The first step for insurers can be as simple
as bringing their existing products online
through self-service portals.
One life insurance company created a self-service customer portal where policyholders can change the beneficiary, update an address/contact information, or access policy documents directly online. Previously, doing any of these seemingly simple tasks required a much more manual process.
Not only have these self-service customer portals created a more convenient system for policyholders, but digitizing and automating the process becomes a much more efficient operation for the insurer. No longer will insurers need to expend additional cost and time into making calls, mailing paper documents, and transferring customer information from paper to computer.
Once these self-service customer portals are in place, insurers can start to experiment with creating new interactions and forms of value for customers, such as incentive programs for cross-selling into new product lines, or a more efficient way to handle claims management.