The Covid-19 pandemic forced even the most resilient insurance industry to briskly adapt to the digital shift. In fact, 41% of policyholders surveyed by PwC said they are more likely to shift insurance providers over the lack of digital capabilities. With ServiceNow insurance solutions, companies can provide customers with the self-service options, 24*7 support and multi-channel access to agents they have come to expect.
Implementing digital solutions to traditional insurance problems doesn’t just benefit the customer. A Mckinsey report found that automation can reduce the cost of a claims journey by nearly 30%. Insurers have a wealth of information but, due to unstructured data and complicated systems, they usually browse just 0.5% of their total data to extract information. This can be easily rectified with a modern Knowledge Base that comes with cloud-based and AI-driven platforms such as ServiceNow.
ServiceNow enhances productivity in an insurance firm by replacing unstructured data, decentralized support and manual spreadsheets with a single comprehensive system and automated workflows thereby bringing transparency to processes. By importing the entire IT matrix into ServiceNow Governance, Risk and Compliance module, insurers can ensure IT compliance and easy risk assessment. ServiceNow Problem Management helps insurance firms stay on top of potential security risks by prioritizing threats and alerting relevant teams before such threats can hamper service delivery.
ServiceNow ITSM modernizes the insurance company’s IT service delivery, automating key tasks so agents, underwriters and other departments can concentrate on providing the policyholder with memorable customer experiences. ServiceNow CSM brings to insurers AI/ML-backed powerful chatbots that elevate self-service capabilities on a par with other industries. With Knowledge Base implementation, customers can easily look up the information they need as can agents with critical data.
ServiceNow Performance Analytics is a one-stop record for collecting and analyzing data that lets businesses improve their strategies by looking at key performance indicators holistically over time. The information is presented via interactive dashboards and empowers the insurer, especially agents, claim processors and underwriters, to respond to fickle market circumstances. A Forrester report found that ServiceNow Performance Analytics helped organizations save $2.5 million annually.
Making informed decisions with ServiceNow Performance Analytics
Recently, one of the biggest insurance companies in the United States approached Aspire Systems as they were unable to harness the full potential of ServiceNow Performance Analytics to eliminate delivery delays caused by bottlenecks in their incident, problem and change management.
Our experts put in place KPIs specific to the business’ needs so the leadership could quickly view the status of all modules on a single page. License calculation dashboard helped the business track software license usage and compliance. Optimizing the ServiceNow instance led to:
- 40% reduction in response time
- 10% decrease in software licensing costs
- 60% improvisation of Performance Analytics module.
Read the case study to know more.
Charting your ServiceNow journey
Moving from a legacy system to a cloud-based one can seem a daunting task. But ServiceNow offers easy integration options with a variety of traditional and modern systems, thereby simplifying migration. Over the past decade, Aspire Systems has helped several businesses with their ServiceNow needs and has completed more than 100 projects successfully on the platform. Combining our expertise with ServiceNow and our work with the insurance industry, Aspire has developed exclusive ServiceNow strategies and solutions for the digital-first insurer.
With our ServiceNow experts in your corner, you can:
- Improve customer satisfaction scores
- Reduce software licensing costs with optimized usage
- Improve productivity
- Reduce organizational risks
- Proactively address security threats and customer issues
With over 70 million active users worldwide, ServiceNow has become more than just a ticketing platform. It covers all aspects of the business, eliminating the need for multiple applications. You can find everything you need in one place and access all files on the go with the NOW Mobile app. Learn how NOW platform’s process optimization can benefit your business and know more about our ServiceNow offerings for the insurance industry here.
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