How to improve customers’ digital buying journey
The digital transformation in insurance distribution has been happening for a while now, but it has started accelerating recently.
Last year, as the pandemic affected almost every human being on the planet, many people started to (re) think about their insurance coverage. As a consequence digital channel demand increased and became more strategic in the insurance industry (whose distribution used to be mainly human driven until then- either through advisors or agent networks).
A McKinsey & Company research (1) highlighted just how quickly consumer changes have occurred. In an October 2019 survey on life insurance, only 38% of their respondents stated that their preferred sales channel was digital. After the first few weeks of the global pandemic, McKinsey & Company ran the survey again. Surprisingly, this share had risen to 54%.
Consumers’ preference for digital sales channels rose from 38% in October 2019 up to 54% after the first pandemic crisis
Mc Kinsey & Company Research
Yet if we’re honest, this change wasn’t unforeseeable. Before the pandemic, full-stack Insurtech, and Big Tech companies were already raising consumers’ expectations, offering fully digital customer journeys and lightning fast quotes delivered by artificial intelligence-powered underwriting technologies.
Customer experience in digital channels is therefore becoming a key competitive weapon and insurers need to make sure they keep up with customers’ expectations.
Optimized digital journeys: a must have for strong customer loyalty, also in insurance
To compete with new tech players leading customer experience, traditional insurers must embrace a personalized approach in the creation of their digital customer journey.
Personalization allows to make the customer journey seamless, helping boost conversions and move consumers along the selling process. Every stage of the sales funnel can be personalized.
But how to adapt a digital customer journey with more personalization?
Add a “Personal Touch” to your digital experience with Zelros
In July, Zelros Bossa Nova new release became available, introducing the new feature Discovery & Advice API which brings our distribution unique value to digital channels.
Zelros provides the insurers’ digital marketing teams with a new way of proactively delivering personalized messages. Every customer profile is enriched with external data to have a full picture of the customer context. This enrichment allows to discover new opportunities or needs that are not achievable with first-party data only.
Zelros provides the most relevant life events, for example detecting that a user moved into a new apartment. It also brings the insurance offer most likely to fulfill the need and the key selling points to convince the customer to engage.
On top of this, our AI engine continuously learns from every user interaction to improve the recommendation selections.
This follows what new digital users are expecting : they want insurers to know them well enough so as to provide the best online support and advice during the key moments of their life. That’s why our solution allows insurers to create their banner, customize messages and define the targeting all in one place, so marketing teams can change and control messages on all distribution channels without tech friction.
Please contact us if you have any questions or if you want to have an exclusive demo of the Discovery and Advice API by our team.
(1) McKinsey & Company, Moving to a user-first, omnichannel approach – https://www.mckinsey.com/industries/financial-services/our-insights/moving-to-a-user-first-omnichannel-approach
Optimized digital journey : a must have for a strong customer loyalty, also in insurance