Meeting insurance sector regulations on Teams video calls

  • Solutions and tools are needed to help optimise agent processing times while also increasing customer satisfaction.
  • Companies in the insurance industry need to find solutions that ensure their success in meeting their regulatory compliance obligations.

The insurance industry is currently undergoing a process of digitalisation that puts 100% of the focus on users, in which quality, personalisation, proximity and trust are essential. In addition to this, there are regulatory compliance issues that are crucial in this sector.

Logalty is a first-hand participant in this process of digitalising a sector that has always been quite traditional, where in-person meetings and face-to-fact contact were very important. The leading companies in the insurance sector work with Logalty, which means that we have first-hand knowledge about what our customers need to continue progressing.

Solutions and tools are needed to help optimise agent processing times while also increasing customer satisfaction. Over the past three years, video calls have become a daily occurrence, thus saving customers the inconvenience of going to an insurance office to complete an application or fill out forms, or having to wait on the telephone to be assisted at a call centre.

Focusing on the customer, many insurance companies have already implemented the option of holding video call meetings with their customers.  If there is one sector in which familiarity with the agent is a differential value, this is the insurance sector, and video calls speed up processes (avoiding travel and waiting times) and improve trust and proximity (we have visual contact and can share information on screen).

And focusing on process optimisation, most companies use robust customer management programmes in which agents add information about each step taken with the customer. Being able to access all the customer’s information at a glance and view their entire background when processing forms is fast and convenient for the agent.

Offering customers diverse communication and processing options is a great advantage for users, which requires correctly opening up the communication channels with customers. This entails significant risks:

  1. Risk of inefficient processing by agents, given that they must resort to different means of gathering the information sent by customers, with the subsequent loss in productivity and the related costs thereof.
  2. Risk of dissatisfied customers if they need to solve a matter and their information is not up to date, forcing them to deal with long waits and incorrectly handled processes. This can lead to complaints, claims and reputational issues.
  3. Risk of not passing audits and compliance processes. Companies in the insurance sector must fulfil strict regulatory obligations which require them to audit most of their processes, both internal and customer relations.

Therefore, companies in the insurance industry need to find solutions that ensure their success in meeting their regulatory compliance obligations. Moreover, it is also important to bear in mind that the Solvency II Directive emphasises that regulatory compliance is one of the key components of the governance system in the insurance sector.

Now, at Logalty, we have gone one step further and are offering the option of handling all the processes between customers and their agents via video calls, certifying the entire process thanks to IDon for Microsoft Teams, making it possible to:

  • Identify the customer in a secure manner, fully compliant with regulations. We use diverse identification techniques, configured according to the type of operation.
  • Request documents in an organised, pre-set way depending on the operation type. The customer can upload documents within the video call, assisted by the agent, or they can be uploaded later in a private online area.
  • Process digital signatures on contracts
  • Request consent
  • Fill out forms with additional marketing or security questions, configured according to the type of operation
  • Record all or part of the process
  • Certify the entire process with safekeeping by a notary

All in a way that is simple and easy to use for the end user. And always bearing the seal of Logalty’s legal guarantee and the trust of Microsoft.

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