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Rapid Improvement in CX Achieved by Upgrading Customer Correspondence Technology for New York Life

Lauded as the largest mutual fund insurance company in the United States, New York Life provides best-in-class insurance facilities. Since its inception in 1845, it’s helped people for more than 175 years. Ranked #71 in the list of Fortune 500 companies of 2019 based on total revenue, New York Life is also the third-largest life insurance company in the US.

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    Rapid Improvement in CX Achieved by Upgrading Customer Correspondence Technology for New York Life

    Solution Type: Customer Communication Management (CCM)

    Solutions Used: Strategy, organizational development, and change management

    Tools Used: HP Exstream environment (Now – OpenText Exstream)

    About New York Life

    Lauded as the largest mutual fund insurance company in the United States, New York Life provides best-in-class insurance facilities. Since its inception in 1845, it’s helped people for more than 175 years. Ranked #71 in the list of Fortune 500 companies of 2019 based on total revenue, New York Life is also the third-largest life insurance company in the US. Throughout its existence, the insurance corporation has placed customer satisfaction at the forefront of its operations, helping to sustain a reliable and stable future for itself and its clients.

    From serving local communities to building a national impact, the insurance company provides a wide array of services for its customers. By the end of 2019, New York Life garnered the highest financial strength ratings from four major rating agencies: AA+ from A.M. Best, AAA from Fitch Ratings, AAA from Moody, AA+ from Standard & Poor’s.

    The Challenge

    Years of under-investment resulted in substandard, unfriendly, and visually unappealing correspondence. Improvement was required

    Although a pioneer in the field, the insurance company had fallen behind which made it hard to adapt to the dynamic market trends. With competition rising, the client made a strategic decision to improve the customer experience. Elevating Customer Experience (CX ) is a complex activity and often involves many aspects and inputs. At over 4MM pieces per year, mailed and emailed correspondence is one of the most critical elements for the insurance company. These often act as the prime mode of communication with the customers. But the client wasn’t paying enough attention to the quality of the correspondence. Years of under-investment and lack of tactical optimizations left the client with an unmaintainable code base that generated unfriendly, and visually unappealing correspondence. With digitization becoming inevitable and customers expecting world-class communication, the insurance company needed to modernize customer correspondence technology.

    After thorough revision and analysis of the market, the client settled for OpenText Exstream as its future technology. The problem was only half resolved as the company needed a reliable implementation partner. Appreciating our reputation for dependability and good work, New York Life approached us at WayPath to be its implementation advisor.

    New York Life needed a robust CCM tool that would:

    ● Create compelling customer experiences and bring about customer satisfaction

    ● Make the conversion process entirely automated and easily accessible

    ● Maintain a correspondence repository that included system control values and other web-related services

    ● Streamline user experience by making the site cross-platform compatible

    ● Use the best-in-class analytics tool to create multiple customer scenarios and understand customer expectations.

    The Approach and Solution

    Upgrading Customer Correspondence Technology to OpenText Exstream

    Considered one of the most powerful CCM tools, organizations can leverage OpenText Exstream for better management and improved customer experiences. With this omnichannel Customer Communications Management (CCM) tool, organizations can engage customers throughout their CX journeys and reach out to them in numerous ways. The tool, in the hands of experienced developers, makes the best use of an event-driven transactional processing model and a high-productivity engine with editing capabilities. This way, organizations can deliver personalized and tailor-made correspondence with customers, leading to better engagement.

    Some of the crucial features of OpenText Exstream include:

    ● Authoring and editing tools: OpenText Exstream comes with the next-gen content creation and editing tools, including popular templates. This way, agents can create compelling content and distribute it across different mediums without any intervention or help from the IT team.

    ● Insightful customer engagement analytics: The tool automatically records failures and tracks responses across different mediums. With quality insights, organizations can elevate their engagement rates significantly.

    ● Built-in integration modules: Along with CCM, OpenText Exstream also involves integrations with other ERP and CRM tools, paving the way for enhanced flexibility.

    With all these features and benefits, the client opted for OpenText Exstream as its CCM tool. Our technical experts at WayPath helped New York Life implement OpenText Exstream efficiently and in the shortest possible time. After researching and analyzing its functionalities, our team created a program governance model to quickly and efficiently align resources against the company’s objectives. Moreover, WayPath’s technical team helped in creating the conversion process and building an ultra-modern correspondence repository. As a result, the client can now automate repetitive tasks.

    WayPath transformed New York Life’s customer correspondence technology to OpenText Exstream successfully in the shortest possible time.

    The Result and Benefits of an Improved CX

    WayPath has helped improve and modernize the CX of New York Life. The client was so pleased with the project that the company is considering a patent for the correspondence repository and associated analysis tools. Our experts built a scalable, repeatable conversion process and operating model for the client. Due to the success of the WayPath-New York Life collaboration, the insurance company is poised for successful conversion of 10 legacy correspondence systems. It resulted in a vast improvement of communication clarity and overall appearance. “You guys have been invaluable. You can’t put a price on the value that you bring,” said the New York Life’s Vice President of Technology, about the dedication and the services of WayPath.

    Some of the favorable outcomes of the partnership included:

    ● Upgrade to OpenText Exstream: The client’s operational efficiency was significantly elevated thanks to the ever-reliable CCM tool, OpenText Exstream.

    ● Massive improvement in CX: The core idea behind implementing the CCM tool was to improve customer experiences. With such a scalable model, the client witnessed a steep increase in CX with the platform.

    ● Repository and analysis: The correspondence repository was so effective that the client is considering a patent. Similarly, the built-in analytics tool provided insightful reports, leading to better engagement rates.

    When you’re looking for a reliable partner to implement best-in-class CCM tools for your organization, we at WayPath can help you comprehensively. Our combined insurance domain expertise, coupled with our flexible and dedicated onshore developers, makes us a very reliable partner for organizations. Elevate your CX right away by scheduling a meeting with our technical experts. Let us help you with your requirements, and you’ll see your communications evolve.

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