Get insurance online, few customers take the lead. However, in the context of digitization, insurance actors must take on the task of persuading their prospects, particularly by drawing inspiration from the customer’s journey in other sectors.
Why don’t customers sign up online? First, insurance products are complex to understand for the average customer. Second, many customers have had bad experiences when getting paid. However, the failure of insurance is not only in its complexity or bad reputation, but in its shortcomings in customer experience (CX) compared to other industries, particularly when it comes to online sales.
Who are the potential clients?
The image of potential insurance clients has changed over the past few years. The Covid-19 pandemic has popularized online shopping, even among those who are not used to doing everything online. In addition, Generation Z is coming to the market. This younger generation has grown up with a mobile phone in hand and thus has very high expectations for the online shopping experience. If insurance companies do not address this issue quickly, this large group of potential clients can simply turn to Insurtechs.
According to a Deloitte report, which compared customer experience at different stages of the customer journey across eight industries in six different countries, insurance companies have the most room for improvement. From the very first stages of the process, that is, when it comes to finding the right product.
Insurance sector challenges
It’s time to understand that insurance clients don’t live like hermits. They shop online daily and their expectations are only increasing. In order to close the current gap, insurance companies need to understand this “Compete not only with other companies in the sector, but also with other sectors” (Deloitte).
Thus, as part of the digitization of insurance operations, it makes sense to draw inspiration from the customer experience as is planned in other sectors. At Comarch, we operate in various sectors, for example retail, financial services and loyalty programmes. Drawing on our diverse experience, we design all of our insurance solutions with the highest standards of user and customer experience in mind, to deliver the best possible customer journey.
Katarzina Bonix, Director of Business Development
Katarzina Bonica is the Director of Business Development at Comarch. It deals with IT solutions for insurance companies, banks and other financial institutions in the DACH region. Katarzyna has studied abroad and has consulting experience gained at KPMG Deal Advisory, within the Transaction Services division.
Content provided by Comarch