The past few disruptive years have demonstrated why the insurance industry is essential. Not only do people rely on insurance for financial and health reasons, but also to protect their most valuable possessions: houses, pets, memorabilia, and more. Additionally, increasing competition within the industry has hastened the need for insurance companies to deliver digital innovation for customer-first insurance.
The insurance industry faces three main challenges today: improving customer experience, the need for hyper-personalization in a world with heightened data privacy laws, and the increasing threat of fraud.
Delivering a frictionless claims experience is critical to maintaining customer happiness, but the claims process is often a source of customer frustration. Besides purchasing their policy, claims communication with agents is the primary touchpoint many insurers have with their policyholders — making it a key reason people stay or leave their insurance providers.
Disconnected claims management results in a frustrating customer experience. It accounts for at least 2–4% of insurers’ total claims cost, with noticed leakage (e.g. bottlenecks, breakdowns, or inefficiencies in their claims management processes) as high as 20–30% due to poor claims management and handling.
Consumers’ demand for more personalized solutions and experiences has increased the need for providers to access, analyze, and leverage rich and consistent 1st-party data. Non-customer-first insurance applications lack the tools needed to access data and unlock real-time insights for faster and more tailored services.
Additionally, insurance fraud, and financial crime are rising and getting harder to prevent. Fraudulent claims annually cost insurers at least $80 billion in the United States and €13 billion in Europe. With more customers relying on insurance claims, the threat of fraud continues to rise, costing companies more time and money than previously.
To address the rising challenges, companies need to balance digitization with the value of the human touch, and the solution is personalization and analytics powered by 1st-party data.
With Nylas’ email, calendar, and contacts APIs, insurance applications can generate more revenue, reduce the risk of churn, and save money across the entire customer journey. In harmony with Nylas, your system can offer:
Connected claims management
Your customers expect to engage seamlessly across platforms. Nylas empowers insurance applications with bi-directional engagement across all email, calendar, and contact providers. With a central communication hub, customers can easily communicate across multiple channels without leaving your application — creating a single source of truth for all claims communication. Leveraging the Nylas Scheduler, agents can automate scheduling workflows and spend more time managing claims. Making your application frictionless and a productivity-boosting platform with bi-directional email and scheduling capabilities improves customer experience and increases retention rates.
Curate personalized coverage lines
Turning signals from unstructured communications data into personalized experiences unlocks new revenue streams and provides the tailored experiences customers want through embedded insurance. The Nylas email parsers enable your application to stand up pre-trained AI/ML models to tap into unique real-time 1st-party data directly from the insured’s email inbox. Automatically extracting and analyzing purchase data gives carriers the insights needed to optimize embedded insurance features and get a 360-degree view of the customer. These insights power your application to suggest policy updates, increase coverage, and grow your customer base.
Additionally, incorporating AI capabilities improves productivity and increases your customers’ engagement with your application. With features like OCR and sentiment analysis, your customers can automatically upload PDFs into your system and prioritize claims based on urgency — reducing time spent on manual tasks and helping agents address claims more efficiently.
Unify claims data, detect suspicious behavior
To minimize fraud risk and the potential payouts to fraudulent claims, companies need ways to efficiently and effectively detect, identify, and issue alerts of risky behavior. Nylas unifies all claims data from various communication channels and sends continuous streams of communication data to your data processor of choice. This enables you to monitor and analyze crucial financial and communication data in real-time to enhance your application’s fraud detection capabilities. You can easily audit unusual behaviors to compare against fraud examples with analytics and insight on communication and transaction data.
Turn 1st-party data into meaningful customer experiences
Customer experience and increasing competition directly affect retention, and facilitating quality interactions directly increases revenue and customer loyalty. Nylas unlocks 1st-party data to enable leading insurance applications with capabilities that:
Speak to a platform specialist to learn more about how Nylas transforms leading companies into customer-first insurance solutions.
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Dominic is always excited to uncover new use cases and opportunities for Nylas. In his spare time, he loves to hike, go to concerts and take his dog to the beach.
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