Improved digital capabilities can enhance client communication and service: Applied Systems

Brokers can increase client retention and enhance their competitive value by ensuring they are available to clients through different means and at different touchpoints within the insurance cycle, suggests an ebook recently released by Applied Systems Canada Inc.

“A significant component of the value that brokers provide is around advice and ensuring that their customer has the right coverage and is protected,” says Jeff Purdy, senior vice president of operations at Applied Systems.

A part of that process is engaging with the client throughout the year and not only when the client’s policy is about to expire, adds Purdy.

In addition, clients should be able to choose the channels through which that engagement proceeds, states the ebook, which is entitled Connecting the business of insurance: reshape your business through digital technology.

The current client experience “requires digital technology like self-service portals and mobile applications,” the report states. “The connected insured experience also requires traditional customer service methods, like phone and in-person interactions.”

Improving your technology on the back end will also help you understand the full amount of business and value that a single client brings to your business, Purdy suggests.

It is not uncommon for brokers to have different platforms for their customer relationship management system as well as the various lines of business that they serve, he explains.

For instance, one client may have both a personal and commercial policy with the broker but that data is recorded on different platforms, which makes it difficult to see an aggregate view of that client’s needs.

The report also addresses the advantages of teamwork and how an improved technology system can improve the ability of different team members to serve clients. “Implement a brokerage management system that delivers a holistic view across all lines of business for all staff members,” the report recommends. “Adopt mobile applications to provide employees anytime, anywhere access to comparative quotes and policy information.”

In addition to helping your staff provide better service, these types of initiatives will add to a business’ level of efficiency, which is important right now, according to Purdy.

“For brokers to compete in an environment with more competition, they need to think about operational efficiency and run the business on the best margin that they can so that they can, frankly, invest in areas that require investment for the business to move forward,” Purdy says.

This story was originally published by Canadian Insurance Top Broker.