Insurance companies must deliver a consistently satisfying customer experience (CX) to earn continued business growth. In fact, research from McKinsey & Company has found that “customer experience is a strong predictor and driver of financial and organizational outcomes.”
One powerful strategy for improving an insurer’s CX lies in enhancing the employee experience (EX). By creating a flexible work environment that allows insurance agents to do their best work from anywhere, insurance companies can improve employee satisfaction ultimately leading to better customer care.
A better employee experience is a must
Many insurance companies still don’t mobilize their agents in the field, which doesn’t allow for much agility. While this traditional workplace arrangement may be familiar, it also represents an opportunity cost. According to Deloitte’s 2024 Global Insurance Outlook Report, an insurer’s human capital could be especially important to its future success. Attracting the right talent may be challenging, especially when another financial services firm or insurance technology company offers a better employee experience.
As the analyst firm notes, carriers may need to demonstrate how they are embracing cutting-edge technology, among other things, to recruit and retain agents with the expertise they need to compete and thrive. One way to do so is by using mobile technology to accommodate different work styles. For example, today’s insurance employees value the ability to work not just in a traditional office setting but also from home, a client site, or other off-premises locations, like a café, when possible. According to a Work Trend Index Special Report survey, employees ranked better technology tools third on the list of factors that can help reduce work-related stress. In fact, 46% of respondents value technology that make their jobs easier over mental health support and wellness benefits.
When employees can work in a preferred setting using the technology that helps them be most productive, they can ultimately give customers a better experience.
The flexibility factor
Customers already use mobile apps to file claims and track their status. Yet, adjusters working in traditional, monotonous office settings are essentially tethered to their desks, unable to take advantage of the same type of technology to review and process these claims efficiently. Creating a flexible work environment can make it easier for claims adjusters to carry out this essential work, leading to a better employee experience and a higher-quality CX.
An insurer could give claims adjusters mobile devices and apps that allow them to visit sites in person and snap photos or videos related to those claims — for example, the scene of a wildfire or tornado. They could also add important notes about the claim based on observations they make while on-site. By providing better mobile tech, adjusters can update their findings in real time, send photos, and complete forms from the field without having to wait to get back to their office to do so. Speed and accuracy are important in the claims process. These enhancements could make it possible to create an accurate record of the claim, reducing the time required to review it and make a determination. Speeding up the internal process could be the difference in responding a day or two sooner to the claimant.
Underwriters could similarly benefit from the mobile technology found in a flexible work environment. According to an IDC infographic sponsored by Samsung, Shaping the Future of the Insurance Agent From Order Taker to Caregiver1, 49% of U.S. insurers cite ineffective communication and collaboration among agents and internal carrier departments as a major challenge. With mobile devices and modern communication tools, underwriters could communicate more effectively with their colleagues in other areas of the company while away from the office — responding to urgent issues or quickly responding to broker queries while in transit or working from home.
Mobile technology also allows underwriters to cultivate client relationships from anywhere, for instance by joining client meetings via video conference while traveling for an industry conference. Of course, underwriters must also carefully assess risk as part of their jobs. They can use mobile risk assessment tools and solutions to analyze risk data wherever their work takes them, potentially even taking advantage of powerful AI advancements in this area to significantly accelerate their workflows and reduce underwriting times.
Security is essential for maintaining customer trust
As the IDC survey found, 36% of insurers express concerns about agents’ ability to navigate complex regulations and safeguard client data. This challenge becomes more acute in a hybrid workplace, where insurance companies must protect a far more expansive attack surface.
According to the Flex Report: Job Growth Edition, fully flexible companies are growing headcount at more than twice the pace of companies that require their employees to work in an office full time. Yet, despite the recruitment challenges they face, many insurers still rely on traditional workplace environments.
By giving insurance employees the mobile technology they need to work well from anywhere, insurers can offer a better, more exciting and engaging employee experience that improves employee retention, boosts recruitment and accelerates crucial processes like claims and underwriting. In doing so, they can create a solid foundation for future growth.
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1IDC Infographic, sponsored by Samsung, Shaping the Future of the Insurance Agent: From Order Taker to Caregiver, #US51998324, April 2024.
