This is article #6 of 7 in the series on optimizing insurance innovation and productivity through AI and cloud communications.
Innovation is a primary factor in winning the race to the top in any highly competitive industry. A strategic approach to technology adoption for insurance companies often sets the leaders apart from the rest of the pack. Many are turning to Unified Communications as a Service (UCaaS) to enhance innovation and accelerate time to market for new products.
A unified approach to communication, infused with state-of-the-art generative AI (GenAI) capabilities, creates team alignment, facilitates rapid decisions, increases accountability, and accelerates innovation to improve customer experience.
UCaaS helps to keep teams in sync, anywhere, anytime, and on any device, integrating various communication channels such as phone, video meetings, file sharing, and team messaging. With the addition of AI-powered conversation intelligence, UCaaS makes individuals and teams more productive and effective, enhancing EX and CX while shortening the innovation curve.
Today’s collaboration tools facilitate brainstorming, feedback, and creative ideation in real time. Tools like integrated whiteboards, collaborative notes, breakout rooms, and team huddles support the rapid exchange of ideas, helping teams to develop and refine a shared vision, then move it to completion.
How UCaaS drives efficiency
Beyond enhancing innovation, cloud-based communication solutions offer significant operational efficiencies for insurers. When SCM, Canada’s top insurance services provider, wanted to improve response times and increase employee productivity, the company replaced its aging collection of disjointed on-premise phone systems with a unified communication platform from RingCentral. The company reduced telephony costs by 50%, improved visibility to details about policyholder claims, and extended the communication capabilities of its field employees. That has led to faster resolution of claims, higher customer satisfaction, and happier, more productive employees.
SuretyBonds.com has a similar story. The company’s chief competitive advantage lies in the efficiency of its underwriting process. The company wins business by being faster and better than its rivals. RingCentral’s UCaaS platform is one of the company’s secret weapons, enabling it to use various channels to ensure the rapid flow of information through the organization. Company founder and President Lamon Warnock cites the value of an integrated platform that includes phone, video, and messaging: “It allows us to run faster.”
Here are some specific benefits of UCaaS for improving efficiencies in the insurance business:
1. Customer acquisition and onboarding
Customer acquisition and onboarding are vital for insurance carriers, but must adhere to compliance requirements such as Know Your Customer (KYC). Yet today’s policyholders expect onboarding to be fast and align with their preferred digital channels. UCaaS, combined with Contact Center as a Service (CCaaS), offers new policyholders the convenience of securely uploading documents with secure file-sharing. This streamlines the onboarding process and provides an easy way for customers to connect with a live agent if they need one, ensuring a smooth and efficient onboarding experience.
2. Enhancing customer service
Exceptional customer service calls for meaningful interactions throughout a customer’s entire journey with your organization. That means personalizing each client’s experience, recommending products and services that fit their unique needs, and resolving issues promptly. A robust UCaaS platform, integrated with AI-infused contact center technology, supports these goals with features like smart call routing, self-service chatbots, and secure, encrypted communications. These capabilities foster loyalty and long-term relationships with policyholders.
3. Streamlining claims processing
Claims processing is expensive, especially in life insurance and P&C, especially if it involves multiple channels and data sources. Traditional claims management processes typically involve multiple touchpoints, redundant conversations, and outdated systems that don’t integrate easily with customers’ preferred digital channels. UCaaS addresses these challenges by offering a holistic approach, with secure file-sharing, telephony, messaging, and video conferencing, all in one place. This unified approach connects insurers with underwriters, agents, claims personnel, and customer support teams. Everything resides in a single system, easily integrated with CRM, productivity apps, and other tools. The result is faster claims intake, faster reviews and decioning, and more efficient collaboration and communication throughout the entire claims process.
4. Optimizing account servicing
Insurance account servicing involves managing and maintaining client policies, updating policy information, handling billing inquiries, and making policy changes. UCaaS can significantly improve account servicing operations by providing streamlined communication channels and fostering collaborative teamwork. With the right UCaaS platform, insurers can ensure secure communications across multiple channels, maintaining a solid relationship with each client as their coverage needs change. The RingCentral platform also facilitates remote, hybrid, and field work, connecting employees to clients wherever they may be.
5. Streamlining the underwriting process
RingCentral’s UCaaS platform streamlines the underwriting process by enhancing communication and collaboration with brokers and policyholders. Faster and more efficient communication allows underwriters to obtain necessary information quickly, reducing the time it takes to issue quotes and respond to agent questions. Integrated file-sharing and collaboration tools enable close cooperation with actuarial management and claims teams, helping underwriters better understand risks associated with specific policies. This improves decision-making and enhances the overall customer experience.
When change is constant, agility matters
At a time when the risk landscape is constantly evolving, insurers that embrace innovation and agility will be better positioned than their rivals to exploit new opportunities. Cloud solutions afford insurers the flexibility to experiment with new business models, products, and services more rapidly than ever before. Unlike on-premise systems, UCaaS platforms offer immediate scalability, without the need for major new infrastructure investments.
By using RingCentral’s application programming interfaces (APIs), insurance organizations can seamlessly integrate third-party applications and services to create new offerings that better meet the evolving needs of their customers. This agility allows traditional insurance companies to partner with forward-thinking insurtech firms, creating digital customer experiences that drive revenue growth and increased customer satisfaction.
Digital transformation accelerates innovation
Digital transformation has become an increasingly important element in competitive advantage. AI-infused cloud communication from RingCentral provides a foundation for this transformation by enabling innovation, improving operational efficiencies, and enhancing customer experiences. By leveraging these technologies, insurance companies can accelerate their time to market for new products and position themselves for sustainable growth in an increasingly digital world.
Want to learn more about strategic approaches to innovation and productivity in your insurance business? Download our free eBook, Optimizing insurance innovation and productivity through cloud communications.
Originally published Nov 21, 2024, updated Nov 22, 2024
