State of the Market: Insurance Customer Journey 2022
When brokering or underwriting insurance products, it’s crucial to put the customer first. A positive customer experience improves satisfaction, helping MGAs sustain client relationships and retain business.
As insurtech forces its way to the forefront of the insurance industry, it’s essential to consider how these technologies can optimise the customer journey on top of simplifying the process for insurers.
In this article, we’ll cover a few key trends regarding a customer’s insurance journey so you can use them to inform your strategy.
Three key trends in the insurance customer journey
Technological developments have drastically altered the way underwriters and MGAs create insurance products. SaaS (software as a service) insurance tools make a more efficient and compliant process and improve the customer experience — here's how:
1. Drive towards personalisation
75% of consumers prefer to buy from brands offering personalised digital experiences. So, despite the digitisation of insurance, a personal touch is still vital. Customers want to feel like their insurer understands and values their unique needs.
But, to provide an individual service, firms need frictionless underwriting tools which help meet these expectations. MGAs and MGUs can use automation to make simple back-office functions more personalised. As automated and adaptable tools increase efficiency, they make it more straightforward for firms to provide individual attention.
With insurtech, or tech innovations designed to aid the insurance underwriting process, firms can quickly create specified products. Tech lets firms increase their ability to offer personalised services and eliminate time-consuming manual tasks so they can take on more customers. Technology also allows MGAs to provide quick, AI-selected onboarding questions, auto-translate policy documents, and automatically send timely reminders for renewals. These features can help insurers better understand their customers and keep them updated on their coverage.
As these state-of-the-art tools improve the way firms connect with customers, they can enhance the insurance customer journey by making it more streamlined, transparent, and reliable. As such, you'll find that you can meet customers' needs in less time and boost your reputation simultaneously.
2. Omnichannel communication
Customers often feel like they have little input or control during the insurance underwriting process, which can create complications further down the line. Without transparency, customers may feel confused and sceptical during the experience.
Offering various open lines of communication — otherwise known as an omnichannel approach — is an excellent way to strengthen customer relationships and make clients feel valued. When customers have several avenues of reaching out, each equally responsive, it's much simpler to find information, request updates, and ask questions. For example, including a live chat, FAQ page, phone number, and email gives clients the option to connect with you using a method of their choosing. Consequently, they'll feel much more comfortable and in control throughout the process.
Better still, automated platforms can send regular email updates and provide clear contact points to help customers feel heard. Therefore, investing in these communication channels makes it easier to increase communication and build trust, heightening the customer experience.
3. Innovation in all stages of the insurance customer journey
Innovation is another key trend when it comes to optimising the insurance customer journey. Comparison sites have transformed insurance selling and won over customer loyalty, making it more challenging to secure business. But, thanks to insurance software tools, you can create new and dynamic products that fit your customers' unique needs.
Firms that offer personalised and flexible tech solutions have a more than 10% greater customer retention rate than those that don't. Subsequently, insurers must look to expand their offerings by bringing new, customer-centred products to market. Luckily, insurtech provides a competitive solution. Low/no-code platforms like INSLY offer no technical barriers, so firms can expertly ride the wave of insurance innovation.
INSLY’s platform promotes product innovation, keeping your underwriting business agile and primed to pick up new clients as demand changes. For example, MGAs can use customer data enrichment tools to build effective customer journey maps. These tools and capabilities can help your firm lean into the current trends to best satisfy customer needs.
Keep up with insurance trends with INSLY
INSLY has been working with insurers for over 20 years, providing a low-code SaaS solution that gives you the tools you need to take your insurance products to market quickly, whilst ensuring all product designs integrate with your existing IT structure.
With the INSLY platform, your firm can create customer-focused services and products to provide the best experience. Plus, you can rely on the experts at INSLY to onboard quickly and make the most of the platform.
To find out more, check out our Case Studies and get in touch with the team.