetting an attachment
Issues with imaging and processing the form, which leads to incomplete or inaccurate information being entered and processed on the business side
Members accidentally sending the form to the wrong address or the form being lost in transit
Incomplete forms, which leads to delays and increases frustration for member and operational expenses for the payer

Alternatively, and ideally, the appeal form should be an intelligent interview providing a guided member experience. A link to the interview can be embedded directly into the explanation of benefits. That way, all the data related to a specific claim can be pre-populated, allowing the member to focus on the reason for requesting a redetermination. The member can easily download a copy of the form and a copy can be attached to a case for review by an Appeals and Grievances member. With this approach, insurers can effectively communicate via the member’s channel of choice and maintain all communications seamlessly.

4. Automate the Healthcare Forms Process with Cloud Technology

The need and desire to automate processes continues to spread across most enterprises. This evolution has been integral to the success of workforces. In industries like healthcare, however, disjointed systems continue to create siloed approaches to even the simplest processes.

Cloud technology has made easier work of implementing automated solutions, as well as refining digitized business processes. Considering the healthcare forms process, some benefits of automating with cloud technology are:

Improved healthcare member experience

When automated, the healthcare member experience is transformed from a ‘hunt and hope’ approach to a personalized, ‘how may we help you?’ conversation. The payer already has access to the data in their systems of record without the need for the member to re-enter previously provided information. Interactions are member-led throughout the entire process and broken down into bite-sized chunks that are easily consumable. Since files, images or receipts can easily be attached, there’s no need to print, fax or mail anything. An e-signature process delivers digital data to all stakeholders. This results in improved CAHPS/HEDIS (STAR ratings), CX Index and NPS scores. And, most importantly, a reduction in burden on the member.

Increased efficiency throughout the claims process

Insurers can use the same technology to reimagine member-submitted claims. By moving business logic up front and limiting the amount of data entry required through integration with systems of record, fewer claim forms are rejected and reprocessed. Starting and staying digital means payers can eliminate scanning and using OCR software on physical forms. Ultimately, this reduces processing times and improves financial performance across the organization.

Lower regulatory risk

Using a truly digital forms solution, more member-submitted claims can be auto-adjudicated. Member-submitted claims can easily be paid within regulated timeframes, typically 30 days from receipt, reducing the risk of escalated appeals or grievances. This also eliminates fees, fines or penalties, as well as a negative reputation or public relations issues.

Conclusion

As health insurers identify ways to enhance the member experience, it all must start by understanding members as individuals – meeting them where they are and providing interactions that are tailored and relevant. Digitizing form-based processes, for example, can meaningfully move the needle on the end-to-end member experience. Give members a chance to rebuild trust in the healthcare industry by deploying sophisticated cloud technology to meet them at any time or place.

Forms automation solutions like SmartIQ provide near-term benefits in a long-term digital transformation journey—something that is desperately needed to remove all barriers to better member conversations. This will optimize the member experience and help employees on the insurers’ claims teams foster exceptional interactions at every touchpoint across the entire member experience.

It’s safe to say that automated solutions powered by cloud technology are critical to creating memorable experiences that boost member engagement and foster a level of care that insurers can be proud to offer their consumers.

Now that’s a process worth repeating.

To discover how low-code solutions can help health insurers boost member engagement, access our on-demand webinar to see SmartIQ in action. Or, request a demo for more information about how payers can benefit from the SmartIQ solution.

Work SMARTER, Not Harder: Enhancing CCM Efforts with Forms Automation

Posted on December 12, 2022 by SmartComm

By: Sally Schulte, Product Marketing Director at Smart Communications

Consumers today expect to do just about everything digitally — from filing an insurance claim and managing personal finances to making medical appointments. That’s why the move to digital-first customer interactions was happening even before the global pandemic, which threw digital transformation initiatives, like forms automation, into overdrive. In fact, a March 2022 IDC survey found that 71% of business are implementing a digital-first strategy due to the pandemic’s lasting impacts.

As a result of this widespread digitization, enterprises must rethink customer engagement. The days of companies only offering one way for customers to communicate with them, usually involving paper, are long gone. Today, customers expect more. They want to be able to initiate interactions with a business, start and stop at their convenience and even switch between channels and devices without having to start over. That means enterprises need to make interactions two-way, digital and conversational.

To meet customer expectations, many organizations have already adopted customer communications management (CCM) platforms. But one category of customer “communications” that companies often overlook, and under-optimize, is the form processes required to interact with them. Adding a forms automation solution enhances CCM efforts and fully optimizes the end-to-end customer experience (CX) by turning static, one-way processes into dynamic digital conversations.

Investing in a smart forms automation solution can make a huge difference to CX. Digitizing forms-based processes is not just converting paper forms to fillable PDFs and putting them on a website. True form process automation creates interactive, personalized experiences that consider known information, such as the customer’s personal details, medical history, insurance policy information and more. The digital journey should accommodate the end user’s timeline and device preference, letting them start on one device, leave, and pick up right where they left off on another.

Most importantly, a strong forms automation solution ensures that enterprises collect the most accurate data from every interaction. When paired with a cloud based CCM solution, this allows businesses to deliver the most tailored, personalized interactions in real time. Let’s look at some of the ways web forms automation and forms management software can benefit CCM efforts and the business at large.

Mitigate Risks for Data Breaches and Errors

Many industries have long relied on paper forms for key operational processes — things like loan applications, insurance claims documentation and reimbursement for medical expenses. But paper forms bring inherent risks that can be avoided with digitization. Paper forms that are mailed in or scanned and attached to an email are much less secure than digital forms – running the risk of unauthorized access that exposes PII (Personally Identifiable Information) and can result in hefty fines and damage a company’s reputation. Paper forms, or electronic forms that are stored in a database or on a hard drive, can easily become compromised, lost or breached by hackers. And when completing forms manually, even minor clerical errors can significantly slow down customer service processes or, worse, prevent a needed service from being provided to a customer.

Automated enterprise forms management helps businesses mitigate these risks. The data from digital forms can be easily transferred, stored and managed by existing core systems – aligning with any corporate data strategy. Choosing a cloud-first solution provides the added benefit of scale, reducing ongoing dependencies on internal IT resources. Process automation, including pre-population of forms with personal information pulled from existing core systems, minimizes the risk of errors, accelerating resolution and improving the overall customer experience.

Regarding risk, it’s also important to discuss compliance regulations. With digital form content, business owned form processes can be quickly and easily updated with content that is impacted by changes to local or federal regulations—securing compliance. And overall efforts related to risk mitigation closely align with broader CCM initiatives by making sure businesses have the data they need to optimize CX, such as customer preferences. Partnering with a vendor that offers both CCM and forms automation software makes it possible to stay one step ahead, especially when regulations vary by region. Again, it’s about working SMARTER — not harder.

Save Time and Money with Forms Automation

It’s a simple fact that manual processes can be slow and time-consuming, and can be especially cumbersome when it comes to gathering and acting on customer data. With remote and hybrid work here to stay, digital forms increase workplace efficiency by eliminating the need for employees to re-key information from paper forms or, worse, take data entered in one system and have to manually enter it into another. A fully integrated, cloud-based solution means that team members across departments and locations are all working from the same information — no need to worry about someone making a decision based on outdated information by mistake.

Automating forms-based processes is a win-win for both customers and business users. Transforming things like intake questionnaires, claims filing or loan applications into intuitive, guided digital experiences is faster, easier and much more secure. And it improves the employee experience because they’re not spending hours on the repeat tasks associated with manual, paper-based processes. Business users can get new projects to market faster and maintain existing projects quickly and easily. With the added flexibility forms automation provides, enterprises can reallocate and reduce the need for IT resources. Increased efficiency can even lower the cost of overtime, additional employees and other expenses related to manual forms management.

Forms Automation Can Enhance Enterprise Customer Communications

The goal for enterprises today is to deliver digital, omnichannel communications at scale. Customers want to be able to get things done on their own time and their own terms. By combining a cloud-first CCM solution with a sophisticated forms automation solution, enterprises can empower customers to self-serve — when, where and how they prefer. Incorporating data from core systems in real time allows enterprises to deliver communications on the customer’s preferred channel quickly and efficiently. Plus, taking an adaptive interview approach lets businesses confirm previously known information while also collecting new data.

This type of dynamic, two-way interaction leads to more personalized conversations that can be tailored to individual customer needs, making their lives easier. At the same time, it enables businesses to make data actionable and scalable, enhance communications and support faster resolution and decision making.

Purpose-Built for Today’s Enterprise Needs

At Smart Communications, we understand the importance of automating everything from basic tasks to sophisticated and complex processes. Our integrated solutions, including SmartIQ forms automation and SmartCOMM customer communications management, work together and connect to existing systems to deliver intuitive customer experiences and dynamic communications. By bringing data together, enterprises can gain a complete, contextual view of customers and remove friction with a single, powerful CX ecosystem.

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1. Understand the Goal of The CCM Migration

Explore these real-world success stories of organizations that are mastering CCM migrations with Smart Communications.

2. Determine Which Deployment Option is Best

3. Assess Your Digital Readiness

4. Know Your Existing Cost Model

Are you ready for a more simplified, pain-free legacy migration? Discover how our CCM migration solutions reduces cost, time, and complexity.

Shifting Regulations Present New Opportunities for Risk Management and Compliance Management

WCAG Driving Change Across Enterprises

Reducing Risk for Highly Regulated Industries

Choose the Right Solution Partner to Enhance Compliance and Regulatory Risk Management Capabilities

Discover how The Conversation Cloud makes it easy for highly regulated industries to maintain compliance and mitigate risk.

What’s Driving Lending Demand Now?

Shifting Regulations Put Pressure on Lenders to Stay Agile

Now’s The Time for Consumer Lenders to Invest in Digital-First Customer Experiences

What’s Next for Lending?

How Can Digital Lending Technology Help Lenders Prepare for Uncertain Times Ahead?

We hope this advice is helpful, but we’re just scratching the surface of digital lending technology. For a deep dive into the many ways lenders can modernize their digital lending experiences, check out our new white paper, 6 Ways to Change the Conversation in Lending.

The Current State of Personalization in Insurance Claims

Hyper-personalization: The Future of Insurance

How Automation Can Help Insurers Meet the Moment

Change the Conversation with Cloud Technology

Low-Code Forms Solutions for Business Users

Maintaining Brand Standards in a Digital Environment

Global, Cloud Offering Enhances Security and Compliance

Additional Benefits of Forms Modernization

Learn more about how our low-code forms solution can help your company better serve its customers and enhance the end-to-end customer experience.

Attract Top Talent with Cloud Adoption in Insurance

Enable Cross-Functional Agility with Pure Cloud Solutions

Leverage the Right Cloud-Based Solutions for Insurance Companies

Conclusion

Interested in hearing about how Smart Communications’ cloud solution can help insurance enterprises modernize business processes? Listen to what our customers at Mountain West Farm Bureau Mutual Insurance Company had to say at the Guidewire Innovation Awards 2022:

What is Embedded Lending and Why Does It Matter?

Embedded Lending: Driving Innovation in Customer Experience

Is Friction Good or Bad? Regulators Weigh In

Conclusion

To learn more about the future of customer experience in embedded lending and how financial institutions can prepare for the shifting market demands, download the infographic, ‘The Future of Customer Experience in Embedded Lending’.

1. Use Low-Code Solutions to Eliminate Manual Forms

2. Improve the Healthcare Member Experience with SMARTER Conversations

3. Enable Intelligent Conversations for Claims Appeals

4. Automate the Healthcare Forms Process with Cloud Technology

Improved healthcare member experience

Increased efficiency throughout the claims process

Lower regulatory risk

Conclusion

**To learn more about the future of customer experience in embedded lending and how financial institutions can prepare for the shifting market demands, download the infographic, ‘*The Future of Customer Experience in Embedded Lending***’.