Insurance companies need to reinvent themselves to stay ahead of the curve, stay current with compliancy laws and regulations and redefine the way they do business. Digital transformation means getting your customers online, knowing who the customer is and engaging with them in a meaningful way. To be successful, the customer journey is essential, focus on mobile and social solutions. A survey in the UK has revealed that 27,9% find the insurance sector the worst in customer service. Insurancebusinessmag.com – survey finds insurance sector among the worst in customer service
The process of buying things online is a delicate one. Whether you're selling shoes, insurances and/or services. Any additional step or roadblock will cost you buyers. Login - no matter how easy - is such a step. When I enter a store I don't have to show my ID. There should be no need to login online when you want to buy things. Right? Let's do a thought experiment and check the requirements. I'll give you a little teaser: it's not as easy as it sounds...
The insurance industry is shifting focus towards prevention and insights. This means developing valuable relationships with your customers while saving money on claims. According to Bain research, 5% increased customer retention will increase profits with more than 25%!
However many insurers have a paper-only relationship with most of their millions of customers. Before you can start to improve the relationship with your customers, you need to get them online.
Six tips for seamless and secure onboarding!
Let’s start with a statistic: nowadays 97% of all hacks involve exploiting people. From (spear)-phishing (email), baiting (infected USB), or impersonation (also known as Vishing, or Voice Solicitation). As we take more technical measures, fraudsters are moving towards social engineering. Please have a look at the following video:
Denis took the stage at Kuppingercole to explain why Onegini empowers digital insurers. How do you get customers online? How do you increase interactions? He explains business challenges like how to onboard your customers? How do you create a frictionless user experience? But at the same time there are some technical challenges insurers face like Single Sign-On, many silos and compliance and regulation like GDPR.