How 4 insurers are driving customer engagement with digital data intake
Many core processes in insurance, from quoting to binding a policy or filing a claim, require the collection of customer data. This process is often manual, paper-based, and time-consuming for both the customer and the insurer. Even today, customer data is often collected via paper or clunky PDF forms that offer much to be desired in terms of customer experience.
The customer experience (CX) of the data collection process has a direct impact on an insurer's ability to collect this data efficiently and accurately. In fact, poor CX is one of the main drivers of policy attrition, with 43% of customers who had a bad experience with their insurer saying they would switch providers.
[.emph]of customers would switch providers after a bad experience with their insurer[.emph]
More than ever, insurers are looking for new and innovative ways to engage their customers by making the digital data intake process more interactive and engaging.
How digital data intake drives customer engagement
Paper forms used to be the main method for collecting customer data, but this is no longer the case for the most part. In recent years, PDFs have replaced paper forms as the main method for collecting customer information from customers.
Collecting data via PDF forms
While PDFs have become the standard for collecting customer data, they are not without their drawbacks. While some insurers have digitized these forms into fillable PDFs, the process is often full of friction and involves multiple manual steps.
One of the biggest problems with PDFs is that they are not interactive. This means that PDF is not personalized to each customer and the data is not validated at the point of entry, which can lead to errors further down the line.
Another problem with PDFs is that they are not mobile-friendly. This is a big issue since more and more people are using their smartphones as their primary device. In fact, 61% of consumers say they are more likely to purchase from a company if they have a mobile-friendly website.
Collecting data via web forms
Web forms are another option for collecting customer data, but they also have their drawbacks. One of the main problems with web forms is that they are often long and complex, which can lead to customers abandoning them. In fact, the average form abandonment rate in insurance is around 80%.
[.emph]average form abandonment rate in insurance[.emph]
The customer experience can be greatly improved by making this digital data intake process more interactive and engaging.
Collecting data via digital journeys
Digital journeys are a new and innovative way to collect customer data that offers a number of advantages.
[.emph]A digital data intake journey is a guided process that takes the customer through a series of steps, such as inputting their data, uploading documents, and signing paperwork.[.emph]
Because digital data intake journeys collect customer data through a series of interactive steps, rather than a single form, they are more user-friendly and efficient than web forms. Digital journeys can also dynamically adapt to customer input, which further improves the customer experience.
The main advantage of digital journeys is that they are interactive and optimized with the UX best practices in mind. Digital journeys allow insurers to design an end-to-end customer experience that is optimized for digital channels. By leveraging the power of technology, insurers can take the customer data collection process from a point of friction to a seamless and even enjoyable experience.
Here are 4 examples of how insurers are driving customer engagement by transforming manual data collection into digital data intake:
1. Real Garant by Zurich
[.emph]Accelerating the B2B partner onboarding from from 6 months to 2 weeks[.emph]
Zurich's subsidiary, Real Garant, a leading specialist in customer loyalty within the automotive industry, has developed a digital journey to simplify and streamline their B2B customer onboarding process. As a result, Real Garant went from closing contracts with B2B partners in months to weeks by turning complex processes with multiple PDFs into streamlined digital journeys.
Before transforming their intake process, Real Garant had to collect customer information via multiple complex and lengthy PDF forms that required a lot of heavy manual work and data entry to complete the sales cycle. This resulted in delays: to close a contract took between three to six months with no way to track progress or review stats.
In addition, to finalize the onboarding process, employees were required to be physically present. This necessitated travel to meet with customers and partners, a requirement difficult to fulfill during the COVID-19 travel restrictions.
Now, with an interactive digital data intake process in place, the entire sales cycle has been accelerated, and partners can be onboarded in as little as two weeks.
The process is now entirely digital, efficient, and easy to track. Because the entire workflow can be defined and completed online, including Co-Browsing for remote digital assistance, employees no longer need to travel to close the deal, and everything can be completed remotely.
What's more, the digital journey provides customers with a clear overview of how far along the prospective customers are in the process, making it easy to track progress and understand what still needs to be done.
By transforming the data intake process from manual to digital, Real Garant transformed the way they do business. By turning their complex manual processes into custom digital journeys, they've streamlined their sales cycle and shortened contract closing time from months to weeks.
[.emph]Completing 5 year digital transformation plan in 3 month[.emph]
VGM & Associates is America's largest and most comprehensive Member Service Organization for post-acute healthcare, including DME/HME, Respiratory, Sleep, Wound Care, Complex Rehab, Women's Health, Home Modifications, Orthotics, and Prosthetics. VGM is 100% employee-owned, serving over 2,500 providers at nearly 7,000 locations nationwide.
VGM has undertaken a number of initiatives to position the organization for success in the future. They recognized that the next 30 years would be very different from previous decades, and they sought to position themselves as a forward-looking company. In order to survive in a post-COVID world and stay up with the younger generation, they realized that they must think digitally. One way of doing this is by looking for ways to digitize manual processes.
VGM began to develop a five-year plan to address all of their client-facing challenges and become the leader in innovation.This included the complete overhaul of their customer data intake process, which they estimated would take 3 to 5 years to complete.
Then they discovered a no-code solution to get to their goal faster.
No-code platform allowed VGM to quickly build custom digital data intake processes and journeys in a matter of weeks without any coding required. They were able to go from ideation to implementation in a fraction of the time and cost of what they earmarked for the traditional software development. With a no-code solution, they were able to work much faster and make their original five year plan come to life in only three months.
This allowed VGM to focus on their core competencies and business goals rather than being bogged down for several years in the technical aspects of building a solution.
By using a no-code platform, VGM was able to quickly build custom digital data intake processes that solved their customer-facing issues, making them the leader of innovation in just a few months
For VGM, embracing the right technology and becoming partners with EasySend made all the difference in the world – for their team and their customers. Today, VGM's digital platform allows customers to quote, bind, and manage their policies online.
3. Nuernberger Versicherung
[.emph]Overhaul data intake from demo to production in six weeks[.emph]
Nürnberger is a German insurance company offering full coverage across a wide range of product lines: life insurance, private health insurance, property insurance, accident insurance, and car insurance. Nürnberger is known for its outstanding customer service, which is focused on keeping up with the times in order to meet the ever-changing demands of their consumers.
Nürnberger was prepared for a deluge of support calls from clients who were in financial difficulty following Covid-19. They required a quick solution that could assist customers during the uncertainty and cut support calls.
Being agile is a must for any firm that aspires to satisfy client demands quickly. No-code seemed like a natural choice, as it would allow them to rapidly develop and deploy a solution without overburdening their IT team.
EasySend's no-code platform allowed Nürnberger to quickly develop a digital process that would help them reduce support calls. Nürnberger launched a new digital customer journey in six weeks—from demo to live.
Customers were guided step-by-step through adjusting, pausing, or canceling their existing insurance coverage using this unique online experience. With this journey, customers can pick the best option for them without having to call support.
With EasySend's Co-Browsing and electronic signature solutions, Nürnberger ensured that completing the process online was frictionless and seamless, with an option to receive real-time assistance if needed.
By acting quickly to give customers self-service options to respond to financial challenges brought on by the COVID-19 epidemic, Nürnberger was able to maintain and extend client loyalty and stay true to its brand by putting their consumers first.
[.emph]Turning 66 complex PDFs into a streamlined data intake journey[.emph]
Meridio makes it easier for companies to offer comprehensive benefits to their employees. By partnering with leading carriers like our client Cincinnati Insurance, Meridio offers supplemental benefit programs for full or part-time workers, including Accident Insurance, Critical Illness, Hospital Indemnity, Disability, and Life. A process was made much easier by transforming their manual onboarding process into one smart digital journey.
Looking for ways to support their carrier client, Cincinnati Insurance, Meridio wanted a better way to help their agents onboard new clients across multiple states.
Traditionally, Meridio has relied on complicated PDFs that needed a lot of laborious work from both the agent and customer sides. To complicate matters further, the procedure is also varying state by state. This implied that agents needed to be aware of each state's requirements in order to assist consumers effectively. This simply wasn't scalable, and Meridio had to adjust quickly.
Meridio simplified 66 complex PDFs into a single dynamic digital experience. Now, instead of thinking of what regulations apply to what states, agents simply enter which state the customer is and are guided through the process that collects information needed according to the state regulation and the customer’s policy.
Making complex data intake processes into simple
Collecting customer data, documents and signatures used to be a point of friction, but with the right technology in place, it can be a seamless and even enjoyable experience. As you can see, transforming complicated data intake processes from manual, PDF-based workflows into digital customer journeys can save a lot of time and hassle for both customers and businesses.
No-code tools like EasySend make it easy to create these digital experiences without any coding required. If you're looking for ways to engage your customers and drive customer loyalty, consider how you can use digital data intake in your business.