This is the second blog post in our series that explores four factors crucial to insurers’ success in driving digital distribution: people, process, technology, and products (see part one here). Below we delve into the role of process in your digital distribution journey.
Shopping for insurance can be overwhelming, but it doesn’t have to be. Consumers crave a simple, streamlined way to access and buy insurance. To satisfy this craving, carriers must have a process framework that integrates all of the activities necessary to offer consumers an optimized shopping experience. Simply providing digital access isn’t enough – it must be easy on both the front- and back-end.
While insurers aim for a clean, front-end interface that is simple for consumers to use, the transition to instant product access should begin in the back-end – with process. One of the most obvious ways to streamline process is through a smart interview process that simplifies consumer data collection and input. A customer should not have to provide information with little bearing on their insurance needs, nor should they have to provide that information multiple times.
If a customer completes an online application, but, then, gets a call from an agent and has to provide that information again, you risk frustrating the customer or, even worse, losing the customer. Plus, you’ll certainly waste your agent’s time by forcing them to recapture the information and input the data again. To further complicate matter agents typically have to enter the same customer information into multiple systems (agency management systems, policy administration, etc.) which also increases the likelihood of errors, delays, and missed opportunities.
An insurer’s processes must account for consumers’ and agents’ efficient and effective use of time. Processes, especially those that touch the customer, must streamline the effort for all involved (e.g., consumers, agents, and carriers).
Implementing a platform with a single interface, a smart interviewing approach, and a central repository of customer information that links back-end processes with front-end access is essential. The result is a seamless store of information that lets you easily manage all customer interactions in one place. While other carriers struggle to manage and analyze increasingly complex customer data, you can focus on attracting new consumers with targeted offers while providing them a simple and convenient shopping experience.
By streamlining processes, your business will run more smoothly and your customers might even enjoy the simplicity of the insurance shopping experience.
Grow your business: make shopping for insurance easy. Boost customer loyalty and attract new consumers with a distribution platform that powers more streamlined processes, provides more targeted offerings, and simplifies buying insurance.
Stay tuned for the third blog in the series that talks about how technology can power your digital distribution journey.