How Self-Service Solutions Lead Insurance Companies to Success

Self-service is transforming insurance companies: user-friendly tools boost efficiency and satisfaction and facilitate customer service and acquisition.

Sep 6, 2023 - 3 min.

In the insurance industry, customer service and a seamless user experience are becoming increasingly important and are considered to be key competitive advantages. To build effective relationships with their customers, insurance companies need to focus on meeting customers' expectations at all stages of their interaction with the company. Read our new blog post to learn about the effective benefits of self-service solutions in the insurance industry and how you can improve customer acquisition. 

Digital transformation not only opens up new technological perspectives but also influences our behaviour, interaction patterns and expectations of technologies. Nowadays, many consumers are familiar with self-service tools (SST). Booking a trip online, taking out an insurance policy in digital form or opening a bank account online are now familiar aspects of everyday life. Experienced IT users will first look for solutions in the knowledge base or community forums before reaching out to support teams. Good SSTs, therefore make a positive contribution to the customer experience.

A brief definition of self-service solutions (SSS)

Self-service includes all digital options that a company provides on its website or an online portal so that users can solve problems themselves.

By using these solutions, customers can process their enquiries independently at any time and from any location without having to rely on customer service staff or opening hours. 

Modern self-service technologies (SST) enable insurance customers to manage various aspects of their policies themselves without having to contact insurance agents directly. Customers enjoy greater autonomy and flexibility with the help of a user-friendly online portal, where they can not only view their policies but also update contract details and make amendments. The platform also streamlines the process of submitting claims by letting customers upload relevant information and documents. This enables the insurance company to process claims efficiently and track them transparently. Customers can also apply for new policies online, compare offers, calculate prices and take out policies directly via the platform. Digital document management provides access to insurance documents without the need for physical copies. Communication and enquiries are handled seamlessly via chatbots, emails or online forms. Premiums can also be paid conveniently via secure online payment portals. Effective self-service strategies in the insurance industry improve customer interaction through convenience, time savings and increased control, while at the same time enabling automation and customer acquisition.

By offering SST, insurance companies have the opportunity to strengthen their ties to business customers. This is not just about boosting customer satisfaction and enriching the customer experience through self-service insurance products, but also about how SSS implementations benefit the insurance companies themselves. 

Self-service portals

SSPs have proven to be extremely effective in the insurance industry and help to save costs. The key benefits of self-service in the insurance industry are:

  • Convenient, time-saving and cost-effective
    The dynamic between the customer and the insurance provider changes over time. Customers have various touchpoints, be they enquiries, conversations with staff or document searches. An SSP lets customers complete all these actions on their own by accessing information in real time from different sources such as ERP, CRM, PIM and more.
  • Boost efficiency and optimise customer experience 
    Business customers increasingly value efficiency and seamless processes in their insurance affairs. In this respect, they benefit from user-friendly search functions, customised product information as well as self-service options such as independent online posting of premium payments. These self-service offerings reduce the administrative burden on customers and enable them to manage processes independently without relying on sales advisors or service times. The digital transformation contributes to data integrity, minimises the need for paper and bolsters customer loyalty by giving them greater control over policies and claims. Scalable self-service solutions enable effective customer support, while real-time access to insurance data promotes transparent and timely communication.
  • How this helps customer acquisition
    Self-service solutions play a significant role in customer acquisition in the insurance industry by influencing numerous aspects. From online offers, quotations and convenient insurance contracting to customer reviews and automated follow-up communication, these solutions offer potential customers a seamless and personal experience. A well-designed self-service platform can arouse interest through streamlined user navigation and customer-friendly design, paving the way for more efficient customer acquisition. In this context, insurance companies must adhere to strict security standards for digital customer acquisition in order to gain the trust of customers and keep their data safe.

Self-service offerings

These self-service offerings must provide high-quality content, be widely available and be presented in a user-friendly format.

Focus on data protection and security

The specific laws and regulations relating to self-service solutions may vary depending on the industry and type of solution. Generally speaking, companies that offer self-service solutions must observe a range of legal and regulatory requirements to ensure that they are acting lawfully.

On the one hand, data protection and data protection regulations play a major role. Companies must ensure that they comply with data protection laws and regulations, in particular the General Data Protection Regulation (GDPR) in the European Union or similar legislation in other countries. This applies in particular to the use of self-service portals to collect, store and process personal data.

Security: self-service systems must be secure so as to protect user data and transactions. This can include the implementation of security measures such as encryption, access control and authentication.

Ensuring the protection of privacy is without doubt a top priority. However, with the help of knowledgeable experts and tailored solutions, even these complex laws and regulations can be complied with effortlessly. This involves extremely sensitive information – to which not everyone should have unfettered access. That is why the implementation of multi-factor authentication with biometrics in insurance self-service platforms is of paramount importance. 

A CIAM solution is essential in the digital insurance world, not only to protect personal data but also to provide a tailored omnichannel experience for insurance customers. It lets customers access various functions such as managing profile information, settings, password resets, support requests and much more. Companies can personalise their offering to guarantee a seamless user experience across all digital channels.

Security meets customer experience – the benefits of CIAM