21st November, 2017
Since the advent of digital transformation, insurance buyers and their expectations have rapidly changed. The prediction to move into real-time interaction is here and is changing the customer experience completely. Customers can easily change their insurers – often with the help of online comparison tools and digital agents. Even the loyal customers are demanding speed, transparency, and convenience.
According to a recent report, 85% companies claim that customer experience is their top strategic initiative. The question is if they can rapidly transform from legacy into digital, and stay ahead of the pack of traditional competitors and new entrants.
In today’s digital age, many insurers are encouraged to go digital. Expectations of policyholders and brokers are leading insurers’ to strategize better and make investments to promote digitization. Driving factors such as expense reduction, business optimization, and growth marked a significant change. Now insurers must try to meet customer and agent demands for anytime, anywhere and any device interaction.
Customer is in control
This cannot be denied that now the customer is in control. They want a reduced number of steps and processes. They want it simple. All the quotes and prices should be available at their service through the platform they choose. They want the right experience at the right moment.
Insurance apps with poor customer journey can be a scary ordeal for both consumers and insurance companies alike. To build a successful foundation, it is important to recognize facts. Each individual transaction experience must be completed in the right context.
There are numerous insurance applications that do not provide with what user wants. Increasing customer expectations formed by improved interactions with companies like Amazon, Uber, and Facebook, will make customers to despise complicated filling processes. And when something bad happens, customers have to wait in hope for the claims to get cleared.
It is important to know your customer, including their recent interactions and how they handle each interaction. In a recent report, 71% of auto insurance policies across the US were bought on the web; this number is just rising all over the globe. The Mckinsey & Company report shows that the US auto insurers have already lost on average $4.2 billion in underwriting profit a year, with expenses and losses consistently outweighing premiums.
“Insurance that doesn’t suck” is the slogan used by Lemonade Insurance Agency, LLC in New York. Lemonade has simplified claim process, customers can get personalized quotes for policies and sign up within seconds. Lemonade set a world record for the speed and ease of paying a claim.
Insurance Companies that embrace the possibilities of technology and are able to own micro-moment will win in this data-driven market. Companies like Lemonade, Hippo, Cover Wallet, Embroker, Insureon, and Policy Genius are effectively taking steps to help their customers make better decisions and reduce their need for claims. Not only improved efficiency and customer service but this digitally enabled innovation is radically changing the relationship between the insurance companies and its stakeholders.
You need to be there when the consumer is making decisions and forming preferences. Micro-moment and customer journey goes hand in hand. At Imaginea Design with 10+ years of experience, we realized that in today’s market, with ever-changing context, it is impossible to create a successful insurance product. As we know customer journey is a complex process and it involves complicated relationships, wants & needs, that change frequently.
It’s important for us to know, customer journey without customer intent would be incomplete. After working with clients from across industries, Imaginea Design formulated the m360 framework. A moment-driven design approach that enables understanding of your customer’s mental model to provide with an enhanced customer experience journey that’s measurable at every step.
The m360 framework helps the organizations create successful user journey maps after uncovering user’s needs, desires, and mental model. And develop products that match their intent across touchpoints.
It is through these four steps that one can create a micro-moments focussed customer roadmap that develops product/services matching intent across touchpoints.
1) Create User Journey
To meet customer’s needs more effectively, it’s important to understand who the target audience is and build marketing personas around it. It helps to specify their requirements & simplifies the process of mapping out their paths; from the first interaction to the last till they achieve their goals.
2) Map User Journey with Intent
Map the user’s journey into the 4 phases of intent – Explore, Seek, Buy, Experience. It helps segregate their motives and provides a clearer picture of how a user moves in a journey’s funnel. Also enables to see where & how they interact with the product or service.
3) Strategize Every Step
There is no such thing as great customer journey without a great design, product & content strategy. And after we’ve broken down the how & where the user interacts with the business, the journey needs to be optimized by creating a personalized experience. The key is to not just be there but, be there with relevant content & strategies, which induces the customer to take a step forward with your brand.
Constantly measure & refine your solutions to improvise on the user experience. Creating a map depicting how a user moves through your digital properties makes measuring the impact easier. Analyse the insights through various feedback mechanisms at every stage to make the journey as seamless as possible. How your customers came across your brand & what motivates them to choose you to form the metric to evaluate performance at this stage.
Insurers must act now to find new ways to be agile and adaptive – to be able to do business in a mode that is dictated by the customer. Strategically placed journey map will eliminate or minimize pain points, thereby maximising positives. Such robust opportunities were never offered before. The customer’s choice will directly correlate to the ability of their partners to provide protection in a newly defined, highly responsive, personalized and helpful manner.
It’s all about giving your consumers benefit of healthier, safer lives with greater peace of mind, while reducing business costs, deepen relationships with their consumers, and create new revenue streams.
Imaginea Design has helped clients to effortlessly adapt to this framework. And we leave no stone unturned to make that happen for you. So, if you’re looking to improve your online perception through m360 approach, strengthen the relationship with your current audience, engage with new users and position yourself as the market leaders – feel free to get in touch.