As is the case with any industry, digital transformation is imperative for business success in the insurance and financial services industry. This industry is constantly hampered by growing regulations and a shift in consumer behavior.
According to a recent PwC research, customers in the financial services domain are willing to pay 16% more for products (or services), offering a superior user experience.
Along with personalized services, insurance customers are vying for on-demand services, faster onboarding, and policy-related services. Hence, insurance and financial services companies are now relying on ServiceNow solutions to solve the many challenges in their industry.
How is the ServiceNow Customer Service Management (CSM) making a difference? In today’s dynamic environment of changing customer interests, a traditional CRM solution may not assure business empowerment or real-time connectivity among stakeholders. Favorably, the ServiceNow CSM can detect patterns in customer service and identify potential problems.
To that end, let’s discuss four ways in which ServiceNow can empower companies with connected solutions.
4 Ways in Which ServiceNow Solutions Can Help
In the insurance and financial services domain, connected solutions like ServiceNow can empower both customers and sales agents. Here are four ways in which ServiceNow solutions can help overcome challenges:
- Agent Onboarding and Retention
Previously, EY has reported that 90% of insurance agents consider multiple insurance companies for doing business. Hence, insurance carriers must rethink their strategy of how to appeal to these agents. A seamless agent onboarding process can make a significant difference. In general, studies have outlined how a successful onboarding experience improves retention by 82% and productivity by 70%.
With ServiceNow solutions, insurance carriers can create a better and differential experience for the onboarded agents. They can be better equipped to provide exceptional customer service. By using the capabilities of the ServiceNow platform, agents can leverage a single centralized platform for all service requests. Along with SLAs and mobility, ServiceNow enables agents to focus on selling their insurance policies and providing an exceptional experience to policy buyers.
- Customer Onboarding
A streamlined customer onboarding process is critical for the success of any insurance or financial services provider. The presence of organizational silos can hamper onboarding by obscuring visibility and collaboration among multiple teams. Using Service Customer Service Management (CSM), companies can automate and digitize their customer onboarding process.
Here is how ServiceNow CSM can streamline customer onboarding:
- Connect fragmented and siloed systems in middle and back-office operations
- Provide end-to-end visibility to all stakeholders of the onboarding process
- Decrease the time and costs of the onboarding process
- Provide omnichannel support, thus increasing customer satisfaction
- Connect the right people and departments at the right time for faster processing
- Policyholder Service
A PwC survey found that 41% of insurance policyholders are more likely to change their provider due to a lack of digital capabilities. Another 15% of policyholders have identified a lack of digital capabilities as the leading challenge when interacting with their insurance companies. With complicated solutions, insurance carriers can process only 0.5% of their overall data.
Automated insurance solutions are known to reduce the costs of claims processing by 30%. With ServiceNow CSM, insurance providers can replace their manual process and unstructured data with a comprehensive centralized system. Here is how ServiceNow CSM can improve policyholder services:
- Automate back- and middle-office processes to enable faster action from agents and underwriters
- Meet a variety of policyholder requests, including renewals and claims
- Provide self-service facility to policyholders
- Operational Efficiency
A Deloitte survey on financial services found that the 2020 pandemic impacted the business of over 48% of insurance companies. With business growth, insurance, and financial service providers find it challenging to scale up their operations. Here are additional factors that impact operational efficiency:
- Changing expectations of policyholders
- Growing volumes of data for claims management
- Cyber frauds, including identity fraud
- Industry regulations
With ServiceNow Financial Services Operations (FSO), companies can simplify their technology stack and deliver scalable applications. Additionally, they can integrate IT governance and compliance across their entire operations, thus protecting both people and business assets.
By using ServiceNow, organizations can also automate their response to online threats based on their business impact. Additionally, the ServiceNow solution ensures that companies can adapt their operations to key industry regulations and achieve cost efficiency.
Conclusion
In today’s times, customers and agents expect seamless service from both insurance and financial service companies. With the ServiceNow solution, organizations can easily integrate their backend workflows and connect business operations. By partnering with the right ServiceNow FSO and CSM expert, financial companies can overhaul their overall IT operation for good.
Xceltrait is an established ServiceNow partner that has enabled its financial domain customers to maximize their returns from ServiceNow investments. As a partner, we are focused on providing CSM and FSO solutions for the benefit of our global clientele.
Do you want to make the most of your ServiceNow investment? We are the right partner for you. Talk to our specialist today!
