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Tag: Benefit – Cloud

Why Cloud Tech Is Central to Wealth Management Success

Posted on by Cindy Griffin

By Cindy Griffin, Financial Services Vertical Marketing Specialist at Smart Communications 

Modern, integrated technology is no longer optional; it’s how wealth management firms win over elite advisors. Mergers and acquisitions activity in wealth management is booming, with a record 272 transactions announced in 2024 and 75 announced in the first quarter of 2025.  

These firms will succeed by taking advantage of economies of scale and Assets Under Management (AUM) growth. But real success hinges not just on scale or AUM. For acquiring firms, the ability to attract and retain top advisor talent is among the most valuable assets after the deal closes.  

Why Cloud Tech Matters More Than Ever  

In addition to firm consolidation, the pool of financial advisors is shrinking. According to Cerulli Associates, the number of advisors in the U.S. was essentially flat in 2023 and over the next decade, more than 100,000 advisors – or approximately 37.5% of the industry – plan to retire. With a contracting pool, advisors can be more selective about where they choose to practice. The increased competition for talented advisors means wealth management firms must use cloud technology to stand out. 

The value-add that advisors provide is excellent client service, and intuitive, effective technology that makes the client experience more efficient can help advisors grow their business. The more time advisors dedicate to what matters most to each client, the higher the trust in the relationship. For these reasons, advisors want technology that minimizes administrative work and maximizes time to focus on their value add to clients.   

Wealth management firms that offer a seamless tech experience create less disruption and more opportunities for their advisors.  At the end of the day, technology can be a deciding factor in whether talented advisors stay or leave. 

Common Pitfalls of Technology in Wealth Management  

Legacy systems, clunky workflows, and poor integrations frustrate advisors. For example, a firm uses a PDF-only onboarding form collecting know-your-customer (KYC) information.  The best-case scenario in this PDF-only situation happens when the client receives the form and they’re able to fill it out correctly the first time and return it via email.  

However, this scenario is unlikely and not secure since personally identifiable information (PII) is being passed through the form. More likely is that with a lot of back-and-forth between the advisor and the client, most of the information is collected and manually added into the firm’s systems. 

At this point, no one is happy. Advisors feel that administrative work has cost them important client–facing time. Plus, clients begin the advisor relationship with a frustrating and drawn-out onboarding experience. Wealth management firms risk churning advisors and clients if technology is an impediment to a good client experience.  

Technology Attracts and Retains Talent  

The right technology creates an advantage in attracting and retaining talented advisors.  How can a wealth management firm ensure that it’s using the right technology? 

  • Invest in technology that is API-friendly or has established integrations and is scalable for different advisor workflows.
  • Involve advisors in technology decisions and treat them like internal clients.
  • Communicate clearly how the technology roadmap will improve advisors’ work day-to-day. 

Research has shown that advisor practices that are heavy users of technology are higher–growth practices. Cleary, firms that lead with advisor-friendly technology can gain a strategic edge. 

Smart Communications Helps Develop a Technology Advantage 

Smart Communications helps wealth management firms develop their technology advantage with SmartIQ™, a low-code technology solution that makes automating data collection easy:   

  • Manual forms are transformed into online, mobile-friendly, intuitive interviews to collect data.
  • Data collection is secure and scalable; data becomes a two-way conversation between the advisor and client.
  • Pre-built connectors and a flexible API architecture ensure seamless integration into the existing tech stack. 

SmartIQ offers a digital client experience for complex advisor workflows like client onboarding, annual KYC information collection, and more. What once was a major administrative burden to advisors becomes a competitive advantage to attracting and retaining advisors. Investing in the right technology isn’t just smart infrastructure. It can be the key to unlocking advisor loyalty, performance, and long-term growth. 

To find out how you can leverage cloud tech in wealth management to improve data collection processes and maximize your advisors’ time, request a demo. 

The Power of a Unified Document Generation Platform: Consolidating Document Creation Systems

Posted on by SmartComm

By Smart Communications

If your organization is to remain successful in this competitive, ever-evolving landscape, effective communication with your customers is more crucial than ever. That’s where a sophisticated Customer Communications Management (CCM) platform comes into play. 

 In this blog, we’ll explore the benefits of using a centralized CCM platform to streamline your customer communications management processes. 

What Is Unified CCM Platform? 

A unified Customer Communications platform consolidates all your channel-specific customer communication tools into a single, unified system. Unlike traditional methods that rely on disparate technology—which can lead to chaos, inefficiency and inconsistency—a unified platform integrates various communication channels into one. 

Key Features  

Here’s what to expect from a consolidated, cloud-based CCM platform: 

  • Centralized Data Management: Access all your customer information in one place, making it easy to keep communications accurate, personalized, and timely. 

  • Streamlined Workflows: Automate processes to reduce manual effort, ensuring your communications reach customers at the right time, on the right channel. 

  • Multichannel Integration: Manage communications across email, SMS, social media, and more—all from one platform. 

Benefits of Unifying CCMs

Centralized Data Management

A unified CCM platform ensures precise and relevant communications by pulling variable data from core systems and organizing it in a single location. 

Streamlined Workflows 

Automating communication processes lets you focus on strategic initiatives rather than repetitive tasks, boosting your team’s productivity. 

Improved Consistency and Compliance 

A consolidated platform helps you maintain a consistent experience and brand voice across all channels, while adhering to industry regulations – vital in sectors like finance and healthcare. 

Personalization at Scale 

You can simplify the personalization of communications to meet customer needs, resulting in higher engagement and satisfaction. 

Cost Savings and Efficiency Gains  

Consolidating multiple systems into a single CCM platform significantly cuts costs associated with software maintenance and staff training. 

Future Trends in CCM Platforms 

As technology evolves, so do the capabilities of modern CCM platforms.  Key trends to keep an eye on include: 

Artificial Intelligence and Automation
These innovations are becoming integral to CCM platforms, enabling smarter communication strategies that anticipate customer needs and automate routine tasks. 

Enhanced Analytics and Reporting
Advanced analytics tools will offer deeper insights into customer behavior, helping you refine your communication strategies. 

Omni-Channel Engagement
The future will focus on providing truly integrated multi-channel experiences, allowing your customers to engage seamlessly across different platforms. 

As the digital landscape continues to evolve, having a consolidated approach to customer communications gives you the flexibility to adapt, personalize, and engage across multiple channels with ease.  

A centralized CCM platform also positions you to leverage emerging technologies like AI and analytics, enabling you to make data-driven decisions and anticipate your customers’ needs in ways that build loyalty and satisfaction. 

Why a Unified CCM Platform is Essential

A modern CCM platform is more than just a tool—it’s a strategic asset that empowers your organization to communicate effectively, consistently, and at scale.  

By centralizing your data and automating workflows, you reduce complexity and ensure every interaction with your customers is relevant, timely, and compliant.  

This level of organization and efficiency not only cuts costs, it also creates a solid foundation for building trust and long-lasting relationships with your customers. 

Think You’re Behind the Ball? It’s Not Too Late to Consolidate!

The reality is that many large organizations—especially those in highly regulated industries like financial services, insurance, and healthcare—are still relying on multiple outdated, channel-specific solutions for managing customer communications. You’re not alone! 

The good news is that migrating to a unified, modern solution like SmartCOMM™ is easier than you might think. You can retire those legacy systems that are dragging down your staff productivity and your bottom line. At Smart Communications, we have extensive experience migrating hundreds of clients from legacy solutions such as OpenText, Oracle Documaker, Quadient Inspire, ISIS Papyrus, DOPiX, Conga, and more. 

We can help you streamline your customer communications with a platform that supports your growth and enhances efficiency. Don’t let outdated systems hold you back—it’s time to make the smart move! 

Ready to Transform Your Customer Communications? 

To learn how a consolidated strategy can benefit your organization, request a migration consultation.  

 

The Top 5 Takeaways from Guidewire Connections 2023

Posted on by Eileen Potter

By Eileen Potter, Vice President of Insurance Marketing at Smart Communications

Guidewire Connections 2023 was an amazing experience, once again raising the bar for an industry conference. We enjoyed three days of conversations with customers, prospects, analysts, and partners, along with inspiring keynotes and a lot learning.

There were too many great moments to mention them all here, but some personal highlights were moderating a panel with Shawn Antao from EY and Karen Hopkins-Lee from Premier Insurance, presenting in the Demo Theater with my colleague Andrew Cortright, and seeing our customer Tim Hays from Mountain West Farm Bureau onstage with Guidewire’s Daniele Groves, talking about how to strategically build your Guidewire ecosystem. 

It’s never easy to narrow down the highlights from such an event, but here are the 5 things that resonated with me:  

1. Innovation Takes Center Stage 

Guidewire Connections 2023 wasn’t just a conference; it was a showcase of innovation at its finest. From cutting-edge technologies to cutting-edge business models, the event was a testament to the industry’s commitment to staying ahead of the curve.  

2. Digital Transformation Accelerated 

We all knew that digital transformation was the name of the game, but at Guidewire Connections, things shifted into high gear. Insurers are not just dipping their toes into the digital waters; they’re diving in headfirst. The buzzword of the moment? AI, of course. But what impressed me the most was how insurers are more open to creating a technology ecosystem that will enable them to scale – and, keep them agile for future change. Innovation is now firmly integrated into the industry’s DNA. 

3. Customer-Centricity Reigns Supreme 

No surprises here – customer-centricity continues to be the Holy Grail of the insurance industry. But what stood out at Guidewire Connections was the genuine commitment to putting customers at the heart of every decision. Insurers are no longer just service providers; they’re experience creators. The focus on personalized, frictionless customer journeys left me feeling optimistic about the future of insurance. 

4. Data, Data, Data: The New Currency 

The emphasis on data analytics and insights was impossible to ignore. Insurers are not just collecting data; they’re leveraging it to drive strategic decision-making. The shift from reactive to proactive risk management is real, and it’s powered by the mountains of data being generated and analyzed within the industry. 

5. Collaboration is Key 

The theme for the conference was the Power of Community, and in the spirit of “we’re all in this together,” collaboration was a recurring talking point throughout the event. Insurers are recognizing that they can’t go it alone in this rapidly evolving landscape. Partnerships, ecosystems, and cross-industry collaborations were not just discussed; they were celebrated. It’s refreshing to see competitors becoming collaborators, all with the shared goal of creating a more resilient and innovative insurance ecosystem. 

Guidewire Connections 2023 reflected the best of the insurance industry: Insights, innovation, and inspiration – and partnership. I am extremely proud that Smart Communications is a Guidewire FY23 PartnerConnect Partner Excellence Award winner: named the “Ecosystem Partner of the Year” for outstanding achievement and adherence to project requirements, joint customers, and FY23 Marketplace data.

As we move towards 2024, and navigate the ever-changing landscape of Insurtech, these takeaways serve as a compass, guiding us toward a future where insurance is not just a safety net but a proactive, customer-centric force for good. Cheers to the future of insurance, and here’s to Guidewire Connections 2024 – may it be even more groundbreaking than its predecessor!

Customer Communications: Exploring the Huge Gap Between Customer Perception Versus Company Perception

Posted on by Scott Draeger

By Scott Draeger, SVP of Product Marketing & Vertical Solutions at Smart Communications

In this digital era, enterprises like yours heavily invest in advanced Customer Communication Management (CCM) solutions to elevate their communication strategies. However, you may not even realize the investment as customer communications might be disjointed and spread across hundreds of disconnected projects. 
 
As a result, enterprises think their communications are better than they are. In fact, 73% of companies believe their customer communications are improving while only 29% of customers agree. This glaring perception gap poses a critical challenge, impacting customer satisfaction, brand loyalty, and, ultimately, your organization’s bottom line. 

Understanding this difference in perception between what businesses think they’re delivering and what customers truly experience is pivotal. If you ignore this blind spot, problems will appear out of the blue to undermine even the most sophisticated communication strategies. The ramifications are clear: dissatisfied customers, missed opportunities, and a potential erosion of trust.  

In this blog, you’ll discover the potential causes for this perception gap based on insightful data from Smart Communication’s 2023 Benchmark Study. The actionable insights, both in this article and our Benchmark reports, can help you navigate the evolving landscape of customer interactions, revealing the untapped potential that lies within understanding and addressing the subtle yet impactful nuances of the communication divide. 

RELATED READING | ‘The Dawn of a New Era in Customer Communications’ 

Understanding the CCM Perception Gap 

According to recent data from our Benchmark report, a compelling 81% of customers believe communications are somewhat or very important to their overall experience with a company. That said, this perception gap we mentioned in the previous section is a potential Achilles’ heel for businesses. 

So, why do companies tend to overestimate their CCM effectiveness when they’re aware a poor experience directly impacts churn? The answer lies in a mix of internal biases, inadequate feedback mechanisms, and reliance on outdated communication methods. Internal biases, often born from proximity to the creation process, can cloud your judgment. The lack of feedback mechanisms can create an echo chamber where assumptions go unchallenged. Meanwhile, clinging to outdated communication methods in a rapidly evolving digital age can inadvertently perpetuate the perception gap. Let’s look at the potential causes for this disconnect from an industry perspective: 

Insurance: 72% of insurance professionals say their company’s customer communications are getting better yet only 27% of customers agree. While this seems like a direct source of feedback that should be reliable, something must be getting lost in translation. It’s possible that insurance companies aren’t asking their customers the right questions. Are the surveys asking about a specific interaction with their insurer or are they more general in nature?  

Maybe they’re not acting on the input they’re receiving. Sometimes an insurer will spend a lot to make improvements, but the spend could be on maintenance to IT infrastructure that the customer won’t notice. This is a case of insurers acknowledging the investment and effort they invested, but customers not seeing a measurable difference in the output. Or perhaps insurers are just not doing a good job of interpreting the survey data. Whatever the cause, your insurance organization must find a way to close the feedback loop and get customer communications on track with expectations. 

Healthcare: Let’s look at the way healthcare organizations collect the customer feedback they’re using to guide their efforts. The majority (59%) of companies rely on customer surveys to measure the effectiveness of their communications.   

While this may seem like the best way to gauge how well things are working, it’s possible that payors and providers are not asking the right questions. The good news is, moving away from basic measurements, such as net promoter score (NPS), and adopting more granular, customer-focused metrics, such as customer effort score (CES) and customer experience index (CXI), may help you gain more nuanced insights into what is and isn’t working for your members.   

Whatever the cause, this dissonance underscores the need for a reality check. By acknowledging and dismantling these barriers, businesses can recalibrate their CCM strategies, aligning them more closely with the authentic needs and expectations of their customer base. 

 5 Ways to Close the Gap

The data-backed tips below can help your organization enhance internal processes and prepare for a future-forward approach to customer communications. 

  1. Invest in Customer-Centric Communication Platforms. Opt for advanced CCM software that prioritizes customer-centricity. The benchmark report highlights a disparity—while 90% of companies believe they prioritize customer needs in communication, only 58% of customers feel this is evident. Choose platforms that facilitate personalized, relevant, and timely interactions, aligning with customer preferences and expectations. 

  1. Establish Clear Communication Goals. Define specific communication objectives aligned with customer satisfaction metrics. According to our data, 68% of dissatisfied customers attribute their discontent to perceived communication failures. Set clear goals such as reducing response times, enhancing clarity, and ensuring consistency across channels. 

  1. Implement Multichannel Integration. Recognize the diversity of customer touchpoints. Our benchmark report reveals that 64% of customers prefer a combination of online and offline communication. Integrate various channels seamlessly to create a unified customer experience. Ensure consistency in messaging and branding across platforms to minimize the perception gap. 

  1. Embrace Data Analytics for Insightful Decision-Making. Leverage analytics to gain actionable insights. While 75% of companies believe they effectively use data to inform communication strategies, only 46% of customers agree. Analyze customer interactions, preferences, and feedback to make informed decisions. This data-driven approach enhances communication relevance and effectiveness. 

  1. Conduct Regular Communication Audits. Periodically assess the effectiveness of your communication strategy. Our benchmark data reveals that 56% of companies do not conduct regular audits of their customer communication processes. Regular audits help identify gaps, measure performance against goals, and adapt strategies to evolving customer expectations. 

YOU MIGHT ALSO LIKE | ‘How CCM Software Can Bridge the Generational CX Divide: The Latest Research and Data’ 

Final Thoughts on the Perception Gap in Customer Communications  

Many companies are focused on improving the wrong customer communications channels — namely the website and mobile app. These may be important points of contact, but if your members are unable to follow the company’s communications or purchased a plan without understanding the benefits, they’re much more likely to pick up the phone and call for help, driving up service costs.   

Your company might also be ignoring member channel preferences altogether. For example, Benchmark data found that older populations overwhelmingly prefer paper-based communications. And yet, many healthcare organizations are trying to force digital interactions on them. Taking a more nuanced approach could potentially result in improved satisfaction metrics and better long-term loyalty for your brand.    

The rise of customer-focused metrics shows a desire to improve CX, but not necessarily the ability to do so unless the data is actionable. The focus should be on customer journeys, designing interactions based on individual needs, and building trust through easy, transparent communications. Working with a trusted CCM vendor will give companies a competitive edge to help them close the perception gap and meet member needs. 

To learn more about the perception gap, and how your business can close it, download ‘The State of Customer Conversations’ today.  

How CCM Software Can Bridge the Generational CX Divide: The Latest Research and Data

Posted on by SmartComm

By Smart Communications

In today’s rapidly evolving business landscape, customer experience (CX) has become a pivotal factor for success. Staying ahead in this competitive arena requires adapting to the changing expectations and preferences of consumers, especially as different generations hold sway over the market going into 2024.  

To shed light on these demographic-led shifts and understand how they impact CX, we turn to our recent Benchmark Report. In this blog, we’ll expand on some of the research findings and explore why CCM (Customer Communications Management) software is an essential tool for bridging the generational CX divide. 

Understanding Demographic-Led CX Shifts 

Before we delve into the solutions, let’s first define what we mean by “demographic-led CX shifts.” In essence, this term refers to the changes in customer behavior and expectations driven by different age groups, such as Gen X, Millennials, and Gen Z. 

Consider the example of Gen Z, a generation known for its digital prowess. This demographic has grown up with smartphones and social media, making them accustomed to instant communication and personalized experiences. Such expectations have had a significant impact on industries such as retail and eCommerce, where brands need to offer seamless online and in-store shopping experiences and engage through social platforms to stay relevant. 

 

Our research also uncovered the importance of optimizing digital processes to ensure customer effort is low. As we mentioned above, Gen Z are averse to maladaptive processes and as digital natives, they’re the savviest customer demographic—with growing buying power. This means their influence amongst their peers and the businesses catering to them will increase, too. In fact, Gen Z is predicted to surpass Millennials as the largest consumer base in the U.S. by 2026. Data shows that they’ve already made an impact on industries like financial services and insurance, according to an article by Forbes which ranked trust and experience as two critical ranking factors when choosing a company to do business with. All that said, your brand needs to focus on providing a human element to ensure communications meet the right tone. On the flip side, automation can provide the necessary simplicity and efficiency these younger demographics expect when deploying communications across multiple channels.  

How CCM Software Helps Enterprises Account for Demographic-Led CX Shifts 

One of the most effective strategies for accommodating demographic-led CX shifts is personalization. According to recent data, a staggering 81% of customers believe that communications are somewhat or very important to their overall customer experience. This highlights the need for tailored interactions and messaging.

But how can organizations tailor products and services to meet customer expectations? This is where Customer Communications Management (CCM) software comes into play. Modern SaaS CCM solutions play a crucial role in helping businesses plan for and adapt to demographic shifts by: 

  • Creating highly personalized communications.

  • Communicating on the channel of choice for customers (regardless of their demographic) and adapting to channel preference changes quickly.

  • Understanding the tone, sentiment and reading levels of content used in communications to maximize impact and customer outcomes.

  • Adapting quickly to regulatory changes.

  • Being able to communicate rapidly in the moment, via digital channels, which reinforces trust that transactions have processed.

In a world where CX can make or break a brand, it’s imperative for enterprises to embrace these strategies and technologies. Staying ahead of the generational CX divide is no longer an option; it’s a necessity for survival and growth.  

That’s why understanding and adapting to demographic led CX shifts is paramount for any business looking to thrive in the modern marketplace. We’ve explored the importance of data analysis, personalization, and the role of CCM software in achieving these goals. 

Conclusion 

As we enter 2024, there’s no better time to take proactive steps to enhance your CX strategy. Smart Communications’ leading CCM software can provide deeper insights into how customers interact with your brand. It equips you with the tools needed to implement changes based on the reports from Aspire and other sources. 

Your future success depends on your ability to adapt to the ever-changing landscape of customer expectations. Don’t wait—download the reports today to gain a competitive edge by enhancing your customer experience. 

How Enterprise Risk Management Helps Enterprises Safeguard Their Reputation

Posted on by SmartComm

Connection network in dark servers data center room storage systems 3D rendering

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.

Healthcare Member Communications Are Ripe for Transformation – Are You Prepared?

Posted on by SmartComm

By: John Zimmerer, VP of Industry Marketing, Insurance at Smart Communications

As parts of the world begin to open up, it’s easy to think that life, for both businesses and consumers, can simply pick up where we left off. But to do so would ignore the opportunities for improvement that we were forced to explore during the worst of the pandemic. One key lesson at the top of our list? The need for healthcare payers and providers to focus on timely, relevant and personalized member communications. While the pandemic provided the catalyst to accelerate the implementation of better digital conversation experiences, there’s still a long way to go, as revealed by data from J.D. Power:

  • 54% of members do not understand if telehealth services are covered
  • 48% believe the payer has not shown concern for their health since the pandemic began
  • Only 25% view the payer as their trusted partner
  • Only 36% feel the payer acts in their best interest

Clearly, there are major gaps in the way healthcare payers and providers think they are communicating to members, and how members are actually receiving those messages. In fact, recent research revealed that 63% of businesses think they are delivering excellent or very good communications to their customers, but only 51% of consumers give the same ratings to the communications they receive.

In a recent panel discussion at the Cognizant Healthcare Conference, three Smart Communications experts shared their perspectives on how the healthcare communications landscape is changing, and what leading payers and providers need to do to transform member experiences. While we invite you to view the full recording below, this post also highlights some of the key takeaways from the discussion and some best practices for delivering two-way, digital conversations.

Key Challenges Accelerating the Pace of Communication Transformation

The J.D. Power statistics show us that trust is low, and key messages, like those around telehealth coverage, are being missed or fall flat. Historically, this has been caused by both technological and operational limitations:

  • Static, mass email blasts to all customers delivering the same high-level messaging regardless of individual circumstances
  • Disconnected communication experiences that force members to provide the same information again and again across channels
  • An over-reliance on print for communicating key messages instead of a multichannel approach based on a customer’s stated preferences

These challenges have been felt across the four key areas of the healthcare member experience where it is most important to get communications right: member acquisition and enrollment, onboarding, care management and claims. If customers feel like they’re having suboptimal experiences everywhere they turn, it’s no wonder their frustration results in lower scores on the most critical customer satisfaction metrics.

Creating SMARTER Member Conversations

The good news is that many of these challenges can be solved. Leading payers and providers are taking the steps necessary to overcome traditional challenges and build the technical and operational infrastructure needed to transform the future of healthcare communications.

One powerful example of how to achieve the dream state of SMARTER customer conversations comes from Blue Shield of California, as shared at INNOVATE 2021. In their quest for 95% of communications to be digital-first, they pursued the following principles for success:

  • Make it Simple – only deliver communications that solve or pre-empt members’ needs and expectations. Rely on dynamic templates that drive consistency across channels but also increase agility. Then, streamline preview and approval processes.
  • Make it Useful – only deliver communications that provide relevant information in every channel, based on a combination of stated preferences and insights derived from advanced analytics.
  • Make it Mine – only deliver communications that are personalized, while keeping security top of mind.

These guiding principles are an important starting point for the larger question healthcare payers and providers are focused on – where are the biggest opportunities for improvement?

Here are just a few examples of how digital optimization can make a huge impact, along with real-world results:

Collecting Open Enrollment Choices Digitally 

As the largest customer-owned health insurer in the U.S., supporting 140,000 employers across 5 states, Health Care Service Corporation (HCSC) realized the importance of transforming its open enrollment processes. HCSC had 250 manual, static forms which contained 20 unique sections with 3,000 different attributes that needed to be delivered to 26 downstream internal and external customers. The need for a highly scalable solution was especially evident here. HCSC worked with Smart Communications to eliminate manual forms in favor of a single, guided, digital interview process.

Using SmartIQTM, HCSC eliminated manual re-entry, reduced their support team training time and increased the amount of time employers had to make decisions, ultimately increasing productivity while lowering cost. Learn more about HCSC’s success in Transforming Manual Forms Processes into Exceptional Digital Experiences from INNOVATE 2021.

Streamline the Contract Generation Process

A leading managed healthcare and insurance provider sought to digitally optimize and improve their employer-sponsored plans. By working with Smart Communications, they managed to optimize a manual contract generation process involving multiple internal and external groups that took 2 weeks to just 1 business day—a 90% increase in efficiency. Additionally, when used in combination with SmartCOMMTM for Salesforce, they were able to generate a contract in only 30 minutes, a dramatic improvement from where they were.

Globalization and Optimization Across the Enterprise – at Scale 

The ability to optimize across multiple brands, jurisdictions and languages can vastly improve efficiency while reducing cost. By leveraging approachable technology, payers and providers can also optimize their workload throughout the organization, instead of being in a situation where certain tasks can only be completed by IT or specific subject matter experts.

With healthcare communications at an inflection point, taking proactive steps to align technology and operations for an optimal member experience is essential. And the cascading business benefits are measurable.

If you’d like to learn more about transforming healthcare member communications, check out our white paper “From Onboarding to Lifelong Relationships.”

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

Posted on 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.

Drive Efficiencies and Cost-Savings: Migrate and Consolidate CCM Solutions

Posted on by SmartComm

This is an image: female worker is in a cloud server room, looking at a large tablet

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

During times of economic uncertainty, the only constant is change—which is why businesses need to be agile and always looking ahead. With markets shifting, inflation rising and jobs fluctuating, it’s a good time to focus on building a technology ecosystem that allows enterprises to meet both the near- and long-term needs of the business; not to mention, it also helps to future-proof in the face of unknown business needs. When it comes to customer communications management (CCM), legacy systems slow down operations, provide little to no business user control and can be quite costly. If this is a key challenge for businesses, CCM migration and consolidation should be a priority.

As enterprises around the world are being tasked with cutting costs and doing more with less, employees need the right solutions to support existing customers while also attracting new customers. The right systems and solutions enable better processes and more consistency. A consolidated tech ecosystem allows enterprises to increase operational efficiency and reduce overall costs—a critical focus in a down economy. Automating and digitizing processes reduces the burden on IT, further lowering costs while allowing for internal innovation. To achieve an improved CX and meet business goals, enterprises must consolidate technology and adopt a modern, pure-cloud CCM solution.  

Business Drivers for CCM Migration from Legacy to Cloud

There’s no shortage of reasons for CCM migration from legacy systems to a sophisticated, pure-cloud customer communications management platform. But the best way to start is by assessing existing communications processes and technology. 

If you’re currently using a multitude of applications to generate customer communications, consolidating into a single enterprise system will help streamline internal processes and workflows. Ultimately, the level of speed and agility a cloud solution offers simply can’t be matched by legacy systems. Connecting all mission-critical technologies into a single, flexible ecosystem allows teams to take advantage of new technology faster and accelerate response times for customers. 

Migrating to a modern customer communications management solution that integrates seamlessly with existing core systems offers further operational benefits by allowing disparate systems to communicate and diminishing the number of integrations that must be managed. With a sophisticated solution, automation and personalization make interactions more dynamic and productive. Best of all, moving to an enterprise CCM would make change management and future upgrades simpler.  

In keeping with widespread digital transformation initiatives, many organizations have implemented an enterprise-wide cloud strategy aimed at driving operational efficiency and competitive advantage. Moving to a cloud-native solution allows businesses to align customer communications with corporate strategy to reduce overall costs, reprioritize IT resources and maintain security and compliance. At the same time, modern customer communications solutions allow businesses to support enterprise-wide efforts to improve CX—meeting CSAT goals and building loyalty.  

RELATED READING TO DOWNLOAD | ‘A CCM Migration Roadmap’ 

Cost-Savings and Operational Benefits of Consolidating Legacy Customer Communications Technologies 

According to a recent Qualtrics XM Institute study, 60% of IT leaders are focused on increasing operational efficiency in their IT organization—and 89% say agility is extremely or very important for responding better to unexpected events. A modern CCM solution delivers speed, agility and scalability that powers efficiency at every touchpoint – and enables enterprises to keep up with evolving customer expectations and weather the unknown by building flexibility into processes and responding to change rapidly.  

For example, let’s say a large financial services institution needed to automatically turn on access for hundreds of new end users in order to account for an influx of customer inquiries. With instant-on provisioning —made possible through cloud technology — providers can make this happen within minutes instead of lengthy implementations and/or upgrades that would be required with legacy platforms. 

By making investments in improving operational efficiencies, enterprises in turn boost profits and drive overall growth, reducing the burden on costly call centers with a digital solution that supports self-service via guided digital interactions. A consolidated CCM reduces the total cost of ownership (TCO) compared with multiple disparate systems and reduces the amount of time and money spent on maintenance, updates and operations.  

Improving the customer experience and meeting customers where they are with an omnichannel approach helps to prevent churn. Not only does this bolster revenue, it reduces costs up front—because it’s significantly more expensive to win new customers than it is to hang on to existing ones. This makes enhanced CX a strategic imperative, especially when budgets are tight. To support growth, invest in the customers you already have.   

As customer preferences and business needs continue to shift, an enterprise CCM solution enables enterprises to pivot on demand without investing in new technology. Key benefits include: 

  • Updating customer communications strategies to keep pace with market shifts, changing regulations, and evolving customer needs, without relying on IT
  • Empowering business users, customers, and the business at large by consolidating the tech stack and migrating to a single, powerful enterprise solution. 

KEEP READING | ‘Building a Business Case for Change: How to Secure Stakeholder Buy-In When Purchasing Enterprise Customer Communications Management (CCM) Software’ 

The Purpose-Built Enterprise CCM Solution for Today’s Needs 

Moving to a pure cloud CMM solution helps businesses increase operational efficiency and decrease costs during times of economic uncertainty. While it may seem like a time- and resource-consuming undertaking, it doesn’t have to be. Migrating to a modern, purpose-built platform reduces TCO and accelerates ROI. At the same time, it allows enterprises to consolidate data, streamline processes and enhance the customer experience.  

The goal of any forward-looking enterprise should be to do more with less and use automation and data-driven insights to optimize every interaction. On the point of doing more with less, consolidation has several key benefits that can help businesses future-proof, such as:  

  • Maintenance is less burdensome and costly. With CCM Migration, there are fewer places to update things when changes are necessary. This, coupled with depreciating disparate solutions, organizations will save money and time.  
  • Reliance on IT is diminished. Consolidating means organizations don’t have to worry about battling separate IT upgrade schedules. And, working with a single cloud vendor who manages updates will often mean there’s no onus on the end-user to manage upgrades. 
  • End-user empowerment. A center of excellence and shared knowledge/resources can be developed to help business users handle projects faster and train new users quicker. 

Smart Communications is uniquely positioned to help enterprises successfully migrate without disrupting customer communications and focus on elevating the customer experience to improve efficiency, retention and revenue. We offer a suite of purpose-built migration tools that use automation to reduce manual steps by up to 30-65%, saving resources and accelerating the process. Our Professional Services team has helped hundreds of companies migrate successfully. We’re here to offer expertise and support for even the most complex projects.  

If you’re ready to future proof your business with CCM migration and consolidation, get in touch with us to learn how a pure cloud, enterprise customer communications management system can help. 

About the Author
Chris Murphy is the Vice President of Product Marketing for Smart Communications, a customer communications management technology leader focused on helping businesses engage in more meaningful customer conversations. Chris spoke about CCM and operational agility at the DSF '23 in Charlotte, NC.

 

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

Posted on 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 

YOU MIGHT ALSO LIKE | ‘3 Ways Insurers Can Leverage the Cloud to Close Gaps Between Customer Expectations and Their Experiences’ 

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:

this is a graphic with text: "At Mobilitas, we believe in what's possible. We use our innovative skills to create new products and opportunities. We're not chasing the status quo, we're chasing a shared vision. We're excited to push the boundaries of commercial insurance and reimagine insurance."

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: