The Insurance Customer Journey — Free Infographic
Our latest infographic illustrates a broad overview of the customer journey in the general insurance industry.
Below is an explanation of each stage of the insurance customer journey, as well as some hints on what’s important to keep in mind and how to improve each stage.
Discovery
This stage of the journey encapsulates a customer’s discovery of your product.
Important:
- Your product and brand is easy to find
- It’s clear what you do and what’s on offer
Ways to improve:
- Meet the user where they already are — ensure you’re marketing to potential customers through digital marketing on channels and devices that they regularly use. For instance, there’s over 5 billion monthly users of messaging apps currently — can people find you this way?
Advice & quoting
Next, the prospect is likely to evaluate policy coverage and premium quotes.
Important:
- To have a customer-centric attitude
- For users to easily find information on and navigate your website
- To show how easy it is to contact and deal with your company
Ways to improve:
Automated conversation can:
- Answer questions instantly
- Suggest coverage
- Provide quotes
- Hand tricky enquiries onto a human
Customer Acquisition
Once a customer has reviewed the policy and approves the quote, they need to sign up.
Important:
- Easy to transition from discovery and receiving quote to signing up
- Fast and intuitive user experience increases conversion rates
Ways to improve:
- Allow customers to sign up using a digital channel they frequently use, like Messaging Apps
- Offer self-service from website or messaging apps
- Offer 24/7 instant service to capture in the exact moment they convert
Paying Premiums
The next general step to the insurance customer journey is payment of premiums.
Important:
- The customer doesn’t have to overthink each payment
- The payment process is not overly manual
- Your company doesn’t have to chase them to pay so as increase your internal efficiency
Ways to improve:
- Allow customers to easily set up automated payments and reminders
- Allow them to make payments & receive reminders directly from their mobile device through a channel of their choice like Facebook Messenger
Making and processing claims
Your product and service is put to the test when people need to make a claim.
Important:
- Prevent the customer having to wait in phone queues
- Avoid multiple people managing their claim
- Quick responses and processing
Ways to improve:
- Automate claim status updates through a channel they frequently use
- Automated conversation can bypass service niggles, log tickets, and deliver claim status updates.
Renewal and retention
The hard work is never over — now you just need to keep the customer and better yet, turn them into a promoter of your company.
Important:
- The better the customer experience during the earlier stages, the more likely they are to renew.
- The process of renewing should be easy — if a customer just wants to continue or adjust their coverage, they might not want to spend time ringing your company. If they need to, they might as well investigate their options with other companies.
Ways to improve:
- Cross sell — if the customer’s life cycle evolves they may wish to also get more coverage — for example, as they age and purchase a house, they’re not only in the renewal phase for their car insurance but also enter the quoting phase for house insurance (hence the spiral diagram).
- Allow customers to renew and add coverage from their mobile phones through channels they frequently use.
- Make feedback processes accessible, fast, easy — i.e. digital
The right digital technology for your insurance company can streamline stages of the customer journey. Artificially intelligent conversation is particularly effective through stages 2 to 3 (the acquisition based phases) but effectively can filter through every stage of the journey.
If you’d like to download the above infographic, just click here.
Originally published at www.jrny.ai.
