Goal Value Setting, Goal Value Achieving for Group Insurance
Setting goals, and then achieving those goals, is a wonderful thing. The ones that take place in a hockey rink are certainly gratifying (diehard Boston Bruins fan here), but those for group insurance technology transformations are a bit more complex and come with a host of challenges. Setting goals, but also imparting with value and understanding on how they will affect customers, stakeholders and future initiatives can provide greater perspective. It’s helpful to accomplish this by keeping in mind three encompassing rules, specifically:
- Customers come first;
- Employees are customers, too; and
- Stay future-focused.
Although these rules may seem simplistic, don’t be fooled; together, they provide a valuable strategy to satisfy customers throughout the insurance lifecycle for long-term value and customer retention.
Rule #1: The “customer-first” approach
Again, this first rule of the triumvirate may appear quite simple on the surface, but it is particularly valuable in the group insurance space. With the ever-increasing expectations of a digital world, a customer-first approach is not only critical when considering customer-facing actions, but also must be the foundation of every project. Easing and simplifying the customer journey, from initial interaction and onboarding to claims submission and payment is the primary objective. Customers are seeking fast, relevant, simple experiences and overall low-effort self-service when dealing with carriers. It’s also important to remember that the insurance industry has become overly commoditized, with carriers often competing significantly on price. Therefore, insurers must stand out in other ways, and the “customer-first” approach is always an effective strategy to win customer approval and loyalty.
Rule #2: Employees are customers, too
Employees are customers, too. Employees are the most important constituency for employers for their group benefits solutions. The employee experience significantly drives the success of group insurance operations. Efficiencies for employers and employees are closely related. In the insurance space, efficiencies for claims submission, adjudication, and outcomes can reduce the claims professional’s workload and time spent with each claim, while expediting overall turnaround.
Rule #3: Stay future-focused
One of founding father Benjamin Franklin’s most famous sayings, “Never leave that ‘till tomorrow which you can do today,” has stood the test of time, but Rule #3 takes it one step further: solving a problem for today should always take into consideration future improvement and enhancement. This is particularly applicable to group insurance technology and talent. Outdated legacy systems can stifle innovation, inhibit efficiency, and result in dissatisfied customers. Maintaining older applications and technology uses resources that could otherwise be earmarked for other important company purposes. As for talent, a mix of team members with tribal knowledge and others with innovative ideas will help accelerate transformation goals and establish precedents for ongoing innovation.
Setting goals in any environment is always a useful exercise; innumerable quotes exist on the value of setting and achieving them. In complex group insurance engagements, recognizing the value of project implementation goals, and how they will impact stakeholders and future initiatives can provide greater perspective, and ultimately, a customer-focused outlook for long-term viability.