Digital transformation is driving customer and stakeholder loyalty by modernizing customer portals and building effortless user experiences through a hybrid solution. The app solution had 1 million downloads and 30,000 claims within one month of launch.
The features included:
- Self-service for policy management, view & manage portfolios
- Simplified claims management – filing claims, status tracking, claims related communications, and document upload/download for enhanced claims experience
- Ease of use through a mobile application for FAQs, notifications, and communication preferences
Digital transformation involves reimagining the way business is done utilizing digital technologies. Insurance companies must provide a robust omnichannel customer experience to be competitive and distinguish their brand in the market. Recent insurance industry trends also indicate that customer engagement and digital adoption are among the top three criteria for insurers to be competitive.
Policyholders expect:
- Engaging experiences in every interaction they have with insurers, including buying a new product, premium payments, servicing requests for policy, and claims processing
- Quick, easy, and remote access to perform their transactions
Hence, insurers are transforming their capabilities to provide enhanced customer experience through portals, conversational bots, AI, IoT devices, and automation of processes.
Insurance companies can accelerate transformation initiatives for their customers/policyholders with our offering:
Transforming policyholder experience
Mindtree’s experience transformation offering focuses on redefining an engagement experience through a design thinking approach across the value chain (new business, servicing, claims, and partner onboarding) for policyholders and claimants. We provide solution tenets like a guided purchase process, insight-driven recommendations, contextualization, gamification, etc., and support for policyholders through humanized engagement from BOTs for product-related information and queries.
Mindtree engages with clients and provides services from consulting exercises to defining a digital strategy and implementation to transform the policyholder’s experience.
Our enablers include:
- Digital pumpkin – Mindtree’s innovation lab to drive ideation and rapid prototyping
- Immersive Aurora - Mindtree’s innovation lab with augmented, virtual, and mixed reality to shape experiences across customer interactions
- Visual solution prototype to drive ideation around target state journeys
- Requirements repository of portal features for the L&A business that helps jumpstart digital engagement
- API Catalogue for transactions and interactions with other systems
- MACAW digital insurance offered holistically as a digital new business platform for assisted and non-assisted (customer direct) sales
- Conversational solutions – Voice and chatbots providing round-the-clock collaboration through multiple channels
Key Benefits of the offering include:
- Enhanced customer experience for policyholders and producers
- Simplified process for purchase, servicing, and claims
- Improved operational efficiency through process orchestration
- Seamless and omnichannel interaction for business information and transactions
| Experience transformation in insurance by driving policyholders’ digital adoption | Digitization of the core business processes | Policyholder experience transformation | Improved Policyholder experience through conversational solutions | Customer experience transformation by redesigning the customer journey | Customer portal modernization |
| Digital transformation journey across business operations leading to improved adoption of self-service options by 50% | Digital initiatives to modernize the core processes leading to a reduction in application processing time from 45 days to less than five days | Mobile application modernization for seamless claims and policy management helped increase the downloads and updates to 650,000 within seven days of the launch. | Anywhere, anytime support through chatbot and voice bot solutions. On average, the BOTs handled around 100 calls per month | Revamped customer portal with advanced self-service options and enhanced user experience | The new-age digital customer portal provides an omnichannel experience, thereby improving the customer engagement by 30% |