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How an Insurance Knowledge Management System Can Improve Your CX Strategy

Insurance knowledge management can improve processes and promote collaboration. Here’s how insurance companies can benefit.
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A knowledge management system is a key way to improve your customer experience strategy from the inside out. From your internal staff needs to the way in which policyholders access information, knowledge management makes processes smoother and creates efficiencies across the board for insurers. This article will take a look at how an effective knowledge management system can strengthen customer experiences, reduce costs, and build a more efficient insurance team.

What is a Knowledge Management System?

As more and more processes within the insurance industry go digital, it can become daunting to keep important data and sensitive customer information organised. A digital knowledge management system is a solution that helps business operations and teams improve their processes, collaboration, and overall understanding. 

For insurance agencies, knowledge management offers a central place for policyholders, agents, and other staff to access information they need at a moment’s notice. Whether an agent is helping a customer file a claim or change policies, they will be able to access all required user and account information from one central place in order to provide quick and effective service.

With vast amounts of data being digitally generated every day, it’s important for insurers to preserve and access that information in order to better serve their customer base.

Why is Knowledge Management Important for the Insurance Industry?

Insurance agencies typically have large amounts of information sitting in disparate systems. Whether they need customer data or account details, a knowledge management system brings everything together for easy access.

Like many of today’s industries, the new digital insurance customer is also looking for anytime-anywhere insurance buying and servicing. Previously, insurance agencies were a product-centric industry, putting the focus of most interactions on selling more to their customers. While products and offerings are still important, a more customer-centric approach is the ideal way for insurers to add value and retain happy, loyal users as we move into a more digital landscape.

Few Customer Interactions Mean Lower Engagement Opportunities

One potential reason why customer experience (CX) was put on the back burner is because insurance agencies typically don’t have many interactions with customers to begin with. According to Bain & Company, the insurance industry is such a low-touch business that agencies sometimes interact with customers less than once per year. With so few opportunities to engage with policyholders, insurers need to make each interaction, human or digital, as frictionless and positive as possible.

A Competitive Insurance Market Gives Buyers More Options

In the past, insurance companies were viewed as a commodity. Customers chose who they did business with based on what was available in a slimmer marketplace. But in the past decade, the market has become much more competitive, creating more informed and sophisticated buyers who have more options than ever to choose from.

So how does implementing a knowledge management system to support your CX strategy help you stand out from the competition? By creating a more buyer-centric experience, agents can provide more efficient service, while customers can easily access the information that they need to make a claim. With users looking for more simplified buying experiences, having access to exactly what they need makes a typically stressful time much easier.

Knowledge Management Features

Whether you’re just beginning the digitisation journey or looking for ways to further optimise your CX strategy, there are a few must-have knowledge management features to simplify customer experiences. Current policyholders need to be able to access information about filing claims, policy types, policy terms, and other important personal data. Potential customers should be able to quickly get relevant product information and real-time policy quotes.

Knowledge Management Features for Policyholders

Here are a few examples of knowledge management features that help enhance digital experiences for policyholders:

  • FAQ forums - A well-written frequently asked questions (FAQ) section offers easy-to-digest answers to commonly asked questions. Customers can get information they need quickly, without the need for assistance from an employee. Helpful FAQ forums should include simple questions that have short and sweet answers. For example, “How do I update my account address?” or “Where can I find policy term information?”.
  • Articles and guides - How-to articles and tutorials are tools that can help policyholders learn more about services and guide them, step by step, through simple account tasks. This could include guides for claim applications, policy comparison articles, or educational insurance videos.
  • A knowledge base - This self-service feature provides a repository of information that helps customers make informed policy-related decisions. An insurance knowledge base can include a glossary of legal terms or policy comparisons. Because customers can access this information on their own, you’ll decrease your cost-to-serve and free up time for staff.

Knowledge Management for Insurance Staff

A combination of seamless digital interaction and efficient human assistance is the key to insurance companies staying competitive and relevant today. But in order for insurance agents to provide exceptional one-on-one service, they need to be equipped with accurate information effortlessly. In addition to assisting customers, it’s important for agents to be up-to-date with relevant training, company information, and changes to products or processes. Here are a few knowledge management features that help insurance staff uphold better CX strategies:

  • Customer information database - When customers need access to important documents or need time-sensitive assistance, agents should be able to pull data from a centralised knowledge pool. Knowledge management tools can help organise documents like evidence of property forms, certificates of insurance, or loss run reports.
  • Onboarding training - With a rise in remote and hybrid work environments, effective onboarding is imperative to create and uphold standard processes. Documentation related to employee training can be retrieved when needed and updated as procedures change. Digital knowledge management systems help to keep company information centralised and easy to access.
  • Webinars and education programs - Digital training, lectures, and educational gatherings are great ways to share knowledge across the organisation. Webinars can be recorded, saved, and used again for future employee training.

The Benefits of Knowledge Management

Knowledge management helps to ensure that policyholders have a seamless and consistent experience with an insurance agency. Whether they are accessing policy information on a website or making account updates on a mobile app, knowledge systems make it simple to find what they need. By creating more informed customers, insurers don’t have to rely so heavily on employing more agents to assist with endless customer service needs that can be resolved through self-service options. In addition to a lower cost-to-serve, knowledge management helps to simplify the customer experience, which in turn creates satisfied policyholders.

Liferay Digital Insurance Solutions

Knowledge management systems ultimately help companies create a more collaborative and knowledgeable workforce. The insurance industry is an ever-changing workspace where both customer experience and collaborative knowledge help build loyalty and long-term success.

Position your company for digital success. Find out more about how Liferay’s solutions can be leveraged to create exceptional digital experiences for your agents, insurance customers, and employees.

Originally published
March 30, 2022
 last updated
March 31, 2022
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