In an increasingly digital world, it is tempting to believe that a 100% digital solution is the silver bullet for building a superior customer experience. However, when it comes to servicing policyholders, this is only partially true. The reality is that policyholders want the freedom to interact when and where they prefer, and their journey often crosses multiple channels. The challenge for life and annuity is to ensure that, regardless of the channel chosen, the process is as easy and seamless as possible for policyholders.
While carriers are making strides in expanding their digital self-service capabilities, phone-based servicing remains a crucial necessity. Complex transactions, including those that require Know Your Customer (KYC) verification or verbal confirmation for irreversible changes (e.g., surrender), often necessitate human involvement. Furthermore, many policyholders prefer working with the service center. This is especially true for more complex servicing needs, and with older generations not yet comfortable utilizing digital self-service channels.
Although compared to other industries, life insurance service centers deliver above-average first-call resolution rates, a quarter of all calls still require additional steps for resolution. These extra steps are often where the process breaks down. It’s time to stop viewing interactions in channel silos and to adopt a more holistic view. Communication channels can and should complement each other. For example, consider servicing scenarios that require the completion of a form. One option is for the rep to email a link to the form. In this scenario, multiple steps may be necessary, including printing and then mailing or emailing it back. An alternative is to direct them to a digital form on the servicing portal. For those with a login, this is relatively seamless. But what if they don’t have an account, or can’t remember their password? These user journeys are fraught with potential roadblocks. Moreover, they often require manual processing, which drains time and resources.
Instead, imagine meeting policyholders where they are. With Sureify’s friction-free access, a policyholder calls in, the service center representative validates their identity, and in one seamless step, delivers a unique URL to digitally complete their request via their preferred channel (e.g., email, SMS). This cross-channel approach enhances the service center experience, helping to increase first-call resolution rates, reduce operational costs, and ultimately deliver a better policyholder experience.
By leveraging technology to bridge the gap between human interaction and digital efficiency, life and annuity can truly service policyholders where they are, building trust and loyalty for the long term. Watch this demo to learn how friction-free access elevates the service center experience.
1 SOURCE: Colquhoun, Amelia. “Call Center FCR Benchmark 2024 Results by Industry.” SQM Group, 6 February 2024, https://www.sqmgroup.com/resources/library/blog/call-center-fcr-benchmark-2024-results-by-industry
It’s time to stop viewing interactions in channel silos and to adopt a more holistic view.”
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