The ROI of Customer Communications and ExperienceLast updated: March 17, 2020 | 7 min read
Customer communications management is more than managing communications and document automation – it’s about customer experience.
Customer-facing communications is a core element of customer experience. With advanced CCM software, these communications are now improving experiences in entirely new ways.
Today’s digital customer wants to communicate with providers on their terms. CCM not only empowers insurers to deliver personalized communications at scale, but it facilitates a genuine interaction between the customer and the organization.
You’ve heard customers are willing to pay more for a better experience. But what exactly is the ROI of a customer communications management system that helps you create that better experience?
Boost your top line with stronger customer connections
Strengthen and Expand Customer Relationships
Customer retention is an important aspect of boosting your top line. You’ve probably heard the common phase it is more efficient to retain an existing customer than acquire a new one.
Personalized communications create experiences that engage customers. And engaged customers are loyal, are more likely to try new products and services, spend more money and are excellent brand advocates. Because of its impact on customer retention, CCM is a central initiative for many insurers.
A good CCM platform empowers you to upsell and cross-sell products and services across each touchpoint. Leveraging customer data, you can build one template to send the right message at the right time to each individual’s preferred language, format, and delivery channel.
Acquire New Customers
CCM facilitates your customer acquisition efforts to help you focus on growing your revenue. Business users – not IT – is in control of creating, modifying and delivering customized, interactive communications. Delivering engaging proposals, quotes, contracts or other necessary communications to prospects ensures you’re providing an exceptional experience from the very beginning of the journey.
How to sell more with CCM:
- Improve customer acquisition – Easily create customized proposals, quotes, contracts and other communications to provide an exceptional experience from the very beginning.
- Boost customer loyalty and retention – Deliver personalized, interactive communications at scale, creating a superior customer experience and driving brand loyalty and customer retention.
- Expand customer relations – Engaging customers through a better experience means they’re more likely to spend more money, try new products and become brand advocates.
- Understand and improve your customer experience – Leverage a detailed communications journey map to gain complete visibility and insight into your customers’ experience with help from experts on how to improve your communications and make your processes more efficient.
- Upsell and cross-sell – customized communications with real-time, data-driven logic and content to promote upselling and cross-selling.
Increase operational efficiency
With rising acquisition costs, new entrants and disruptors, rising customer expectations and new regulations – many insurers are looking for ways to improve experiences while reducing cost to operate. Advanced CCM helps you design, develop, deliver and manage communications faster and smarter.
Cutting communication production time is a key initiative for many teams. And CCM empowers business users with a highly intuitive tool to create, modify, test and deliver personalized communications, reducing dependency on expensive and overburdened IT resources.
With CCM, you can create reusable content to be shared across multiple templates. Ranging from logos to pages of copy, reusable content simplifies change management, saving valuable production time. Additionally, once a template is created, you can send that correspondence to a variety of digital platforms as well as print. Leveraging this omnichannel capability, many insurers dramatically reduce printing and postage costs.
Adopting a CCM solution helps you automate your communications process while creating experiences that connect, reducing compliance risks and cutting operating costs.
How to increase productivity with CCM:
- Streamline the process – Gain one tool for the entire communications process designed for the entire company to create process efficiencies.
- Keep legacy systems longer – Optimize enterprise-wide legacy investments by effortlessly integrating with core business applications, databases and IT infrastructures.
- Cut production time – Use efficient communications processes to reduce production time and get to market faster.
- Reduce reliance on expensive IT resources – Empower non-technical users to create, modify and test communications, allowing expensive IT resources to focus on other high-value projects.
- Reduce printing and postage expenses – Using a single template, create customized workflows to automate omnichannel delivery to each customers’ preferred channel and device.
- Reduce calls to call center – Give business users authoring control to create and deliver clear, interactive communications to reduce the number of confused customers contacting the call center for help.
- Automate manual processes – Save time and resources by automating testing, delivery and other various manual, error-prone processes.
- Reduce templates and simplify content management – Reduce the number of templates using data-driven logic and preconfigured workflows, making maintenance easier and faster.
Minimize compliance risk
As an insurance carrier, one of the main challenges to delivering your best customer experience is growing government laws. It is increasingly difficult to manage all the federal, state and local regulations, making internal and external compliance more important than ever. With a centralized, collaborative CCM platform, you can significantly reduce your compliance risk.
Collaborative authoring environments allow document authors to work simultaneously with compliance and legal experts. After content is approved, it can be stored in a central repository, locked and shared across multiple templates.
Document automation capabilities provide an automated communications production environment, allowing insurers to pull data using logic in templates to ensure communications are relevant and accurate. And some CCM platforms even offer automated version management and history archiving for a complete audit trail, giving you confidence that your communications are compliant.
How to ensure compliance with CCM:
- Always meet regulatory compliance – Automate manual, error-prone processes to create compliant communications with automated versioning and history archiving for a complete audit trail.
- Ensure brand and communication consistency – Leverage content libraries, reusable content, and document comparison to generate user-friendly communications with greater consistency.
- Collaborate with legal and compliance – Empower legal and compliance teams to collaborate with document authors throughout the entire process with an easy-to-use, web-based review portal.
- Automate communications – Create templates with data-driven logic and reusable assets to send relevant, timely and accurate communications confidently.
Now that you understand what a good customer communications management platform can do for you, when should you invest in a new CCM system? Read The Best Time to Buy CCM for Insurers to get started on your journey to better customer communications and experiences.
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