Insurance acquisition

The new business customer journey has some problems:

  • It is a complex journey, with several steps, that can last for a while.
  • In some businesses, sentive data, such as health situation or fund source, need to be proven, with a serious impact in underwriting or anti-money laundering aspects.
  • The new production starts with the data gathering and can be considered open until the cash-in of the first instalment.

Direct channels do not count on a third-party middle-man to follow it up, so it is fair to say that the lack of coordination is bigger. In exchange, every time more customers want to go direct and they actually use more than one at a time. The checking of the proof documents (signed contracts, health check forms) is a burden for the sales conversion. In some products, such as life insurance, they are essencia to formalise the fulfillmentt.

The coordination of all those small problems is very expensive.

Kopernik break-up

De acuerdo con nuestra metodología Kopernik de análisis, la nueva producción de seguros podría descomponerse en las siguientes características:

Management Control 100%
Documents required 80%
Risk Exposure 80%
CRM (Nurturing) 90%
Mature Market 80%
Volume 60%
Omnichannel 80%

Being in your customer’s shoes

A considerable improvement, awarded

And why not……

  • allowing the response to any demand of the company (documents, data, etc) using any channel such as mail.
  • Reduce the amount of required data and manage a consistent service throughout all the existing channels (agent, web, call centre, social).
  • Make an active follow-up of the uncomplete cases and a way for the customer to access, in self-service, his acquisitions situation.
  • Give a mobile or web journey to manage the physical part ot the process (expertises, medical visits).

Test A/B is the best way to improve commercial conversion.

On the business areas, all the process becomes manageable. That means that they can:

  • Automate the complex document verifications, not only to reduce opex but to identify and reduce attrition… and fraud.
  • Following the issues on a proactive manner, avoiding calls to and fro the customers, as they are really expensive (about 2,5€ min), no doubt, but they are even more boring.
  • Test constantly different ways to improve conversion. According to eConsultancy, A/B testing is the best way to improve commercial conversion.

And, talking about context, would you be able to recognise your customers? For instance

  • A customer that is requesting price in another insurance business,
  • An existing customer who may be in a claims or debt collection process with anoter product
  • A customer in social media that is asking from new prices.

Every time that you manage within your customers’ journey, you have an opportunity to sell him better.

We tell you more here about the Balandra projects. Call us if you need more details

 

 

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