How ServiceNow FSO Helps Insurance Companies Achieve Customer Experience Transformation

Let’s look at some eye-opening stats in the Insurance industry –

  • 88% of customers want highly personalized services and offerings from their insurance providers 
  • 77% of customers don’t mind sharing their personal data for lower premiums, faster claims settlements, or personalized coverage recommendations
  • 47% of people want more online interactions with their insurers

Clearly, the customer expectations are changing – very rapidly. As customer engagement and customer experience become top priorities for insurance companies, it is imperative for them to adopt modern, cutting-edge digital technologies. 

ServiceNow Financial Services Operations (FSO) is one of the top solutions for this. It is a cloud-based system that integrates and transforms the business workflows in financial organizations on a single platform. FSO leads to positive impacts on the customer experience and employee engagement levels with improved reliability, accuracy, simplicity, and resilience.  

Insurance companies need to make continuous efforts to offer their customers relevant policies and services to achieve an enhanced customer experience. The sector has over 5,965 insurance companies in the US. These include small to large-scale organizations with new entrants emerging in the market after the outbreak of the COVID-19 pandemic. 

With changing business needs and aggressive competition in the industry, insurance firms need to use solutions like ServiceNow FSO to achieve an enriched customer experience and stay ahead of the competition. 

ServiceNow FSO for Customer Experience Transformation 

Here is how ServiceNow FSO can help insurance companies achieve their strategic goals-

Omni-Channel Support

Insurance companies can improve their support service with ServiceNow FSO by providing omnichannel support to customers. For example, the customer support data from the telephony systems can be combined with emails, social media information, and other online and offline sources. The customers can be quickly provided a response to their insurance queries after analyzing all the applicable information without any need for them to repeat the complaint several times. 

Seamless Interdepartmental Communication 

Insurance firms need to conduct detailed analytics of the customer environment to understand the risk exposure and risk appetite. The insurance schemes and policies are recommended to the customers based on the internal and external environmental analysis and customer requirements. To facilitate a highly personalized customer service experience for each customer, customer service teams need to collaborate with other departments and gather relevant information quickly and easily. ServiceNow FSO facilitates cross-departmental collaboration through a centralized platform. Service agents can also use automated workflows and visualization tools to assist the customers in real-time. 

Proactive Customer Service 

The outbreak of COVID-19 has led to the adoption of remote work culture by a majority of insurance companies. It is essential for companies to adequately manage the hybrid workforce so as to deliver streamlined services to the customers. ServiceNow FSO helps organizations proactively alert their customers regarding any system and service issues or downtime that may impact the customers. A transparent view of the organization’s services helps in improving customer experience and loyalty. 

Financial Service Capabilities

ServiceNow FSO comes with a wide range of financial service capabilities that can be used by insurance companies to improve customer experience. For example, it makes it easy for customers to create payment inquiries and check the status of their inquiries. It also includes a centralized ability to collect the documents and manage distribution based on the service and customer type. All such financial services and capabilities have quick response and throughput time with accurate results and improve overall customer experience levels. 

Predictive Intelligence

ServiceNow FSO uses Machine Learning and Artificial Intelligence (AI) technologies to route issues to the right agents. Intelligent predictions and analytics can also be useful in the identification of knowledge gaps. With FSO, tasks, incidents, and cases are automatically classified, allowing agents to resolve the customer service issues faster. With decreased resolution time and fewer manual errors, organizations can boost agent efficiencies and increase customer satisfaction. 

Virtual Agents for Self-Service

With the advancements in technologies, customers now prefer to manage their insurance policies, payments, and associated components on their own. Virtual agents can have a significant influence on the customer experience through conversational guidance. With ServiceNow FSO, organizations can make virtual assistants in the form of chatbots available for customers to resolve their concerns and provide them with the required assistance without any human intervention. 

Knowledge Management and Communities 

Customer service agents and customers often need access to relevant knowledge to resolve the issues quickly. ServiceNow FSO makes such information instantly available for them. It also enables communities for customers and employees to allow them to find answers and solve problems. 

ServiceNow FSO allows organizations to digitize their core processes on a single platform. By uniting the front, middle, and back-office operations, FSO enables organizations to provide highly personalized, timely, and right customer service to their customers – leading to enhanced customer satisfaction and experience. 

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