Insurance Legacy Systems Are Putting Your Business at Risk

  Taylor Pettis    March 31st, 2021    Leave a Comment

No SupportRedundancy/Obsolescence | Future Cost |
Make Your Insurance Company Future-Proof with CCM

The nature of an insurance product is to provide a safety net in case of potential future hazards. Insurance companies relying on legacy systems lack that very safety net for their customer communications.

In any industry – whether it’s delivering mail, tending to the sick, or protecting the community – wouldn’t we only deliver the most effective service if all of our operations lent themselves to their predefined roles?

Similarly, the best insurance company should be devoted to minimizing future risk in every area of business, not just by virtue of the products they sell. This includes their company’s customer communications, which are not at all future-proof as long as the business relies on insurance legacy systems.

Customer engagement is about more than credibility with customers. It’s about how much you believe in what you do, right in line with the philosophy to “take care of yourself first, or you’ll have nothing to give others.”

Your ability to take care of customers depends on your organization’s internal health, which depends on a healthy relationship between your people and their tools. This means that your future customer communications depend first on optimizing communications processes. This is where insurance customer communications management systems can change the game.

Insurance companies have a unique relationship with “The Future” of their customers. But do they think about their own future in similar ways? Do they realize how the future can put a strain on their tools, subsequently stretching their personnel, and throw everything out of balance? Do they recognize how, in time, all of this will absolutely affect their brand?

Technological advancement has already dramatically changed how you interact with customers (digital marketing, omnichannel communications, smart documents, etc.), and it’s also changing how businesses work internally. To be able to sustain these advancements, you need a solid insurance management system that can accommodate them on the fly.

Businesses everywhere are seeking to increase efficiency through all-in-one customer communications management solutions, aiming for smoother correspondence, customer retention, and long-term revenue growth. They believe these solutions to be their protection from future technological disruption or, as we like to say, future-proof.

How Insurance Legacy Systems Put Your Company at Risk 

The hodgepodge of business solutions employed by many insurers for their various customer data and communications purposes usually appears sustainable in the present moment, but companies using insurance legacy systems will soon face these issues (if they haven’t already):

1. NO SUPPORT

Perhaps your insurance company’s legacy system was built internally by people who have long since left the company. You may have worked with a vendor to create a custom solution just for your business’ use case. If you begin to experience issues, who will you turn to for support? If the issue is large enough, you could need to replace the system on a moment’s notice, which could be both costly and inconvenient.

2. REDUNDANCY/OBSOLESCENCE

Over the years, entities delivering your solutions go through mergers and acquisitions, or they receive updates, which would deem your current solutions obsolete – again, with a hefty price tag on replacement. Legacy systems can also become redundant when providers expand their solutions, and you could end up paying for more than what you need.

3. FUTURE COST

Your insurance legacy system is aging. It may crash in the future. You might think it’s a good idea to wait until then, not realizing that the further society “updates” itself, the greater the disparity between your solutions and the norm, and the more costly and arduous it will be for you to update it in turn.

Make Your Insurance Company Future-Proof with CCM 

Your company wants a lean, agile system to deliver your communications, foremost because of future-value. The customer-centric philosophy puts greater emphasis on customer retention than ever before, and advancing communication efforts, with the right tools, has shown to be central to this kind of engagement.

Customer Communications Management (CCM) is an end-to-end solution, covering your internal processes, ensuring that they are smoother and more organized than before, and extending to your outbound communications which generates revenue from longer, more meaningful customer relationships.

Your company wants a lean, agile system to deliver your communications, foremost because of future-value. The customer-centric philosophy puts greater emphasis on customer retention than ever before, and advancing communication efforts, with the right tools, has shown to be central to this kind of engagement.

Customer Communications Management (CCM) is an end-to-end solution, covering your internal processes, ensuring that they are smoother and more organized than before, and extending to your outbound communications which generates revenue from longer, more meaningful customer relationships.

Although internal support for your legacy systems may continue among a few champions, consider The Future for your organization. Can your insurance legacy systems scale and adapt to a changing market? Are they future proof?

Currently, MHC provides the latest in CCM tools with omnichannel capability, smart documents, and the highest levels of document composition, production, and distribution efficiency available. Request a demo and compare our solution to your insurance legacy systems to see the difference!

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