The insurer’s customers find dealing with the company to be complicated, so it is seeking improved tech.
Insurance company changes are coming to industry giant, Manulife. They may have started with a change of signage but will go far deeper into the organization than that.
The purpose of the changes is to use technology to greatly simplify the issue of complexity for customers.
While there will be insurance company changes, Manulife has stated that the alterations will be applied throughout the corporation. Manulife Financial Corp. recently revealed the results of research showing that customers across all its business lines find dealing with the company is complex. This includes everything from their insurance business to their wealth management products and services.
According to Gretchen Garrigues, Manulife Financial’s global chief marketing officer, the company started by updating the signage on its buildings, adding three vertical green lines, but added that this was only an outward reflection of much more going on inside. She indicated that the company has been working behind the scenes for more than a year to streamline the 131 year old company and bring its insurance operations into a much more technology-driven era.
The insurance company changes will involve a significant amount of simplification using tech.
Garrigues, who is also a Manulife executive vice president, stated that they’d discovered that simplified language and branding would raise “purchase intent” among customers by as much as 25 percent.
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“Consumers and customers were feeling this level of unbelievable complexity in our industry, which was driving inertia,” said Garrigues in a Financial Post report. She added that the company is now making it a priority to reduce the use of jargon and to encourage more conversational communications.
Furthermore, as is the case at other financial services companies and insurance giants, Manulife is taking on new technology to automate its current processes that are highly paper-based. This will provide customers with more convenient options for doing business with the company at the time and in the way that is most convenient to them.
Manulife’s insurance company changes are designed for the purpose of repairing the fractured way people associate with dealing with that insurer.