Insurers are realizing that digitization of documents can greatly improve customer experience and business optimization.

1. Insurers Enhancing Customer Experience
via Digitization
Despite years of automation, scanning, and digital data capture, insurers still deal
with huge volume of documents in hard copy format -- paper, faxes, checks, cards,
and envelopes. The massive volume of paper documents is a stumbling block when it
comes to managing daily workflow and attaining operational efficiency. Improving
customer experience and performance, and cutting costs calls for more
comprehensive digitization at various levels.
According to a research report titled ‘Improving the Customer Experience through
Communications and Document Management’ by insurance strategic advisory firm
Strategy Meets Action, insurers in North America are leveraging customer
communications and record management to deliver a superior customer experience.
They are investing in electronic enterprise content management, contact centers,
and e-delivery. Digitization is helping faster and more accurate responses to
prospects and customer. In short, they are moving away from paper-based systems
to optimize overall efficiency.
Highlights of the SMA Research Report
The report, based on a survey of 110 insurance firms during Q4 of 2013 through
January 2014, highlights the efforts made by insurers in capturing, creating,
managing and delivering digital content.

2. Insurance companies are welcoming new technologies to manage documents and to
improve the customer experience. The main findings of the survey are:
 Communication with customers is mostly handled by agents and producers,
though new investments by insurers are focused on digital channels
 62% of insurers are investing in web self-service projects in 2014
 More than 50% of insurers are in the process of implementing projects for e-
billing and e-delivery
 Insurance companies continue to optimize print centers to support e-delivery
and digital channel initiatives. Up to 53% have a shared services approach for
high volume printing, 43% higher from 2012
Going Digital – The Competitive Advantage
Leading insurers now realize the potential competitive advantage offered by
technology. Capture big data provides them with greater analytics capabilities to
provide a better customer experience
 Analysis of data collected from sources like internet, social media, driving
apps and even health-monitoring wearables could help insurers target
customers, optimize prices, schedule policies more accurately, and manage
claims effectively
 Digitization of existing insurance processes can enhance the company’s
bottom line
Insurers are now focusing on
developing customer-centric
strategies instead of just cost
reduction and transaction efficiencies,
says the report, which in turn, is
leading to new investments in
customer communications and record
management.

3.  With digital marketing, insurance companies can connect more effectively
with existing and potential customers, so that know whom to target and how
to price a policy correctly
Mastering digital is also crucial with electronic health exchanges which allow
consumers to enroll in a plan online. Insurers that have a proper strategy in place for
the capture and management of information can position themselves favorably in
this competitive landscape.
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