WIN Magazine - Fall 2017 - 36
7-MINUTE READING TIME
product integration means
building the experience
around the consumer.
by JOHN RUCKER
HE WAY PEOPLE BUY INSURANCE TODAY IS
significantly different than the way people
purchased insurance 20 years ago. Over the
past two decades, the insurance industry
experienced a shift from utilizing physical
locations and employees to utilizing intangible
methods of customer interaction by integrating the internet
into their day-to-day business operations. While the reliance
on brick-and-mortar locations for insurance companies has
diminished, insurance companies have never been more
connected to their customers.
BENEFITS OF A SEAMLESS USER
EXPERIENCE TO THE COMPANY
With the availability of expert information on the internet,
the disparity of knowledge between insurance companies and
their customers is the smallest it has been in history. With a
few clicks, customers are able to decide what insurance policies they need, what the policies cover and who they can buy
them from for the cheapest price. Insurance companies have
been able to capitalize on the digitalization of insurance to
expand the reach of their agents, brokers, underwriters and
claims adjusters. As computers, algorithms and data analytics
consolidate many of the duties of these positions, employees
have more time and more tools to dedicate to customer service
and the overall customer experience.
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will be able to gather
data for a number of unique
exposures to increase their
certainty when deciding to
authorize coverage. Increases in
accuracy of the underwriting
process reduce risk for
As insurance companies invest in
computers to assist with day-to-day
operations, it is vital for insurance companies to prioritize what tasks can be assigned
to computers and what tasks should be left to personnel.
The seamless user experience:
* Is an integral component for insurers to successfully
attract and retain customers.
* Enhances customer satisfaction.
* Requires frictionless, customized design functionality
with an intuitive interface and an array of touch points.
* Can lead to higher margins of profitability for companies.
* Allows insurance companies to benefit by autotomizing various business operations, providing users with
information and connecting with customers.
UNDERSTANDING A SEAMLESS
USER EXPERIENCE FROM THE
Consumer expectations are at a historical high; customers
are empowered at every turn with more choices than ever.
Nothing has empowered consumers more than the internet and
smartphones. In a 2016 study, Google found that 82 percent of
smartphone users say they consult their phones on purchases