With more policyholders and Millennials choosing digital channels to manage their insurance policies and claims, benefits booklets have become one of the most crucial ways in which insurance companies communicate a summary of their benefits and coverage with their customers.
However, most insurance companies face considerable challenges with on-time production of Benefits Booklets. Inefficient document processing as they pass through various stages of creation, revision, validation and compliance checking leads to increased cost and reduced quality. The production process is also continuously plagued with mounting backlogs and intense time pressure to meet market-led deadlines. And with the content in these documents strictly regulated by government regulating authorities, it isn’t unusual to see a huge number of changes close to the document release date that need to be incorporated.
In a market where it is difficult to balance increasing demand from customers with the imperative to remain profitable in a competitive environment, limited workflow tracking and control slows down the process. This can result in mounting customer anxiety and dissatisfaction that is all too often voiced on social media.