8 min readThe Digital Insurer: Top 10 Microsoft Dynamics tools and integrations that every Board level insurer should know about

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With online retailer Amazon famously releasing new functionality to its website every eleven seconds, it’s clear that continuous technological change is at the heart of customer service and experience. Regardless of the space you operate in, keeping pace digitally is vital to keep customer satisfaction high.

In insurance, the Board and c-suite are under increasing pressure to keep up. And not just with the current tech driving customer satisfaction, but also the change-making tech looming on the horizon. Customer demand coupled with cost pressures and the needs to provide a modern technology-led workplace to executives and third party intermediaries creates an insurance workplace that requires a robust technology strategy. Insurers who will succeed will have an appetite for continus innovation and change that goes far beyond simple lead nurture and risk management.

Thankfully, Microsoft have worked hard to enable insurance firms of all shapes, sizes and budgets to keep pace. The tech giant has created a range of fully integrated solutions and tools that provide increased collaboration and productivity from teams and intermediaries. All alongside the ability to map and enhance business processes and drive continuous improvement and automation.

Microsoft Dynamics 365 and the Power Platform include a range of bolt-on technologies that unify data, tech and people. These transformative tools enhance all aspects of the insurance business and enable a 24/7 customer experience that sticks.

Read on for just a few of the key tools that are evolving the digital insurance space. For more information of the new and emerging technologies we’re deploying via our partnerships with the UK’s leading insurers, download our Digital Insurer white paper, watch our video series or sign up for our up and coming detailed blogs series on the individual tools below, direct to your inbox.

  1. Customer Service Insights: enhanced service and reduced costs

With AI and data driven customer service insights, the customer journey from on-boarding to reporting a claim and case management is set up to cater to the customer’s every need. Set 24/7 communication choices to suit customer preferences via Apps, Portals, data-driven Bots and seamless email processes straight into CRM. Your team’s productivity is improved, whilst being available for heavier touch contact when required. With agents accessing the same real-time data, your customers will receive consistent service levels. Decreasing CSAT scores monitoring,

SLA monitoring and enhanced business intelligence dashboards that identify trending call centre activity, means that you’re always on top of any potential issues before they get out of hand. And you can even quickly configure and deploy simple bot activity to resolve issues, whilst measuring individual or collective customer sentiment via cognitive services. Delivering on your customer’s needs and resolving claims and complaints effectively and in a timely manner creates that emotional connection that drives much sought after brand loyalty.

  1. Sharepoint Online: secure, regulatory compliant document storage

With the insurance sector processing millions of auditable pieces of data each day, it’s essential to have a safe, secure space to house these digital paper trails. With risk and data protection and GDPR regulation at front of mind, Microsoft recently enhanced its document storage offering. Sharepoint Online uses AI to identify sensitive information, encrypt where required and watermark and categorise documents. Integrating neatly into Dynamics 365, the application and claims process all sits within the secure Microsoft framework, benefitting from world-class security and classifications immediately.

  1. Relationship insights: Close deals and manage relationships with AI

Microsoft Relationship Insights builds strong relationships not just between customers and relationship managers, but also helping drive productive, effective networks between insurance teams, stakeholders, intermediaries and brokers. Going far beyond nurturing and close deals, the AI that’s housed within the CRM and email systems analyses and highlights trends and sentiment for appropriate action. Additionally, the user is served reminders on next steps required without having to manually set tasks or create events, enhancing productivity and ensuring no opportunities are missed.

  1. Office 365: Seamless productivity and team building business applications

With brokers in the field working directly with agents in call centres across disparate geographical locations, staying connected is vital. Office 365 combines office tools like Excel, Word and Outlook Exchange and introduces new, innovative productivity tools like Microsoft Teams. Teams provides a full collaboration space for online meetings, phone calls, video conferencing, document sharing, screen sharing and so much more. Easy to use across all devices, and integrated with rich data application Delve and the Dynamics 365 CRM, Office 365 is a much under-utilised tool in the insurance space. Yet it’s one our clients are seeing huge productivity value and benefits from once we steer them towards using to it’s full capability.

  1. Sales Navigator: social selling that turns relationships into sales

Get rich insight into your current and potential clients and the broker network by connecting Dynamics 365 to your LinkedIn account. When Microsoft purchased LinkedIn for $26billion, they combined the winning formula of Dynamics 365 and Sales Navigator to help Relationship Managers create warm connections and close deals faster. With huge success in Financial Services, the insurance sector should follow suit to differentiate, accelerate relationships, increase deal sizes and improve win rates.

  1. PowerApps: Putting business applications processes in your development team’s hands

Our top pick for the future and some exciting new features coming in the next wave. PowerApps is relatively new to market but revolutionising app development within the insurance and financial services space. With PowerApps, in-house developers can bring task-driven mobile apps and model-driven data apps to market as soon as they need, greatly reducing development time to market as well as partner development costs. Our clients are using PowerApps in the field to allow loss adjusters or even customer self-reporting of claims, with the capability to upload photos of damaged assets direct to CRM for attention via a simple, secure, bespoke built app. Claims can be validated quickly and efficiently, increasing customer satisfaction.

Many insurers are also using model driven apps to manage compliance and underwriting processes, connecting with tools like Flow to build out the entire process as a seamless extension of the Dynamics CRM.

  1. Marketing Insights: AI powered insights

Understand what your customers feel about your products and services, the claims process and your brand with Marketing Insights. Insurance services can be emotive, as you hold the security of people’s homes, cars and travel, or in commercial insurance, high value sums and risk in your hands. Marketing insights pulls the sentiment from your own online mentions, allowing you to take action and shape shape future service levels and marketing activity. Track what competitors are up to too, cut through the noise of what doesn’t interest you and find out what’s trending in insurance at the click of a button.

  1. Adobe Sign: digital document share and sign that closes more deals, faster.

One of the biggest tech giant partnerships of recent times, Microsoft and Adobe joined forces to collaborate on Marketing Cloud and Adobe Sign, increasing lead quality and quote volume and speeding up insurance customer on-boarding. Integrating fully into Dynamics 365, Dynamics can feed new and cross-sell insurance customer data from the CRM. Create, prepare and share digital documents for signing in seconds, rather than days or often weeks before they were returned. Conversions are improved, drop off reduces and customers benefit from a slick digital service and insurance coverage as and when they need it.

  1. Power BI: Enhanced Business Intelligence, visualised

Gartner’s top performing BI tool for the 13th year running, Power BI is the best way to understand what the data you hold on your clients, broker performance and teams actually means in the here and now. Part of the Power Platform, turn insights into action and data led decision-making across every department, from relationship management to risk and compliance, when you combine PowerApps, Power BI, and Microsoft Flow.

  1. Portals: safe are secure self-serve communication with great impact on ROI

Reduce costs and increase productivity and experience by connecting to your partners or customers to the business via bespoke build, secure data-sharing portals. Manage your broker relationships, share insights or information on claims, policies, renewals and customers.

Adapting to the ever-changing digital landscape in insurance

As with the wider Financial Services sector, insurance is in a process of on-going, accelerated change, and it’s steering how the c-suite approach operations and policyholder service delivery. As insurance goes digital, competition for customer spend and attention is fierce, bringing opportunity to differentiate on brand proposition, service and experience. The onus isn’t just on attracting and retaining customers, it’s on ensuring a unified experiences across the entire portfolio.

The cost of not keeping up with the new technologies driving change? Your digital strategy could veer off in the wrong direction or you could rule out initiatives that could be executed in your business quicker and at a lower cost than what you think. Advancing InsureTech is providing innovation hungry transformation teams with the opportunity to breathe life into an evolving sector and engage and deliver slick user experiences like never. To find out more, download The Digital Insurer white paper today or contact us on 0845 226 8170 or email us at info@redspire.co.uk.