INSURANCE
representatives through chatbots and other interactions . The vast majority of customers today get their information on insurance products through a company ’ s website or app , meaning that reliable and up-to-date information is incredibly important in asserting trust and persuading visitors to convert into customers . Most insurers will constantly review their FAQs and informational pages to improve the experience for users , but chatbots can use AI to constantly learn about how visitors are behaving on site and what questions they are asking – perhaps because they weren ’ t able to find the answer elsewhere .
With this in mind , personalising the insurance proposition is increasingly important .
Teo Blidarus , CEO and co-founder of FintechOS , which helps financial institutions to bridge the gap between legacy and future-proof systems , explains : “ Whether it ’ s life insurance , health insurance or pet insurance , personalisation is a must in the insurance industry , and the quality of that customer-centric service can make or break a business .
“ The modern customer has much higher expectations , and personalised interactions and connected experiences across digital channels are a priority . Personalisation can help to serve existing customers by offering them intuitive , relevant experiences built on a foundation of rich data insights . It can also be an effective way of driving new customer acquisition for insurance companies . Ultimately , if done well , personalisation at scale can provide a direct route to lower rates of customer churn and higher sales .”
And Paul Morgenthaler , managing partner at CommerzVentures , agrees : “ The ideal insurance experience reflects
“ I EXPECT EMBEDDED INSURANCE PROPOSITIONS TO BECOME EVEN MORE PREVALENT , GIVEN HOW SEAMLESSLY THESE SOLUTIONS CAN BE INTEGRATED ”
PAUL MORGENTHALER MANAGING PARTNER , COMMERZVENTURES
46 May 2022