In this opinion piece Isaac Richardson, Account Manager at IPI, takes a look at the advantages of moving on from legacy software systems.
The challenges facing an insurer are many and varied. With analysts predicting that by 2024, AI will be a critical component in up to 70% of customer interaction, how can insurers running a busy customer contact centre capitalise on this cutting-edge innovation in a cost-effective and measured way?
Looking at a typical scenario facing an insurer running a busy contact centre is helpful in considering the challenges. The favoured solution for insurers has been relying on legacy on-premise/private cloud telephony estate with ‘bolt-ons’. Unfortunately, this scenario leaves an insurer with outcomes that leave it in a far from satisfactory position and susceptible to inefficiencies and security concerns.
Firstly, we all know the insurance industry is heavily regulated, requiring companies to adhere to strict data protection and compliance standards. Legacy systems might not provide the necessary security and auditing capabilities, leaving companies vulnerable to potential breaches and compliance issues.
Operating on legacy technology can also lead to missed key performance indicators (KPIs) and subpar customer service. Siloed communication channels hinder data integration, making it difficult to analyse customer interactions and identify areas for improvement.
Since the pandemic, there has been a global shift towards flexible work arrangements and this demands a modernised communication system that allows agents to work seamlessly from various locations. A rigid on-premise setup restricts this flexibility, leading to reduced productivity and collaboration.
A siloed back-office infrastructure adds complexity to daily operations, leading to inefficiencies, redundant processes, and delayed response times. And siloed communication channels hinder seamless customer experiences. The lack of omni-channel integration results in disjointed interactions, which negatively impacts customer satisfaction and retention.
Maintaining aging technology comes with escalating support costs as manufacturers phase out support for older systems. This can strain the financial resources of insurance companies, hampering their ability to invest in modernization.
How can insurers achieve a cost-effective solution to address these challenges and propel insurance companies into a future-ready, flexible, and efficient operation? Enhanced flexibility, seamless omni-channel integration, robust security, and the integration of automation and AI are some of the benefits that await companies. By investing in modern communication technology, insurance companies can streamline their operations, attract top talent, and future-proof their business for success in an ever-changing landscape.
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