Customization is greater than putting analog apps directly into the electronics space. It is about using information wisely to streamline for customers the hassle of choosing, buying and maintaining insurance online. It’s about significance – reconsidering the individual insurance market from the outside in, from the customer journey. In addition, insurance is individualized, and 80 percent of insurance customers seek personalized offers, messages, prices, and recommendations from their insurer.
Most, if not all, insurance providers understand the need for customization and to meet their electronic needs. Technology and technology companions can help insurance providers gather useful insights from their data—insights that can be used to:
- Customize customer experience
- Streamline the purchase of insurance coverage across the sales network
- Increase margins and provide opportunities for more new business for insurance providers and their network partners
- Engage customers more deeply and increase retention rates
Use information to customize and simplify the way customers buy life insurance policies online
Accenture Technology Vision for Insurance 2017 explains that the biggest developments in insurance over the next 3 years will not remain in the technology tools themselves, but how we design them with workers, customers, intermediaries and various other human companions in mind. And among one of the most extensive searches of records is that this new wave of distraction is owned by people, who remain in control of how technology is reshaping our experience.
People with years of experience in the life and annuity industry may overlook what customers may find complicated in choosing the right plan for their lifestyle. We must also pay attention to the context in which individuals buy goods online. Customers, skilled at shopping online from popular sellers including Amazon.com, are used to receiving personalized recommendations based on accounts that have thought of the background of previous purchases, to name a few points. Comparable customization is expected when they purchase lifetime and annuity items.
The technology systems and reach of shadow computing allow insurance providers to draw understanding from a mix of organized and disorganized information, and then react in style to online consumption such as video clips and chatbots. When understanding is used for applications that operate on innovation systems, customization not only addresses instant needs, but also anticipates needs that the client may not understand. It also helps insurers work through the silos that separate different lines of business.
For example, a customer purchases life insurance coverage. Using a mix of information and reasoning, you quickly create a custom video clip that anticipates and answers his policy questions—a far more engaging and engaging experience than the bulky thick envelopes packed with legal web pages. SmartVideo technology is here today, embedded in the insurance coverage management process to make it easier for customers to understand their life insurance coverage and representatives to opt-in.
In fact, Gartner notes: “Buzz Cycle for Life Insurance” cites the video clip as one example of the new capabilities that the next generation of insurance portals need to enhance the customer experience and give them more interaction options. Gartner’s different note: “The Next Frontier of Insurance Client Experiences Requires a New Model and Technology Development” recommends a video clip among several networks that need to be thought out to meet client needs.
Customers buy from companies that make it easy to work with them. Personalized video clips are one example of today’s technology that can advance your company in terms of client significance and satisfaction. Imagine in the future, having the ability to grow your business by using insightful information to deliver personalized items to individual customers—mass customization of forever and annuity insurance. That’s where the system, ecosystem, and rules of interaction occur in the insurance industry. Appearance for more on that in my next post. In the meantime, find out more about how personalized video clips can help easily enter and retain policyholders.