How Insurance Companies Can Leverage the Power of ServiceNow CSM

When every industry is taking up digital transformation seriously, the insurance industry is not left behind. Insurers are looking for ways to deliver highly personalized and stellar customer experiences. While this industry has been so far slower in its adoption of digital tools as compared to other industries like retail or travel, with digital becoming the dominant channel for insurance research and transactions, this industry has warmed up to the digital mode. 

With 79% of consumers worldwide preferring to use a digital channel for insurance interactions, and a 37% increase in customers’ use of digital channels for after-purchase servicing, insurance companies need technology solutions that help them deliver customer service – quickly.  

In fact, approximately, 60% of the insurance executives believe that exceptional customer service can be the primary factor in gaining an edge in the market. 

ServiceNow CSM is one of the leading customer service solutions that helps companies proactively address customer queries, boost customer service agents’ productivity, automate common requests, and provide the right resolutions quickly. ServiceNow CSM offers a wide range of features and benefits that can be utilized to resolve the most common challenges for insurance firms. 

Instantly handle common customer service requests 

Customers are often left confused about the insurance portals due to the limited self-service options available. Ambiguous information regarding the insurance coverage, complex interfaces of the portals, and scattered information deteriorate the customer experience levels. With the advancements in technology, customers now expect effective self-service options that can enable them to manage their insurance policies and keep a track of the coverage and premiums. 

ServiceNow CSM offers self-service capabilities with self-explanatory features and an easy user interface. It allows customers to manage their profiles and keep a track of their insurance policies. Engagement messenger in the portal enables the customers to a virtual agent and AI-based search options to gain a deeper understanding of the insurance coverage offered to them by the insurance companies. 

Optimize resources and reduce costs 

Events like the COVID-19 pandemic could lead to several uncertainties for the customers and businesses alike. For instance, Insurance companies have added COVID-19 as a separate clause in the insurance policies they offer. During the peak of the pandemic, insurance companies struggled with a large number of customer support queries based on COVID-19 and the resulting damages. Risk assessment became far more challenging for customers as well as customer service agents with the involvement of additional issues due to the pandemic. 

For such complicated situations, ServiceNow CSM allows businesses to leverage the potential of machine learning to help their teams and customers work faster and smarter. By understanding the customer’s intent, the Predictive Intelligence capabilities of ServiceNow CSM automatically categorize, prioritize, and route cases to the right agents – enabling faster response, continuous improvement of self-service experience, and a dramatic reduction in costs.  

Reduce wait times and resolve queries faster 

Customers wish to receive a response to their complaints and queries instantly. Very often, the issues around the insurance policies and premiums can have adverse implications on the customers due to lack of clarity or hidden terms. Delayed service can have a negative impact on customer engagement and experience. 

ServiceNow CSM offers AI-based chatbots and agent workspaces that can help address these challenges. The automated response can be instantly provided to the customers for improved service and experience. Agents can make use of the automated workspace to prioritize the customer requests based on the criticality of the issue. 

Deliver seamless customer service experience 

Today’s digital customers want to interact with their insurers through a channel of their choice – their preferred channel of communication for customer service can change based on time of day, location, or even urgency. 

For insurers, it is essential to provide consistent and timely customer service across all channels. Customers also want to share information only once and don’t want to repeat it multiple times across various channels. Even if different agents assist them across different channels, they want their issues to be resolved quickly – without having to repeat their complaints. ServiceNow CSM enables organizations to enable omni-channel experience. With ServiceNow CSM, customer service agents get a consolidated view of all customer service interactions across all channels, allowing them to offer an integrated customer service experience. In an industry like insurance, where speed of customer service is critical, it helps organizations ensure high customer satisfaction. 

The ServiceNow CSM Impact 

As a response to the COVID-19 pandemic, government organizations around the world had to quickly distribute financial support to people who suffered because of lock-downs and the closing of their workplaces. The State of Delaware’s Department of Labor saw a massive increase in unemployment insurance claims. In the first couple of weeks of the pandemic, the institution had to process over 35,000 claims. 

The company leveraged the power of ServiceNow CSM to build a comprehensive customer service solution in just five weeks to manage its insurance claims. During the first six weeks of the use of the solution, 475,000 interactions went through the virtual agent, allowing the customer service agents to address more critical service requests! 

Want to see how ServiceNow CSM could help you? Let’s connect. 

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