How is InsurTech Re-Defining the customer journey?
The Insurance industry is gradually moving towards leveraging IoT technologies to create data led value. In the coming years, we should see unprecedented levels of innovation, because Insurers will have access to an abundance of new information and technologies, which will deliver fresh ideas and deliver new success stories.
However, for Insurance companies to practically apply new solutions and do something different, a customer journey which is not typical to the industry must be applied, measured and analyzed. In the case of telematics based Insurance solutions, the key to success is being able to execute customer engagement mechanics and then assess how a customer uses the platform, as they develop their individual journeys. This leads to higher platform usage and greater understanding of customer needs and behaviors.
Platform Development Process
In the initial dvelopment phases, it is crucial that the solution is designed to motivate customers to display desired behaviors, which are measurable. To achieve this an Insurer must select a technology partner not only with which has the technical expertise to deliver a custom solution, but also the commercial knowledge to ensure the project is a success once it is launched. It is essential both the solution provider and the Insurer put themselves in the customer’s shoes, to deliver compelling, valuable and engaging experiences.
Customer on-boarding, journey and engagement
During the development phase, it is vital that in addition to underwriters and actuaries that the Insurers marketing team is a part of the build process. They need to understand and have an input into solution features, the USP and project goals, while also identifying target customers and the channels they use. This ensures the right go to market strategies are executed, which will ultimately acquire users and successfully on-board target segments.
Once a user is on-boarded the goal is to continuously do the right thing, at the right time, to the right customer, by using big data build user profiles and launch relevant customer engagement mechanics. These actions should correspond with various phases of a customer’s journey and are executed using a segmented approach. Successful customer engagement and usage stimulation programs are delivered through continual short cycle campaigns, driver challenges, and repeatable actions which are incentivized. This strategy provides insurers with a frequent stream of data and positive touch-points with their brand.
Platform user to policy holder
Active users will evolve as platform interaction progresses. Initially usage will primarily involve acts of consumption, as they explore capabilities and functionalities. As platform usage continues and users become more involved in engagement mechanics, the journey moves towards acts of creation. In the next phase, as users become familiar with the Insurers brand, pricing and offerings, the platform incentivizes conversion from user to a policy holder. Once the conversion takes place the user relationship with the connection platform shifts again, and the focus turns towards continual value and customer support, to ensure platform usage, advocacy and brand loyalty remain following the purchase.
To effectively guide a user throughout the customer journey, the data rich Insurance connection platform needs to focus on different metrics over the various phases of the customer lifecycle, which centers on behaviors relating to driving profiles and platform usage. The analysis of these two verticals is required to understand marketing activities and core user actions. This assessment will minimize failures, and maximize success, relating to conversions, up/cross sell, usage stimulation and platform retention, with the added benefit of a continual data feed to optimize these actions.
Insurtech captures data that is more specific than ever before, Insurance companies that can that unlock its potential to deliver customer value and develop the right customer journey will gain a decisive competitive advantage in the very near future.
AMODO is one of the most successful European InsurTech firms, and has built a state-of-the-art and market-proven technical platform to connect with new customers and offer personalized insurance products, in a simple and convenient way. Amodo has clients all over the globe, which include leading companies such as AIG, Generali, BNP Paribas and Porsche Holding.
Additional information about the Amodo connected insurance platform, built by top digital marketing experts and actuaries can be found at www.amodo.eu | LinkedIn: Amodo-IoT Twitter: @Amodo_IoT | or contact us
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