Addressing the Top Challenges in the Insurance Industry with ServiceNow CTI Integration
Insurance policies bring an added layer of security into a person’s life and we have learned this lesson more affirmably after the COVID-19 pandemic. The need for health insurance coverage increased when people were facing the ill impact of life-threatening COVID-19 waves. Policyholders saved a lot of money during their treatment and families of people who ceased living benefited from the term life insurance and other coverages.
However, availing of the benefits of insurance policies took a lot of work, there were multiple challenges that both insurers and policyholders faced, such as — continuous follow-ups, incomplete information, lack of data, time-consuming processes, and more. Though IT service management solutions like ServiceNow helped the companies in streamlining customers’ data and reducing data silos.
But, still, there were some gaps that unintentionally delayed the claim process and people switched to other policy providers. It might have happened because insurance companies got overburdened with multiple claims, policy renewals, policy purchases, and other requests.
Scroll down to understand those key challenges and ways to overcome them through advanced integrations.
Challenges Faced by the Insurance Industry and How Can ServiceNow CTI Integration Help
Challenge 1 — Huge Data
The insurance industry has a plethora of details to collect, store, and use at different levels. For instance, if a customer wants to buy health insurance, he/she has to submit multiple documents, such as identity proof, age proof, address proof, etc. All this information is data for the insurance company that will be required later on when the customer inquires about any queries or wants to claim the insurance. Companies find it challenging to keep all the data safe and stored in one place. It is daunting for contact center agents to use those data responsibly at the right place if and when needed.
Solution
To overcome challenges like data silos and data management contact center agents can use a unified agent desktop. This software helps agents access all the information on a single screen, rescue manual data capturing, and eliminate screen toggling.
Challenge 2 — High Customer Expectations
In this world of automation, customers in every industry are becoming tech-savvy. They want instant solutions to their problems and look for self-service solutions for minor inquiries. With a huge pile of data, endless terms and conditions, and numerous policies, it becomes difficult for insurance companies to meet customers’ expectations. They try their best to deliver optimum services by using different business applications but sometimes fail to fulfill customers’ demands because of cluttered data.
Solution
Customer service automation is one of the solutions to meet customer expectations and improve their experiences. AI-powered chatbots with strong NLP and improved sentiment analysis resolve customers’ queries easily and route the call to the right agent at the right stage. The AI understands customer queries and offers instant human-like assistance to customers, which ultimately improves customer experience and benefits the business.
Also Check: Conversational AI Chatbot: What is It and Why You Need it?
Challenge 3 — Complex Integrations
Just like other industries, the insurance industry also has some core apps, like Oracle, etc., in which integrations are quite complicated. Businesses use multiple applications for different tasks individually which consumes a lot of time and increases the chances of human error. As a result, it frustrates the customers, disheartens employees and negatively impacts the brand image.
Solution 3
The mentioned issues can be eliminated using ServiceNow CTI Connector which seamlessly integrates with ServiceNow and all ACDs and fast-tracks the process. These connectors help save time by connecting applications and showcasing required information on a single screen. Agents don’t need to toggle between multiple screens, therefore they offer a quick response to customers’ queries. It saves time and improves agents’ KPIs like the AHT and CSAT scores.
Challenge 4 — Delay in Policy Claim
Sometimes, along with the above-mentioned challenges, agents find it difficult to offer relevant solutions for complex queries. It delays the insurance claim process and sometimes even leads to claim rejections. There can be multiple reasons for this like the agent might be new in the system, the query is complicated and requires a lot of work, or lack of knowledge base and data to respond to the customers. All these reasons cause delays in the claim and hurt customers, agents, and the business.
Solution 4
To fast-track the claim process, having a rich knowledge base with compiled data is crucial. Agents can access the knowledge base anytime and offer a quick response to customers’ queries.
Wrap Up
In a nutshell, every industry has its challenges, and as a key player in that domain businesses need to know the best practices to deal with it. To overcome the challenges in the insurance and finance sector companies use business applications, like ServiceNow in integration with Cisco, Avaya, Genesys, Amazon Connect, Webex, Nice, Zoom, etc., and smart connectors offered by leading contact center solution providers like NovelVox.
The combination of these tools improves customer experience, ensures compliance, boosts agents’ confidence, and streamlines business operations. The consolidated data, task automation, and single-panel view of customer interactions improve the workflow, eliminate challenges, enhance customer experience, and benefit the overall growth of the business.
