How a Robust Range of Products Wins Insurance Customers
Insurance customers want choices. They want personalized service that is simple to access and that provides exactly the coverage they need.
Thanks to digital transformation, insurers can now give customers the experience they want — and improve their own business by doing so. Tools like bolt Exchange Enterprise give insurers the opportunity to build a satisfying customer experience, complete with a robust range of product offerings.
Why Customers Want Choice
Accustomed to purchasing an ever-widening range of products and services online, insurance customers expect their insurance purchasing process to have similar qualities to buying retail goods or making other online transactions.
For instance, customers expect easy access to information they can use to compare insurance policies. They want to buy all the coverage they need from one source. They want to experience control over the data they share with insurers. And they want a simple, streamlined process that provides reliable results.
Meeting all these expectations at once is a tall order for insurers. To keep customers engaged, however, insurers need to provide the online experience customers expect. And it’s important to recognize where customers need help most.
Personalization is especially valuable for customers. Customizing coverage requires flexibility in the ways different coverages are packaged and sold. It also requires a willingness to educate. Customers have limited knowledge and attention spans, making them unlikely to hunt down information in order to compare several different coverage options and compare them for the best results. Instead, they need to be able to reach an expert quickly with questions.
It’s important to customers to get their coverage right — for both financial and personal reasons. “Insurance can be an emotionally complex business for consumers,” write Kenneth Saldanha and Todd Staehle at Accenture.
To mediate the emotional work involved in seeking insurance, customers turn to the communication channels that offer the least friction for them. Often, the most comfortable interaction method is online, making the insurer’s choice of platform a vital one.
Tools for Providing the Product Experience Customers Want
Customers increasingly expect personalized coverage. Yet insurers traditionally specialize in a limited range of risk types and insurance options. Meeting customers’ personalized needs can expose insurers to overextending themselves in terms of the risk they’re willing to embrace.
Enter bolt Exchange Enterprise. Our platform allows insurers to meet customers’ desire for personalized coverage in flexible ways. Insurers can choose whether to underwrite a risk themselves or place coverage with a partner in exchange for a commission.
bolt Exchange Enterprise makes upselling and cross-selling easier. Insurers can add and remove products as needed to tailor offerings to customers, while also presenting the information customers need in order to understand how coverage protects their unique needs and adds value.
Online shopping has also changed customers’ expectations about how their data is stored and used. bolt Exchange Enterprise collects information in a customer-friendly manner, offering privacy and security without compromising workflows. The platform stores, transmits and displays customer information in order to support the work of human agents and representatives in a seamless way. Onboard analytics tools provide insights, display KPIs, and allow for deeper analysis to support better underwriting and performance management.
The ability to provide the personalized, flexible experience customers want is already separating some insurers from their competitors. “Increasingly, insurers’ ability to balance providing the right information at the right time in a format that represents their unique identity will be the key differentiator that separates industry leaders from the rest of the pack,” says Michael Ellison, president at global research and consulting firm Corporate Insight.
Insurance customers expect convenience, choice and personalization in all their shopping experiences. With bolt Exchange Enterprise, insurers can offer this experience to customers while maximizing their own ability to control risk, build partnerships and drive business.
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