Solutions: Property and Casualty
Achieve higher profits with efficient customer-focused conversations
Customer profitability, efficient claims management and reduced risk are tough to come by given the cut-throat competition that faces personal and commercial line insurers. Chordiant solutions are designed to help you maximize customer lifetime profitability by delivering a superior customer experience across all channels and lines of business.
Chordiant solutions can help you leverage existing policy administration and other applications to make the best decisions for your customer and your company across marketing, sales, service, claims management, risk and compliance activities. Chordiant's smart solutions dynamically guide every customer conversation with real-time decisioning, targeted offers and personalized advice to help you achieve higher rates of retention at lower cost; improve the satisfaction of policyholders and your agent network; reduce risk; and cut claims management, fraud and service costs – all while engaging in conversations that encourage customer loyalty to drive up profitability.
Acquisition
New Business Acquisition and On-Boarding
Increase conversion rates
- Define marketing and new business acquisition strategies that are most likely to receive positive response from targeted prospects. Visually simulate strategies to understand their impact on customer behavior based on previous results, revenue forecasts, profits, risk behavior and other business metrics.
- Deliver the right offer at the right time. Use adaptive analytics and real-time decisioning to build selling strategies that deliver the most relevant, customized offer when the customer or prospect is most receptive.
- Offer convenience and consistency across channels. Deploy a unified acquisition strategy for all channels, including independent and captive agents, service representatives and self-service channels.
Lower acquisition costs
- Eliminate off-target outbound campaigns and offers. Precisely target prospects and create compelling “segment of one” value propositions using predictive analytics. Optimize the usage of your independent agent channel by appropriately allocating value-generating leads.
- Leverage inbound interactions for sales. Dynamically recommend the best offer as the conversation unfolds with real-time decisioning and Next-Best-Action guidance.
- Increase bundle sales and reduce policy-issuing costs. Automatically guide agents and call center representatives through the conversation to set up policies, including dynamically generated recommendations for product bundles best suited to the customer.
Beat the competition to market with new offerings
- Refocus, change and terminate campaigns and offers in real-time to more effectively achieve your profit goals. Use business-friendly tools to build, monitor, simulate and optimize the real-time effectiveness of programs and their effects on customers, agents, revenue, profits, lifetime value, retention rate or other business metrics.
- Increase the value of current investments in customer-facing interactions. Augment existing capabilities with Chordiant’s flexible, service-oriented architecture to improve ROI.
Retention
Retention, Cross-Selling, Up-Selling
Increase Wallet Share
- Drive more revenue per customer. Determine a policyholder's propensity and likelihood to accept extended cross-sell and up-sell offers using adaptive and predictive analytics.
- Cost-effectively engage in proactive retention. Leverage analytic models to predict individual policyholder expectations and propensities and identify those most likely to defect. Combine these models with business-focused “save” decision strategies to guide agents through proactive conversations designed to retain the customer.
- Roll out new programs faster. Simulate and adjust planned strategies and determine the impact on policyholders, agents and the company. Rapidy deploy them to all channels via business-friendly tools that reduce the need for IT assistance.
Retain at the Right Cost
- Eliminate static and irrelevant offers. Dynamically guide selling conversations using Next-Best-Action strategies to make sure that recommendations and offers are appropriately timed by taking into account the policyholder's responses, mood and behavior.
- Optimize sales propositions with personalized business cases. Simulate and optimize sales propositions to retain your best customers at the right cost.
- Leverage existing data in sales conversations. Re-use existing applications and data throughout the conversation to optimize the scalability, flexibility and agility of existing capabilities.
Customer Service
Customer Service
Drive incremental sales through service interactions
- Help representatives deliver relevant and timely offers during customer service interactions. Provide dynamic guidance and recommendations based on policyholder profile, behavior, responses and history.
- Increase the percent of inbound interactions receiving offers. Proactively trigger personalized offers to eliminate dependence on staff expertise and help agents and representatives feel comfortable delivering a timely and personalized offer more frequently.
Deliver an outstanding service experience
- Dynamically tailor recommendations and build customized programs based upon each policyholder's profile and history. Use adaptive analytics, real-time decisioning and Next-Best-Action strategies to deliver guidance and treatments that treat each policyholder and agent as an individual.
- Deliver consistency across all channels. Make sure conversations in one channel can be completed in another with a unified, up-to-date view of each multi-level policyholder relationship and a complete history of all conversations across all channels.
Reduce service costs
- Optimize service interactions. Empower agents and service representatives with a complete, up-to-date view of every customer and situation that eliminates the need for them to tab through multiple screens and search for data in multiple systems.
- Increase first-contact resolution and reduce average handle time. Manage the amount of time spent on each customer by continuously monitoring and controlling conversations to balance customer expectations with business objectives.
- Increase call deflection with personalized self-service. Leverage adaptive analytics, real-time decisioning and a universal customer view to provide greater information access, transparency and self-management capabilities to online customers.
Claims
Claims
Engage in smart claims servicing
- Reduce – and even stop – claims leakage. Use advanced analytics to combine a policyholder's behavioral propensities with claims pattern analysis.
- Automatically trigger detection activities during conversations. Determine the treatment and identify the best settlement options based upon your company's claims objectives.
- Help agents and representatives quickly assess the situation with a unified view of the policyholder and complete claims history.
Risk and Compliance
Risk and Compliance
Leverage real-time risk assessment
- Effectively implement risk-based pricing. Appropriately balance risk and sales offers as the customer conversation unfolds through the unified customer view, adaptive analytics and real-time decisioning.
- Improve portfolio risk management. Monitor customer behavior in real-time to identify changes in risk profiles and dynamically adjust actions and offers.
Adhere to privacy regulations
- Dynamically guide every conversation across every channel. Use real-time decisioning and Next Best Action guidance to make sure agents and representatives consistently follow privacy and compliance requirements during every conversation. Build in the different rules and workflows for individual distribution channels and lines of business.
- Maintain a complete interaction audit trail. Automatically capture all conversations across every channel for a unified, up-to-date view of each customer's interactions.
- Appropriately restrict access. Provide a limited view of customer data to agents, representatives and online customers that is appropriate their roles.
