In the world of protection insurance, event-driven architecture is an absolute game-changer.
Unlike outdated legacy systems, this architecture helps overcome data silos and pave the way for agile, personalised customer interactions linked to significant life events. In turn, this gives you the power to redefine how you do business, increase customer loyalty, and reduce churn.
Not-So-Modern Legacy Systems
Despite their name, “modern” legacy platforms offer antiquated customer experiences.
In these systems’ policy-centric setups, data is stored in silos, making it difficult for data to pass from one silo into another, or to be used across different functional areas. This makes it difficult for customer data collected in one area to improve or personalise customer experience in another area, unless it’s somehow inputted a second time.
While modern legacy platforms technically cover insurers’ admin bases for policies and insureds, they’re far from being event-driven, and rarely allow for rich personalisation or agility.
Event-Driven Architecture: A Game-Changing Platform Capability
Monolithic systems may be able to send out annual notices with links to coverage information and premium prices to meet FCA requirements, but they can’t serve up the automations and personalisations consumers need as they go through life changes; or suggest policy upgrades based on data held in the system.
But with modern coretech like EIS Suite, the architecture is event-driven and centered around the customer as the main record type. This seemingly simple difference in setup makes for drastic improvements in customer experience.
Rather than sending out cold, annual notices, an event-driven platform can act nimbly on data that’s newly entered or picked up by third-party suppliers.
For instance, if an income protection customer gets married, has a child, or buys a house, your system can detect that life event and automate a personalised communication with a congratulatory message and a special offer for a higher coverage amount.
On the other hand, if a customer doesn’t experience anything life-changing in a given year, you can automate an annual notice thanking them for their trust and reminding them of their product coverage, sums assured, and associated premiums.
High Tech = Higher Customer Satisfaction
When it comes to the capability disparity between platforms like EIS Suite and modern legacy platforms, event-driven architecture is just the tip of the iceberg.
A core platform like EIS helps you personalise and improve customer experiences, increasing satisfaction and retention.
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