HOW TO REDUCE COMMUNICATION COSTS IN INSURANCE WITH A CCM PLATFORM

1. HOW TO REDUCE COMMUNICATION COSTS IN INSURANCE WITH A CCM PLATFORM? Insurers can reduce communication costs while maintaining customer engagement. Today, increasing competition, rising customer expectations, and downward pressure on fees mean that a digital transition to insurance is essential to your firm’s success. To serve more customers with lower operational costs, you need to encourage digital adoption, and the best way to do this is to increase customer engagement. But that often means sending more communications, which can be costly. CCM vendors typically charge per communication, which means that the more successful you are at communicating with customers, the more

2. you will spend. This can lead to a situation where you fall short of your success, as your digital adoption measures exceed expectations, meaning your digital volume skyrockets, but your budget is blown. What if your customers want to sustain both print and digital? There is another risk connected with increased digital adoption. What if customers are willing to acquire digital communication, but not fully equipped? These ‘double dippers’ want digital communication facilities but are not yet ready to give up the habit of receiving envelopes in the mail. At regular vendor prices, this would mean doubling the cost of messaging. Your company does not receive any postage savings, which increases the cost of each digital communication. The cost of communicating with these users is higher than with users who are on print, simply because you are paying for both print and digital communications. This doubling of costs, while positive for your omnichannel communication strategy, can be catastrophic for your budget. In just two years, the percentage of digital users alone is expected to increase to 36%, which will be reduced to 31%, at a print-only price. But the number of double dippers is expected to remain the same. This means that to reduce the cost of communication in insurance, these firms must either adjust the communication budget to accommodate double-dippers or find innovative ways to encourage complete paperlessness.

3. How to reduce communication costs in insurance while increasing customer engagement? Unexpected customer communication costs can wreak havoc with the insurance firm’s annual budget. At the same time, digital communications are an important way to increase client engagement and serve as many clients as possible at a low cost, so backtracking on communication plans can lead to long-term problems. By communicating less efficiently or less frequently, you run the risk of losing customers and prospects from unconventional, low-cost insurance service providers with more attractive customer experience strategies. The solution to this thorny problem is to find ways to simplify your communications budget so that you know what to expect on your monthly communication invoice. The truth is that if your return on investment is not attractive or cannot be calculated at all, your digital transformation project will not be approved. ROI calculations become more accurate when the annual fee (ex-post) is fixed. All you need is cost assurance — an expected fee structure that covers all communications in print and digital. As you move customers digitally, the monthly fee (excluding postage) remains constant. This approach simplifies budgeting and eliminates the need for complex volume-based receipts that need to be audited. It also gives you the flexibility to experiment with different types of

4. communication, such as targeted offers to encourage your “double dippers” to close the paper. How Bentech Insurance can help reduce communication costs. As a single, trusted partner that offers a complete CCM solution at a fixed cost, with the expected monthly fees, Bentech allows you to eliminate uncertainties from your communications budget and make your client’s communications operational. Can help reduce costs. Bentech’s CCM platform can generate insurance policies, bills, statements, and any other customer documents, and communicate these communications across multiple channels (via print, PDF, HTML, email, text, and online interactive experiences. Through) can distribute. Documents are securely stored online and made available to users for self-service through online portals or mobile apps. As well as assisting customer service teams by providing the information they need at their fingertips. The platform’s omnichannel capabilities are such that when a user calls to talk to a service representative or engages with a chatbot, both the person and the machine can communicate or document the user Can provide immediate help by calling.

5. Providing an excellent customer experience in insurance, allowing customers to choose the preferred channel they must engage in. Bentech CCM enables it through both digital channels and digitally active humans. Bentech’s client communications experts can also help encourage you to adopt paperlessly and advise on creative communication design that promotes engagement and provides the best user experience. Would you like to improve your Customer Communications Management to increase retention and protect your investment in member acquisition? No more worries, BENEVOLENCE TECHNOLOGIES is the right choice, and it is a leader in the ccm solutions for both business-to-business (B2B) and business-to-consumer (B2C).