Amidst rapid digitization, insurers worldwide face the difficulty of underwriting policies, managing claims and digitizing the quote-to-bind and e-signature process. While many insurance companies have postponed transformation because of short-term needs, a deep digital transformation will improve business performance and enrich the customer experience. For example, deep operational change helps companies become more customer-focused. With Liferay DXP, insurers can work smarter and better today, while preparing for the challenges of tomorrow.
- Create digital experiences that make purchasing policies and reviewing benefits easier for the customer
- Enable agents, adjusters, brokers and partners to share and collect information together for fast and efficient claim management
- Process claims easier by integrating multiple software systems and data sources into one core platform and eliminate paper processes
- Prepare for continuous transformation with modular components that adjust easily to meet compliance and changing regulations
Insurance Industry Use Cases
Agent Portals
Enhance agent experiences and improve their productivity with a modern agent portal that will streamline processes such as quote generation. Equipped with the right tools that help them do their jobs more effectively, agents can sell more, leading to greater commissions for them and increasing the likelihood they will choose to sell more for that provider over another. Britam, a diversified financial services group in Africa, transformed their manual and time-consuming agent tool using Liferay. Their new Partner Service Portal empowers agents to manage insurance purchases with self-service options, quote clients and access the latest information on a single platform, which enabled further growth and profitability for the company.
Customer Self-Service
Savvy customers expect instant access to statements, invoices, quotes, service requests and transactions. A leading insurance company uses Liferay for web- and mobile-enabled customer self-service. The platform integrates disparate systems of record into a seamless user experience that empowers customers to manage all their policies from one place. Reducing the volume of customer service calls and moving to paperless communication lowers customer support costs and delivers a better overall experience that gives customers full control.
Collaborative Intranet
How do companies stay competitive when growing at scale through mergers and acquisitions? After the merger of three social security groups, the newly-formed Humanis used Liferay to build an intranet that would simplify access to shared content and promote a collaborative work environment. By integrating three different software systems for an organization with 8,000 users, the new intranet empowers collaboration with a reliable directory and has helped drive digital transformation for the consolidated group.
Public Website
Whether a customer is applying for eligibility or reviewing existing benefits, a modern website adds value to customers by helping them get answers to their questions easily. Insurance companies benefit by deepening their relationship with current customers and attracting new business. Apicil, the fifth largest social protection group in France, used Liferay to consolidate 15 web properties into one public website. The different sites, all out of date and not scalable, required a solution that would simplify access and make daily administrative work easier. By consolidating these properties into a single website that was scalable, Apicil improved the experience for its 120,000 users and helped the group switch to a paperless system. The new site is flexible and scalable and can be easily integrated with existing business applications
Personal Engagement
Regardless of size or revenue, insurance companies must have a strategy to build trust, add value and engage customers with personalized services to make life easier. Mercury Insurance used Liferay software to unify policy and customer information into a single customer identification system. By connecting ID numbers with customer profiles, agents can greet customers by name instead of asking for a policy number. The change immediately increased customer satisfaction. While the customer portal has helped reduce support calls and printing and mailing costs, it more importantly sends a message that Mercury is fully invested in a customer-centric strategy.
Competitive Online Presence
Competition from younger, fast-growing insurers led Allianz to improve their online sales and marketing strategies. With Liferay’s professional services team, Allianz launched My Insurance Portfolio, a makeover for its existing online offering. The new customer portal displays a history of quotes and applications and alerts customers with renewal and billing alerts, even if a member adds non-Allianz policies to their portfolio. This kind of complete control helps customers do more with less; when life gets easier companies add value and build trust.
Loyalty Programs
Brand revenue and reputation are directly related to the amount of experiences a customer has with the business. Be it in brick-and-mortar stores, eCommerce or navigating through the website, having a loyalty program can keep your customers and prospects engaged while generating important information for your internal teams. Many companies are using Liferay solutions to create programs designed to incentivize customer loyalty to encourage return clients and strengthen their store’s customer base.
