Sefas’s Head of Financial Services Markets Karen Peters will be attending the Digital Transformation in Insurance Conference 2024, taking place from May 22nd to May 23rd. This event is a key gathering for exploring growth opportunities and challenges in insurtech, including panels on digital transformation for operational agility and product design for vulnerable customers. To learn how Sefas Innovation can enhance your accessible customer communications through digital transformation, please email Karen Peters for insights and opportunities.

For more details about the event and registration, visit the official conference page​​​​: https://www.arena-international.com/event/digital-insurance/

What is Insurtech?

Insurtech can be defined as the use of innovative technology within the insurance industry to create more efficient and less expensive systems for daily operations. This innovation is currently occurring across the industry with companies leveraging these changes to improve distribution, marketing, product design, underwriting, claims management and customer communications. By observing and taking on board the right advancements in Insurtech, you will place your business in a great position for the future. In this article we will take a look at some of the benefits of Insurtech and how it can support businesses with customer communications.

What are some benefits of Insurtech for insurance processes?

  • Effective claims management – In the past all claims had to be processed manually by members of the team, which meant that there could be long delays before a claim was fully resolved. This creates frustration on the part of the customer and means a poor overall customer experience.
  • Simpler quoting process – With the option of creating quotes online, your potential and repeat customers can get the cover they need as quickly as possible, which can only be a good thing.
  • Lower operational costs – By using automated claim filtering and quoting processes you can reduce costs and the man-hours used within your business.
  • Keeping up with the times – The customer experience is consistently evolving and as it does, certain advancements become the norm and are almost expected. For example, having a dedicated app is becoming expected, meaning any business with an app is keeping up with current trends and could appear more appealing to customers.

How can Insurtech help with customer communications?

  • Organising communications – With customer communications management software your employees will be able to easily track customer communications and send them out quickly.
  • Sending out relevant information – With Insurtech advancements, you will be able to create a unique experience for each customer. No more generic one-size-fits-all emails that get deleted. Now you can shape the customer experience with specific and individual information being offered to each customer.
  • Reducing the risk of error – When customers are getting in contact with their insurance company it is often because of a stressful and expensive situation. The last thing that they need is a clerical error when it comes to their claim or a wrong address on a letter delaying the process. With Insurtech you can prevent errors in customer communications such as auditing errors, creating a smoother overall experience. For example with communications auditing software, your employees will be able to filter all communications to ensure they fit with current legislation.

Why is following the changes in Insurtech important?

It is always important for technology to evolve with the times and this is no exception when it comes to insurance. Insurtech can be used to promote efficiency, create individual data for each customer, improve the customer experience and more. When it comes to customer experience, by leveraging technology such as an app or an up-to-date website, you can avoid customers having to call a representative to complete a claim or register for insurance. Reducing friction and smoothing out processes is exactly what customers are looking for and what Insurtech can provide.

How can Sefas help?

Here at Sefas, we offer a suite of customer communications management software called Harmonie Communication Suite (HCS). This software offers five different tools designed to make creating and executing customer communications strategies easy.  For example with Designer your team can collaborate easily to produce visually appealing and on-brand communications, or with Conductor you can easily orchestrate the sending of individual or grouped communications to your customers, tracing what needs to be sent and what has already been delivered. To find out more about how HCS can support your business by creating a thriving customer experience, get in contact today to arrange a free demonstration with one of our expert team members.