How to deliver a flawless onboarrding process

1. IT’S ALL
ABOUT SERVICE:
TRANSFORM APPLICANT
ONBOARDING IN INSURANCE

2. Improve the quality of
applications submitted
for underwriting
Improve customer
experience and
placement ratios
Reduce operational
risk and improve
compliance
FLAWLESS APPLICANT
ONBOARDING ALLOWS
YOU TO:
Reduce abandoned
or withdrawn
applications
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3. So how do you
deliver a flawless
onboarding process?
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4. Identify the
best insurance
options
Submit
supporting
documentation
Provide required
information
Stay informed
during the
process
APPLICANTS ARE
LOOKING FOR A FAST
AND EASY WAY TO:
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5. So what is
going wrong?
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6. COMMON
ONBOARDING
PROBLEMS
Lengthy sign up: Too many steps exist
and too much information is required.
Repetitive requests: Customers are forced
to provide the same information.
Limited channels: Lack of alternatives
to traditional, paper-based methods.
Delayed response: Applicants don’t
receive immediate feedback.
Only 1/3 of insurers
allow a customer to
start a transaction in
one digital channel and
then resume in another.
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7. Why is this
happening?
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8. YOUR SYSTEMS OF
RECORD LACK FLEXIBILITY
FOR MODERN SYSTEMS
OF ENGAGEMENT
• Information collection continues to be the
most burdensome task within applicant
onboarding.
• Traditional solutions don’t leverage
and reapply information throughout the
process.
• Customers demand to engage using their
channel of choice; mobile, email and web.
• Communication methods are limited to
snail mail.
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9. REGULATORY FINES ARE
COSTLY, MAKE SURE
YOUR ONBOARDING
PROCESS IS COMPLIANT
Strict regulations govern the collection
of personal data:
Compliance with internal service
level agreements (SLAs):
• Are you meeting your performance
obligations?
Compliance with external regulations:
• Is data security and privacy legislation
observed?
• Are your customer communications
consistent and timely?
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10. LIMITED ONBOARDING
CHANNELS AND INEFFECTIVE
COMMUNICATION WILL
IMPACT CROSS-SELL
OPPORTUNITIES
Gartner predicts 70% of customer
communications will be digital
in 2017, but insurers lag far behind.
The average time between
interactions with policy holders
can be as long as 18 months.
79% of insurers say they’re
“still learning” and “not setting
the baseline” for digital.
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11. 1. Simplifies and automates data entry
and document collection.
2. Intelligently captures, extracts and
reapplies all information across the
onboarding process.
3. Allows customers to choose their channel
of choice.
4. Provides visibility and control over entire
onboarding process through analysis
reports and dashboards.
SO HOW DOES FLAWLESS
APPLICANT ONBOARDING
WORK?
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12. And, are you
delivering
on your SLAs?
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13. • How many applications have been
submitted? Where are they in the process?
• What is the average time for each step,
and between steps?
• How many applications were abandoned
or withdrawn? And where in the process?
• Are your placement ratings where you
want them to be?
• Have there been deviations from required
processes?
• Are there any non-compliance issues?
WHAT YOU NEED TO
KNOW TO MEET YOUR
SLAS AND IMPROVE THE
ONBOARDING PROCESS
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14. How can you quickly find
out where the issues are?
— and more importantly,
why does it matter?
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15. • 82% of consumers believe the number
one factor to having a great customer
experience is getting issues resolved
quickly.
• 55% of consumers have intended
to conduct a business transaction,
but have decided not to, based
on a poor customer experience.
• Customers are willing to spend 13%
more with a company they believe
provides excellent customer service.
WHAT’S AT STAKE:
A SECOND IS THE
NEW MINUTE
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16. Process intelligence
can immediately alert
you to any issues
and where they’re
happening.
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17. • Review the onboarding process
from start to finish.
• Examine the flow of cases throughout
the work process.
• Uncover and fix bottlenecks.
• Discover exceptional pathways.
• Drill down and take actions to
enhance customer experience.
SEE YOUR ONBOARDING
PROCESS IN A WHOLE
NEW WAY
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18. This allows you
to fix problems
before you lose
new applicants.
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19. • Enhance the customer experience.
• Create loyal, lifelong customers.
• Reduce costly errors, and frustration.
• Ensure agile compliance with
new regulations.
• Do business the way your
customers demand.
• Ensure processes are visible,
transparent and measurable.
BENEFITS OF
TRANSFORMING
APPLICANT ONBOARDING:
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20. For successful onboarding,
organizations must make
customer engagement
and customer
experience a priority.
To find out how you can
deliver flawless onboarding
and meet your SLAs, click here.
dribbble.com/malyousfi
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