The world has changed dramatically over the last 50 years. Technology has driven consumer choice and changes in the way people buy products and interact with their vendors. Insurance brokers are being dragged into a digital age whether they like it or not. People want to be able to access their service providers from their phones, their computers, their tablets, etc. and they want consistent service whichever option they choose.
What qualities does an insurance broker need to make a success of digital platforms?
We’ve found that there are several key requirements of brokers to make the transition a successful one.
Cross-Platform and Cross-Channel Coordination
It doesn’t matter how many (or how few) products and services a customer buys or what their preferred contact methodology is. The experience for all your customers needs to be a consistent one. Insurance brokers need to examine how their operation functions as a whole and aim to make the digital experience a seamless one.
The digital transition brings insurers much more data than they ever had before. Customers are willing to provide more detail in exchange for more-tailored products and better service levels. Insurers need to learn to tap into this data in order to create bespoke offerings and to ensure that whatever touchpoint a customer chooses their impression is of reliable and effective service.
Keep it Simple Stupid
This management cliché has become a cliché for a good reason – it works. If your digital efforts keep adding customer facing complexity; your customers will go elsewhere. Working with an insurer needs to be as easy as possible. Customers should be able to get the information they are looking for at the touch of a button (or two) and make decisions based on that information. Quotation systems need to be so easy to use that even the most technologically un-savvy person can get a quote. Customer care systems need to be user friendly too; most importantly it needs to be very simple to log a call or a request for information. There’s nothing more off putting than endless drop down menus trying to funnel you through automated help systems – if you can’t find the data in two or three clicks, the system needs changing.
Flexible Implementation of Technology
The reason you’re going digital is that people are fickle and their tastes have changed to demand access to digital services. That fickleness is the reason you need to be flexible in your implementation of technology projects. It’s a guarantee that some of what you do today is cutting edge and exciting and that in a year’s time it will be old, passé and unloved by consumers. You need to ensure that you can make rapid changes to the way you do business through digital media to reflect the changing tastes of your customer base.