Frictionless Renewal
Many insurance organizations struggle to capture maximum revenue from renewals due to inefficient processes, friction in workflows, and poor customer experience.
With fragmented renewal operations and a lack of streamlined processes, many organizations, experience up to 20% attrition rates in insurance renewals. Efficiency is truly achieved by optimizing workflows and enhancing the customer experience.
Maintaining scalable and sustainable renewal processes that enhance the user journey, to improve retention.
PROJECT TYPE
DATE
The Problem
A Global Fortune 50 Insurer, the company is receiving consistent feedback from its self-administered clients that doing business with the insurer is overly complex and burdensome. Clients report that the volume of required information is excessive, the application interface is unintuitive, and the process relies heavily on manual data entry, increasing the risk of errors and delays. Internally, these challenges are mirrored administration of the process is inefficient, resource-intensive, and lacks scalability. This friction is impacting customer satisfaction, operational efficiency, and ultimately, client retention.
The company must evolve its approach as competitors are streamlining their processes, no longer requiring plan holders to submit detailed information such as enrollments, changes, and terminations at the time of payment. In contrast, this insurer demands extensive data upfront, even before a plan is issued. Competitors instead rely on post-issuance audits to ensure accuracy, offering a more efficient and client-friendly experience.
Strategy
The goal is to transform Self Administration billing into a positive customer experience through innovation, modern technology and process improvements.
The Result
Capabilities: Strengthened renewal operations by building scalable processes and automation to reduce friction and improve efficiency.
Strategies: Developed a targeted renewal strategy and roadmap focused on increasing retention through simplified workflows and enhanced customer experience.
Revenue: Enabled the organization to capture up to $50M annually.
My Contribution
Discovery: Conducted a competitive analysis, developed personas, facilitated focus groups and conducted process studies. Created user journey maps and service blueprints to help prioritize capabilities.
Design: Developed lean mock-ups, conducted A/B testing for user feedback. Collaborated with engineering to automate processes and set process targets.
Delivery: Presented strategy and roadmap to LC for approval to test and ensure the feasibility and effectiveness of the solution before full-scale development.
