Findings Offer Industry Insight into Call Activity, Manual Processing Challenges, and Customer Support
EXTON, Pa.--(BUSINESS WIRE)-- iPipeline®, the leader in on-demand marketing, selling and processing solutions for the nation's top insurance carriers, distributors and producers, today announced the completion of Phase 1 of its survey on Customer Servicing in Life Insurance. The research included 25 major North American insurers, and the published report documents the challenges facing life insurance customer service organizations. Insights are provided into the participating carriers' operational tasks and priorities as well as the technologies currently used to support the needs of policyholder services.
"The decision to launch the Customer Servicing in Life Insurance Survey was driven by a desire in the market for insurance carriers to better understand their peers' current state of policyholder servicing and where they stand in the adoption of next-generation solutions," said Michael Persiano, Chief Marketing Officer, iPipeline.
"Phase 1 of the Customer Servicing in Life Insurance Survey has produced great insights and high-value metrics on process for the participants," said Steve Meade, Vice President of Illustrations and Policyholder Solutions. "We interviewed carriers of all shapes and sizes: including those with fewer than 250,000, 250,000 to 600,000, and more than 600,000 in force policies. The participant mix included 15 life/annuity, 6 multi-line P&C, and 4 life/health companies. We have been told the resulting insights are greatly beneficial in understanding operational cost saving ideas as well as opportunities for better servicing customers. iPipeline is extremely pleased to be the catalyst for conducting this important industry research."
Selected research findings include:
- Nearly half of the surveyed participants do not yet have self-service websites to support customers with policies in force, but almost all will by the end of 2013.
- 84% of carriers rank improving customer experience as a top priority over reducing call volume and saving operational/back-office costs, while 96% of carriers indicated that receiving approval for technology to improve customer experience requires showing cost savings.
- Each year, on average, carriers receive about one phone call for every two policies they have in force.
The research report presents the costs associated with common policy change requests, statistics on self-service website usage, the average number of service requests made per policy, call center insights, and a comprehensive opinion poll on customer servicing.
To learn how you can participate in Phase 2 of the iPipeline Research Institute's research on Customer Servicing in Life Insurance and receive a copy of this report, click here. View iPipeline's new Voice of the Customer videos today and explore PolicyHS®, our Policy Services solution.
About iPipeline
iPipeline leads its industry in providing the next-generation suite of sales distribution software to the insurance and financial services markets through its on-demand service. iPipeline's channel solutions for carriers, distributors, and producers automate activities for CRM, forms distribution and processing, quotes and illustrations, in Good Order e-Applications, agency management, data services, policy delivery and related services, enabling the insurance industry to market, sell, and process faster. iPipeline provides the process automation and seamless integration needed to make a sale by aggregating approximately 120 carriers, 1,200 distributors, and 400,000 financial professionals and advisors in a single, Web-based environment -- the iPipeline Customer Network. With headquarters in Exton, Pennsylvania, iPipeline has offices in Atlanta, Charlotte, Milwaukee, Salt Lake City, the United Kingdom, and Vancouver. Visit us at www.ipipeline.com.
iPipeline
Lisa Bollinger, Marketing, 484-870-6234
Source: iPipeline
| Copyright: | Copyright Business Wire 2012 |
| Wordcount: | 557 |
07 Aug, 2012
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Source: http://insurancenewsnet.com/article.aspx?id=353135&type=lifehealth
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