Insurance providers face a difficult transition in the digital age. They face challenges such as new competitive threats, aging legacy technology, and increasing regulatory requirements. Yet many are uncertain how to adapt to overcome these roadblocks.
This blog will provide insight into how insurance agencies can successfully implement Liferay Digital Experience Platform to create solutions that have positioned them for long-term success in the changing industry landscape.
In order to survive and succeed, insurers must adopt digital agendas to become digital-first organizations or risk falling behind and becoming incompatible with modern consumer needs. Those who haven’t started yet may never catch up and deal with the consequences of digital inaction.
Using Liferay Digital Experience Platform (DXP), insurers can work smarter and better today while preparing for the challenges of tomorrow. The reliability, flexibility, scalability, and powerful out-of-the-box features of this enterprise platform will help improve business performance and enrich user experiences for your customers, agents and employees.
Below are examples of Liferay DXP brought a deep digital transformation to insurance organizations and can help shed light on the powerful ways in which Liferay can modernize the insurance industry.
More than a third of insurance buyers say online self-service is very important when deciding which insurer to do business with. It’s not only something your customers demand, but can also bring benefits to your organization such as:
• Reduced customer service costs.
• Improved agent and employee support
• Personalized features for clients
• Exceptional customer experiences
Providing self-service customer portals will allow insurance companies to drive a successful consumer-focused business. Using Liferay DXP, companies are able to provide a better user experience for their policyholders and continue to leverage the platform as organizations expand their customer services into the future.
Read more about customer self-service portals
A modern agent portal provides the tools necessary for field agents to work more effectively by streamlining processes and communication. Empower your agents to:
• Sell more policies and generate quotes faster.
• Access the latest product information and updates.
• Communicate in real-time between brokers, partners, and colleagues.
• Serve customers better to get more renewals.
Your agents play a vital role in your business; sustain a lasting partnership and ensure their success with a portal that helps them deliver better service to your insured. As a result of this enhanced efficiency in just a few months, agents will not only be provided with more online quotes but also reduced the wait time for prospective customers, bringing in more new policies and business for the company.
Employees are depending on digital tools, such as an intranet solution, to access the latest policy changes, communicate with other agents and representatives, and offer better and more streamlined customer service. Build an intranet on Liferay DXP to:
• Create a unified digital workplace for remote, mobile, and global employees.
• Equip employees with a consolidated knowledge base of documents, policies, and key data.
• Send out regular updates and announcements based on roles and location.
• Manage insurance claims and underwriting with forms and workflows.
An effective intranet will help create a customer-centric workplace by enabling your employees to deliver excellent customer service, leading to more sales and profit. Ultimately, the Liferay platform can provide a flexible foundation that companies can use for many years to come to continue providing effective and responsive support to their business units.
Many insurers say that providing an omnichannel customer experience is their biggest challenge. Companies can leverage Liferay DXP to create seamless experiences for customers. Benefits include
• Better customer experiences leading to increased satisfaction.
• Boosted efficiency of sales and business operations.
• Cross-channel insights about your customers.
• Consistent brand experiences across every channel.
Customer in car accident messages an agent for help
A customer shows accident to an agent and gets help filing a claim
Customer receives confirmation and status updates for their claim
By enhancing a partners’ digital experiences, there was a near 100 percent adoption of the new portal. The company is now ready with the necessary capabilities to respond to the requirements of its new agents, enabling further growth and profitability.
Transformation in the insurance industry can be slow due to the incompatibility of existing systems and apps with newer technologies, which leads to inefficient and disconnected business processes. The number one technical challenge facing digital experience leaders is inadequate integration with back-end systems.
Bringing all of your technologies into a modern unified system can:
• Connect siloed systems and data.
• Extend the value of your existing legacy systems.
• Save time and resources by digitizing business processes.
Liferay DXP can help bridge the gap between old and new, empowering insurance organizations to transform the way digital business is performed. The Liferay platform established a flexible foundation that the company plans to continue using in the future to continuously deliver effective and accessible coverage for their members.
Liferay DXP helps insurance companies face the modern challenges in the industry to drive improved customer experiences and stay competitive. Whether you’re building an intranet or a customer portal, leverage Liferay DXP to accomplish your unique business goals.
This blog has been provided by Liferay
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