Author: David Kuhn, Director of Solutions Marketing, Mendix
Over the years, the insurance industry seems to be facing the problem of “how to improve customer experience” all the time. From lengthy and complicated policy content to inefficient operating systems, it seems to have been challenging customers’ patience and discrimination capabilities. . Today, when the pace of work continues to accelerate, an insurance may be a safe haven to support the voyage of contemporary young people. As the post-90s are playing more and more roles in society, the anti-risk awareness of these “Internet natives” is also increasing. Since it has grown up almost at the same time with the development of the Internet, the insurance experience of the post-90s group has not been satisfied. For insurance practitioners, overwhelming work requirements, complicated underwriting procedures, and complaints from customers have gradually become occupational obstacles that cannot be ignored.
No need to solve the problem of need and need
Although every insurance company has a website and perhaps a mobile app, digitization is far from being explained by a website and app. Digital transformation requires great attention to the experience of customers and employees, the usability of data, the automation of processes, the optimization of tedious processes, and the efficient assistance of artificial intelligence. When developers continue to receive improvement requests from operations personnel, and the backlog of work cannot be completed quickly, it is likely that the psychology of all parties will become negative. At the same time, customers are also looking forward to a perfect insurance product experience that is “extreme, intelligent, and enjoyable”.
Many insurance companies began to realize a few years ago that as the global economy becomes more and more real-time, they need to become more flexible, and the new crown epidemic in the last two years requires companies to have extremely high agility to adapt to the rapidly changing environment. . Market changes like these are driving the need to use low-code and no-code to solve problems in different ways.
What is low code and no code?
Low-code and no-code are a visual way to build applications, create digital experiences, and automate processes. Low code is suitable for professional software developers, while no code is suitable for “citizen developers”-that is, “non-programmers” who have high requirements for functional development but have no programming background. Professional developers can intuitively create most applications with low code, thereby shortening time to market and accelerating value realization. Citizen developers can use no code to create their own simple applications and task automation without the help of programmers. However, since the applications created by citizen developers tend to become complicated with the development of actual needs, more professional knowledge is needed to optimize the simple applications created before, so low-code and no-code platforms share a common code base Very important. This gives professional developers the opportunity to optimize directly: because if there is no common code base, they can only rebuild the application from scratch.
The dilemma of the insurance industry and how to get rid of it
Many insurance companies are facing two competitive pressures to improve customer experience and increase operational efficiency. Low code and no code can solve these two problems at the same time.
On the one hand, for insured customers, the claim settlement process is very troublesome-it takes several weeks to receive the notice of whether the claim can be settled. Compared with the increase in premiums, perhaps a poor claims settlement experience will make the company’s image in the minds of customers “reduce points.” On the other hand, the underwriting process is also an extremely painful process for the underwriters. During this period, due to the distinct authority barriers, 80% of the customer’s requirements may require “information from superiors”. The cost of evaluation has increased dramatically.
In fact, AI has played an important role in this regard. It can identify gaps in processes and technical capabilities that companies could not identify before. In the pre-insurance consultation process, customers need to quickly obtain an insurance quotation. For example, after telling the salesman about his own situation, he most hopes to get a concise, direct and clear quotation and insurance plan within 10 minutes, instead of a lot of “templates that are irrelevant to him and suitable for most people.” “Plans”, “Financial Packages” and “Concept Products”. Therefore, insurance salespersons need to shorten the reaction time and be able to accurately match suitable customized solutions for customers. This requires some tasks in the process to be automated through AI, but this does not include content that requires manual intervention, such as comforting a distraught customer.
In the claim settlement process after the insurance, policyholders also hope to get a quick response from the insurance company, and process automation is also an indispensable part. For example, after a traffic accident, an insurance company should not spend several weeks or even a month at every turn to feedback whether the claims can be settled. Instead, it needs to build a customer-oriented, AI-assisted mobile application. The application can synchronize case information in real time, automatically update claims status, quickly respond to customer needs, and confirm whether customers have received claims in real time.
Win with customer experience
Insurance companies realize that when the company’s core system cannot provide the underwriting team with the customized experience they need, it needs to use third-party data services to improve the experience of underwriters and customers. For example, use the data provider application programming interface (API) to automatically fill in the form of customer information. In this way, policyholders do not have to fill out lengthy forms every time, because the information is what the insurance company should know. Similarly, underwriters who have customer information do not have to conduct a series of time-consuming and laborious background checks in order to verify the personal situation and asset situation of the customers.
Experience is the core of competition
Low-code and no-code can help insurance companies start from the overall investment and underwriting links, plan the interaction strategies of operators and insured users throughout the process, unify information entrances and exits and various channels, and open up information barriers, allowing even large-scale agency businesses It can also be standardized to create a perfect user experience and good brand recognition for users. This is the core for insurance companies to maintain their competitiveness and innovation, and it is also an advantage that traditional systems cannot match.