5 min read

Transforming Insurance Customer Communications with OpenText™ Exstream™

Shweta Gupta

Associate OpenText Head

For insurers, producing effective customer communications is often difficult due to the lack of streamlined processes. Moreover, today insurers face the challenge of making sure they are offering customers their preferred communication channels.

To tackle these challenges, the adoption of OpenText™ Exstream™ emerges as a solution that not only addresses the deficiencies in communication processes but also brings forth a myriad of potential business benefits. These include heightened customer satisfaction, increased retention rates, a reduction in churn, and opportunities for cross-selling and upselling. Additionally, by leveraging OpenText Exstream full capabilities, insurers can more easily adhere to regulatory compliance.

This blog delves into how OpenText Exstream reshapes communication dynamics within the insurance industry, paving the way for enhanced operational efficiency and customer satisfaction.

Addresses operational challenges

  • Manual processes: The most common challenge shared by insurers and their channel partners is the manual handling of data and documentation, leading to inefficiencies and errors. OpenText Exstream’s automation capabilities streamline document generation, reducing manual intervention, and thereby reducing errors.
  • Legacy systems: Outdated infrastructures hinder adaptability to modern practices. OpenText Exstream’s ability to integrate with legacy systems bridges any gaps and enhances overall operational agility.
  • Compliance and regulatory issues: Navigating complex regulatory landscapes requires meticulous attention to compliance. OpenText Exstream offers features that aid in compliance management and reporting, ensuring adherence to regulatory standards.
  • Fragmented and siloed communication: Fragmented customer communications impact the overall customer experience. OpenText Exstream consolidates communication channels, providing a unified view for a seamless and engaging customer experience.
  • Limited data-driven decision-making: Lack of insights from data hampers strategic decision-making.
    OpenText Exstream enables data-driven decision-making by providing comprehensive insights into customer interactions and preferences.
  • Inefficiencies in core business processes: Siloed, redundant, and bottlenecks across the core business processes such as new business, underwriting, policy servicing, claims, etc. lead to delays and rework, resulting in customer complaints. Automation features in OpenText Exstream streamline business processing, enhancing speed and accuracy.
  • Distribution channels productivity: Limited tools available for use by distribution channels (agents, brokers, IFAs, MGAs, channel partners, and TPAs) can hinder their productivity and effectiveness.
    OpenText Exstream offers a robust platform that enhances productivity and provides better service to clients.
  • Lack of self-service options: Insufficient self-service options can lead to an increased workload on support channels. OpenText Exstream facilitates the creation of self-service options, empowering customers and reducing the strain on support teams.
  • Risk management challenges: Inadequate risk management strategies can expose the company to potential financial and operational risks. OpenText Exstream manages risk by providing clear documentation and communication channels, ensuring transparency and informed decision-making.
  • Limited customer feedback and engagement: Lack of effective feedback mechanisms and engagement strategies hinders continuous improvement. OpenText Exstream includes features that enhance customer feedback and engagement, fostering a more interactive and responsive relationship with customers.

Elevating customer experiences

  • Personalized policy communications: Insurance policies often involve complex terms and conditions, making it challenging for customers to understand their coverage. OpenText Exstream makes it possible for insurers to create highly personalized policy communications. By tailoring content based on an individual policyholder's needs and preferences, insurers can be confident that policy information is presented in a clear and easily understandable manner.
  • Multi-channel communication: Customers interact with insurance companies through various communication channels, necessitating a seamless and consistent experience. OpenText Exstream enables insurers to engage with policyholders across email, print, and digital channels. This delivers a cohesive brand experience, regardless of the channel customers choose to interact with.
  • Policyholder engagement and education: Policyholders expect the insurers to provide necessary details about the coverage and its benefits, various options available to them, new products and services, and other important and relevant information such as tax laws, etc.
    OpenText Exstream makes it possible to proactively engage with policyholders through personalized communications. This includes educational content about policy features, coverage options, and available services, fostering a more informed and satisfied customer base.

Integration capabilities

Effective communications rely heavily on seamless integration. In the insurance industry, a smooth integration with Guidewire Policy Entry is essential for efficient policy administration. With OpenText Exstream you gain pre-built integration options, streamlining the creation and delivery of policy-related communications. Similarly, integration with Duck Creek Policy ensures comprehensive management of the policy lifecycle, providing personalized and targeted communications throughout the journey.

Customer relationship management (CRM) and data-driven communications integration with Salesforce are vital. OpenText Exstream seamlessly integrates with Salesforce, enabling the delivery of personalized customer communications based on CRM data.

The integration with SAP, also known as SAP Document Presentation, also allows for the generation and delivery of policy-related communications, claims, and other interactions. This ensures a smooth communication management process with various SAP solutions.

To streamline document signing processes, OpenText Exstream integrates with electronic signature solutions such as DocuSign and e-SignLive by VASCO. This empowers insurers to establish fully electronic workflows, enhancing overall efficiency in document handling and processing.

AI-powered, actionable insights

AI models that enhance risk and pricing capabilities, including churn prediction, are offered on the platform. They analyze customer data to assess risk profiles, tailor premiums, and generate personalized recommendations for policy enhancements and retention strategies. AI models detect fraudulent activities, protect financial resources, and maintain underwriting processes. They also assist with compliance and regulatory oversight by identifying non-compliance issues and monitoring adherence to regulations, enabling insurers to make informed decisions, optimize pricing strategies, improve customer retention, and mitigate risks, contributing to overall business success.

Analytics for enhanced engagement

OpenText Experience Analytics serves as a valuable tool for insurers, offering engagement analytics to enhance the customer experience, boost sales, and reduce costs. By analyzing customer interactions, insurers can identify areas for improvement in messaging and targeting. This data-driven approach enables insurers to understand customer preferences, personalize communications, and reduce churn.

Lower risk and increased consistency

Bringing automation to compliance tasks with OpenText Exstream reduces risk and ensures consistency. It generates compliant documents, tracks customer interactions to ensure GDPR compliance, and corrects communication errors before reaching customers. This proactive approach helps insurers avoid fines, protect customer data, and maintain compliance with industry regulations.

OpenText Exstream is more than a software solution; it is a strategic decision for insurers aiming to stay ahead in a rapidly transforming landscape. By leveraging their capabilities, insurers not only meet the demands of today but also position themselves for success in the dynamic future of the insurance industry. The decision to embrace OpenText Exstream is not just about efficiency; it is about laying the foundation for a future where customer-centricity and operational excellence converge for success.