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Gain Insights into Current Technology Trends and Challenges Impacting Insurers and Healthcare Payers

Leveraging New Technologies to Improve Customer Engagement

Guest Author

Social media and new technologies dominate the marketing landscape, which means consumers’ attention spans are shorter than ever.  New apps, call-to-actions, and other customer communications tools are being thrown in consumers’ faces each day.  The task of attracting an audience’s interest and maintaining it for the long term is a daunting one.  If your company can’t attract an audience’s attention from their very first visit, you risk the chance of them never returning. Customer Communications Management systems allow institutions to effectively monitor customer engagement and transform that data into results.

Guest blogger A.D. Kent, Managing Partner for DocVentive, discusses the topic in today’s post:

In a world where everything is interconnected with information at your fingertips, technology is fundamentally changing how consumers engage content. The rapid adoption of smart phones and tablets affords convenience and control over content, while easy access to social media sites creates an unprecedented sense of community and engagement at the touch of a button. In short, consumers are demanding information that is contextually relevant with their interests and provides an experience that they can interact with.

So, what does this mean if you're an Insurer or Financial Institution looking for a competitive advantage? Well, you should view each piece of correspondence with your customers as a chance to engage and monetize through personalized content. This means looking for opportunities to gather information with each encounter, and using that information to refine targeted messaging and content on the next communication event. This also necessitates reliance upon a robust Customer Communication Management (CCM) platform capable of delivering on these goals – an exercise that isn't exactly native to the present-day CCM vendor solutions. Nonetheless, through this continual refinement of correspondence, you can empower and satisfy the consumer in ways that fit the social patterns and behaviors that they desire most.

At DocVentive, we specialize in helping companies achieve their customer communications objectives and goals. Based on our experience, we believe organizations need to do the following five things to implement an effective customer communications strategy:

  • Engage – create opportunities to engage the customer with each piece of correspondence. Provide customer-specific URLs, QR codes, barcodes and other feedback mechanisms that create a source of measurement for customer interaction. It’s important to ensure that your correspondence is channel- and device-aware, not generic in nature. Create unique opportunities for the customer to interact and communicate their interests and needs, including FAQ sections, links to cross-selling campaigns, and customer support tools.
  • Mobile – learn how to effectively communicate with your customers through the channels and mediums they use the most. With global smartphone use approaching two billion connections today, forecasted to grow three-fold over the next six years to reach six billion by 2020 [Source: Smartphone forecasts and assumptions 2007 - 2020 (GSMA Intelligence)], it's more important than ever to ensure that mobile delivery plays a central role of your overall CCM strategy.
  • Harvesting – gather any and all engagement information from the customer, including metrics such as time, place, interest, demographics, platform (mobile, web, etc.), channel, referral source, and others with each event. By gathering this data, you can determine how to optimize your content and features to target appropriate demographics at the right time and place.
  • Analytics (Big Data) – as you continue to harvest and analyze key data, you can start to extrapolate a CCM "genome" (a set of content interests by demographic) through analytics that determines how certain groups and individuals choose to engage content and the type of information they find interesting. This creates transparency for organizations looking to determine what works and what does not for their customer-base. Great analytics enable companies to improve their personalized content offerings, turning first-time users into repeat visitors and advocates.
  • Refinement and Personalization – personalized correspondence tailored to each individual based upon their individual interests and who best matches a CCM "genome". By delivering information that the consumer will likely find interesting, this approach creates the highest statistical likelihood of engagement, leading to opportunities for cross-selling other products and services. Your most engaged customers will also become your strongest advocates, leading to increased customer referrals and a larger subscriber base.

To implement this strategy, you need a robust CCM technology platform capable of omni-channel delivery that can produce output that is medium- and device-aware. Today, most of the major CCM vendors do a very good job of producing content that is highly-accurate and "full-fidelity" across a wide variety of channels.  However, they are challenged to produce personalized content that is device-aware and capable of self-formatting to accommodate the optimum viewing conditions of a particular mobile device. CCM vendors who manage to add these game-changing personalized mobile content capabilities without fundamentally compromising the normal document-creation and production process will be poised as market-leaders in the area of marketing automation and personalized communication.

A CCM vendor able to produce personalized content optimized across a broad variety of mobile platforms would be able to engage audiences more efficiently and more effectively than through static content offerings.  For example, a financial institution can offer targeted promotions and cross-selling opportunities optimized perfectly for an iPhone user that would bring the customer straight to their website. These types of offerings enable organizations to engage users with little time, who may be on the go, or who use their mobile devices to access banking information frequently.

I'm pleased to say that we're starting to work with a number of forward-thinking organizations who see tremendous value in leveraging new technologies to implement a strategy of engagement and personalization. In doing so, they've come to understand that every engagement with the customer is an opportunity to gather information and provide personalized content. In return, they'll be able to monetize their investments in CCM by empowering and engaging the consumer to purchase products and services that interest them the most. Importantly, a comprehensive CCM strategy that is capable of engagement and personalization through mobile delivery ensures that customers will become repeat purchasers and likely advocates for their organizations.

Learn More

Oracle Documaker Enterprise Edition enables insurers to dynamically create, manage, publish and deliver adaptive enterprise content throughout the insurance business lifecycle – across all distribution channels and lines of business. Oracle Documaker Enterprise Edition offers a cost-effective way to address the design, production, and omni-channel delivery of a broad spectrum of documents, from highly structured transactional documents delivered in high-volume batch to highly personalized interactive correspondence delivered on-demand. Oracle Documaker Enterprise Edition delivers rules-driven document lifecycle automation for improved customer satisfaction, business agility, efficiency and reduced costs.

Get more details on Oracle Documaker at oracle.com/goto/documaker. For more about DocVentive, visit www.docventive.com.

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