The insurance industry is undergoing digital upheaval. Customer expectations are touching new heights, competition is at its peak, and operational efficiency is more crucial than ever. To attain success in this changing environment, insurance companies have to follow the wave of digital transformation.
A testament to ServiceNow’s impact is the impressive number of insurance companies—over 400 globally—that have adopted the platform. This includes renowned brands and organizations, such as Allianz, Asurion, Aegis Insurance, and more.
What, though sets apart ServiceNow? Why has it become the chosen platform among so many?
In this blog post, we’ll examine six major reasons these insurance giants have trusted ServiceNow. From enhancing customer experiences to streamlining complex operations, we’ll explore the tangible benefits that ServiceNow brings to the insurance industry.
6 Reasons Why 400+ Insurance Companies Rely on ServiceNow for Their Digital Transformation
- Ensure Omni-Channel, Empathetic, and Always-On Experiences
ServiceNow’s Customer Service Management offers superior capabilities in omni-channel experiences so that insurers can support all touchpoints of the customer seamlessly and in an integrated way. Agents can manage customer interactions from all channels in one workspace with a single experience. Customer Central gives agents a time-sequenced view of all interactions of the customer for complete context to any engagement. It is a customer-centric approach focused on needs rather than channels, supporting interactions through messaging & asynchronous chat, web, e-mail, phone, social media, and even in-person encounters.
- Reduce Operational Costs
ServiceNow helps insurance companies save substantially on operational costs through a three-pronged approach of standardization, consolidation, and automation:
- Standardization: Organization-wide standardized processes allow for consistency in operations with fewer errors, hence reducing time and resources spent on training.
- Consolidation: Equally impactful are the consolidation capabilities of the platform. ServiceNow eliminates these data silos by bringing all the disparate old systems under one roof and decreases the complexity and cost associated with IT infrastructure.
- Automation: Probably the most powerful tool in ServiceNow’s arsenal for reducing costs is automation. It can automate quite a vast group of routine tasks, from renewal of policies and checking claim status to processing documents and detecting fraud.
In addition, such improvements increase efficiency, reduce mistakes, and lower general operational costs.
- Deliver the Right Claim, Right Submission, and Right Servicing Request to the Right Persona Every Time
ServiceNow’s intelligent work assignment capability has proved to be a game-changer across insurance companies overwhelmed with claims, policy submissions, and service requests. Complex algorithms and AI are integrated into the platform, which carefully analyzes several variables such as agent skills, current workload, the complexity of the task, and so on to come up with optimum assignment in the finest way possible. For example, a complex commercial insurance claim would be instantly assigned to an agent who has the competencies and bandwidth to handle that claim efficiently. It is more than a task allocation system because it includes dynamic prioritization.
- Access Unified Workplace, Guided Intelligence, and Knowledge in Context
ServiceNow provides an enterprise-wide intelligent workspace that brings together tools, information, and direction needed by professionals in the insurance industry to act effectively. This can be started with a single sign-on to the environment, which enables access to all systems and data without having to maintain multiple logins or applications. For example, an agent handling a flood insurance claim could automatically be presented with links to the most up-to-date flood assessment guidelines and regulations for making a payout. This context-sensitive support is a tremendous time-saver in searching for information and consistency in applying policies and procedures.
- Make Informed Decisions Based on Easy-To-Visualize Analytics
ServiceNow’s approach to data visualization transforms complex insurance data into easily digestible, actionable insights—whereby complex data is developed into structures such as charts and graphs, which are:
- Real-time: Always current.
- Secure: Users view only data they are authorized to see.
- Native: Native integration throughout the Now Platform.
Some formats are:
- Reports: Data visualization for analysis.
- On-demand bar and pie charts: Charts may be made by users for any list column.
- Chart data type for forms: Easily insert a report into a form.
- Percentage (%) complete indicators: A bar shows the degree of completeness of a record.
- Interactive dashboards: A collection of widgets containing reports and statistics.
This will allow insurance professionals to quickly identify trends, pinpoint problems, and act on data, without spending hours poring over raw data.
- Build an Integrated Ecosystem, Lower Combined Ratio, and Drive Greater Value
ServiceNow allows insurance companies to create a connected experience that brings people, systems, and processes together. Within this integrated ecosystem, service providers can:
- Scale vertically: Process more services at higher volumes more efficiently
- Scale horizontally: Expand the portfolio of services to solve more problems
The platform is designed for integration not only within the insurance company but also with partner systems and external services. Connectivity drives growth, and insurers need to connect to keep pace with changing market demand, improve operational efficiency, and lower the combined ratio. By streamlining operations and improving experiences, insurance companies can drive more value for their business and their customers.
Conclusion
Over 400 insurance companies across the world see ServiceNow as a game-changing solution, offering comprehensive solutions to better customer experience, cost reduction, and enabling digital transformation. The solution provides the opportunity for insurers to maintain competitiveness, improve efficiency, and enhance customer experience in a challenging marketplace—putting them in place for growth momentum.
Ready to revolutionize your insurance operations with AI-powered ServiceNow solutions? Xceltrait is here to guide you on your journey of digital transformation. Our expertise spans:
Break free from outdated systems that hold you back. Whether you’re looking to enhance customer experiences, streamline operations, or lower your combined ratio, we have the solutions and experience to help you succeed. Begin the journey to an efficient, innovative, and customer-focused future. Reach out to Xceltrait today and let us help you kick-start your ServiceNow journey to transform your insurance business.
