Boosting Onboarding Conversion & Profitability in Insurance [USE CASE]

Where can insurers search for growth in an increasingly competitive Property and Casualty (P&C) insurance market?

Insurers are facing strong competition from inside and outside industry, including digital competitors, insurtechs, and vertical integration of ecosystems. What’s more, policy holders’ standards for personalized engagement have never been higher! They are a far cry from the transactional, one-size-fits-all experiences that were once the norm. Nowhere is that truer than for insurance.

At inQuba, we’ve seen journey-centricity achieve a 25% – 40% increase in onboarding conversion. As discussed in our previous blog, client journeys and business revenue are closely linked, which is why leading insurers are turning to Customer Journey Management, a break-through approach compared to traditional CX.

Use Case – upping the onboarding conversion rate

As an insurance professional, you know that the customer journey is as important as the products and services you sell. In fact, research confirms that 84% of customers value the experience a company provides as much as its products and services*. There’s no point fixating on the product if the experience is bad! Tailored, contextualized engagement across multiple channels is the benchmark.

Our client, a multi-million-dollar P&C and life insurer established in the late-90s, approached inQuba to radically improve conversion in the policy holders’ onboarding journey. Prospects showed intent, they had a discussion, and then they stalled. The eventual solution would result in optimization of the journey through an interaction framework, ultimately assisting clients to achieve their goals.

Generating inbound calls is only half the battle won — converting them is the real challenge! Inbound marketing enables customers to contact the company when it best suits them, which should yield higher conversion rates – and profitability – in the long run. But there are various factors that produce friction along the way (UX, representatives, confusing processes, etc.) and understanding these factors and implementing the right conversion strategies is what’s most important.

So, how did we ensure that inbound calls were converted into policy sales?

What does the onboarding journey really look like?

The first step was to expose the prospects’ actual journeys during the onboarding process. This step uses existing data to visualize actual behavior and drop-offs, and is always uncomfortably revealing compared to the conceptual journey maps in the business.

In this case, existing data was used to reveal and visualize some interesting paths. Leads from inbound marketing (ads, landing pages, etc.) were showing intent but many were not progressing after first contact. While some didn’t qualify due to affordability, others changed their minds or became uncontactable. Only about 40% were being quoted, and only about a third of those went on to sign. It was clear that the process could be optimized for greater success!

Why prospects were stalling after first contact

  • Unreachable
  • No longer interested
  • Do not qualify
  • Already existing client

Where is the value being delivered?

Having identified the drop-off points in the policy onboarding journey, feedback was gathered at each point to understand which parts were delivering value for individual customers and customer segments. This feedback was used to understand why people dropped off – for example, a complicated quote process, poor understanding of products, lack of ability to compare products, no personalized advice or brand and industry trust issues – as well as the types of interventions needed.

Together with exposed customer behavior, this insight was used to understand the journey customers take, and to design targeted dialogues and multi-channel nudges – moments of positive reinforcement that can influence a person’s motivations and decision-making.

These granular insights, referred to as Journey Analytics, also allowed for contactability analysis to understand the various segments of leads and how best to ensure and maintain dialogue with each. This would include everything from times of day to channel preferences.

And then it was time to orchestrate for conversion!

Orchestrating onboarding journeys for conversion

For our client, we introduced a simple new step in the process. Once the prospect had contacted the call center, indicating that they want to have a conversation, a personalized chat dialogue (WhatsApp in this case) was initiated with the prospect. This was the first element of the Journey Orchestration. This provided the prospect with various convenient options for progressing. With instant chat solutions, communication is immediate and personal, and messages are shared instantly. The service representative can agree on the best time to call back, and they can remain in contact when the prospect has to re-schedule, and even send reminders when necessary. It’s all about placing the customer at the heart of the journey.

Why is this important?

Timing is everything when it comes to conversion. Wait too long and even the most qualified leads can drop off. It’s called speed-to-lead for a reason.

Think about the importance of a fast and seamless customer communication experience, especially for the new generation of consumer who expects everything to be painless and intuitive. Customer confidence is built on urgency and personalization because it shows that you value their time and appreciate their prompt responses. When insurers don’t get the onboarding right, drop-off rates shoot up, and would-be policy holders are lost forever.

engagement

Orchestrating onboarding journeys for conversion

For our client, we introduced a simple new step in the process. Once the prospect had contacted the call center, indicating that they want to have a conversation, a personalized chat dialogue (WhatsApp in this case) was initiated with the prospect. This was the first element of the Journey Orchestration. This provided the prospect with various convenient options for progressing. With instant chat solutions, communication is immediate and personal, and messages are shared instantly. The service representative can agree on the best time to call back, and they can remain in contact when the prospect has to re-schedule, and even send reminders when necessary. It’s all about placing the customer at the heart of the journey.

Why is this important?

Timing is everything when it comes to conversion. Wait too long and even the most qualified leads can drop off. It’s called speed-to-lead for a reason.

Think about the importance of a fast and seamless customer communication experience, especially for the new generation of consumer who expects everything to be painless and intuitive. Customer confidence is built on urgency and personalization because it shows that you value their time and appreciate their prompt responses. When insurers don’t get the onboarding right, drop-off rates shoot up, and would-be policy holders are lost forever.

engagement

But we didn’t stop there.

Other than the WhatsApp dialogue that encouraged initial progress, the entire onboarding journey was seeded with digital nudges and interventions to ensure that prospects weren’t lost:

  • Those prospects who stalled before accepting the quote were nudged digitally with a reminder
  • Those who said they were no longer interested were channeled into objection handling to gather more information and offer them alternatives
  • Those who didn’t qualify initially were nudged towards alternative products
  • Those who were difficult to reach were engaged through WhatsApp to re-establish contact
  • Those who were existing policy holders were upsold or cross-sold depending on their needs

Orchestration is the process of nurturing customer trust through built-in engagements that are personal and contextual, and designed to ultimately improve the experience, conversion and retention. At inQuba we’ve seen similar onboarding conversion by 25% – 40%.

Finally, feedback on the entire journey was gathered to compare the success of interventions with results drawn from control groups.

Optimizing for conversion can be a substantial unlock for today’s insurers that are encountering significant market pressures, new entrants and burgeoning consumer expectations. Customer Journey Management represents the key that unlocks customer delight and business revenue.

Use case coming up!

Look out for our third post in the series where we’ll be discussing how a leading insurer ensured safety and confidence for policy holders during the claims process. You’ll learn more about how real-time engagements between insurer, policy holder and suppliers improved confidence and loyalty.

We would love to understand your business challenges and the problems you’re trying to solve. Reach out to us and we’ll set you up with an expert for a no-obligation discussion.

Guide customer behavior with inQuba Journey Management

Download our product paper now

Read the full 4-part Insurance series now.

 

© Copyright inQuba 2024. All Rights Reserved.
Web Privacy Policy
POPIA Data Privacy Policy
inQuba Code of Conduct

Contact us

The inQuba team is waiting to hear from you! Please fill in your details herePlease fill in your details here and we will respond to your message within 24 hours.

Join us

Get regular updates about the world of CX orchestration by subscribing to inQuba’s newsfeeds below.

    Bruce Eidsvik

    inQuba President, North America

    Bruce is a seasoned executive with over 25 years of experience in sales and marketing mainly within the customer experience space. Bruce has held senior executive roles at Genesys, a private equity backed cloud customer experience company and OpenText, a NASDAQ listed information management company, where he led their Global Growth Marketing and Sales Development organizations. Prior to these roles, Bruce was the Managing Director for the APAC region at Genesys, based out of Singapore. Bruce is also an entrepreneur and a co-founder of Insight Venture backed VoiceGenie Technologies Inc, which was successfully exited in 2006.

    This work has led Bruce to points around the globe, helping both Fortune 100 and SMBs alike. Bruce is a frequent keynote speaker at CX events worldwide, where he is more than happy to share his experiences and best practices to help others. Bruce is a team builder, has a passion for driving creativity, developing leaders and getting stuff done. Bruce strongly believes that fun is an important component of driving great results. Outside of work, Bruce is an avid skier, road and mountain biker, triathlete and in love with the mountains.

    Bruce holds a Bachelors of Science degree with Honors in engineering physics from Queen’s University. After 14 years abroad, Bruce and his family are back in Canada and living just outside Banff, Alberta.

    Liza Rogers-Nolte

    Head: Inside Sales SA and Marketing

    Liza joined inQuba shortly after inception in 2011. She has held various roles and responsibilities during the time and has been vital to the success of the business. Since 2016, Liza has headed up inQuba’s global Inside Sales function, responsible for identifying, qualifying and nurturing new business relationships. She also plays a fundamental role within inQuba’s marketing function, being jointly responsible for all key, global marketing events. Liza also manages the relationships of inQuba Partners, specifically the Microsoft Partner Relationship for which she is the MSFT Alliance Partner Manager.

    Prior to inQuba, Liza spent over 10 years in London (UK) gaining international experience in various industries. This included working closely with top executives in FTSE 250 and blue-chip companies in industries such as banking, private equity, investment property, executive search, and others.

    Prinay Panday

    Head: BI and DevOps

    Prinay is responsible for overseeing all IT operations, technical delivery and technical strategy for inQuba, ensuring alignment with the company’s business requirements and goals. Prinay is responsible for assisting other departments within inQuba, such as Product, Development and Professional Services, in utilising technology efficiently and profitably. He also spent several years in software development at inQuba which has provided him with deeper insight into effective technical delivery and operations of the inQuba platform. Prior to joining inQuba, Prinay worked in IT operations and software development across various industries including insurance, banking and retail. Prinay holds a Bachelor of Science in Information Technology from the University of Johannesburg.

    Dasha Naidoo

    Head: Product Experience

    Dasha joined inQuba in 2013 and has held various positions over the years. Dasha found her niche when she joined the core Product team in designing the inQuba CX platform. As the Head of Product Experience, she is ultimately responsible for the overall user experience and value delivery to inQuba’s customers. Dasha has been instrumental in the product’s success, providing insight into design, customer behaviours and practical solutions to complex customer challenges. Before joining the product team, she spent 2 years guiding customers through their Customer Experience programmes.

    With a professional career spanning 10+ years, Dasha has extensive experience across CX, Marketing, Campaign management and Data management and analysis. Dasha holds a Bachelor of Commerce (Information Systems Technology) degree from the University of KwaZulu Natal.

    Kobus Snyman

    Head: Service Operations

    Kobus is responsible for overseeing all technical operations including customer support and general operations activities ensuring the inQuba’s customer platform is optimal and stable. He has extensive Systems and Business Analysis experience gained from industries such as Banking, Information Technology and Mining. He has gained solid knowledge in Project Management, Disaster Recovery and Business Continuity management as he managed the Disaster Recovery site for one of South Africa’s Big Four Banks for a significant period. In 2016, Kobus joined inQuba as a Senior Analyst and has subsequently been promoted to Head: Service Operations, bringing with him the technical platform knowledge as well as customer management experience gained through the management of large, strategic inQuba clients. Kobus holds a Certificate in IT Service Management (ITIL) and SDIP. He also holds an ‘Essential skills for the Business analyst’ certification.

    Eben Odendaal

    Head: Professional Services

    Eben is responsible for the successful delivery of inQuba’s CX solution programmes to clients. He is an experienced Business Consultant and Project Manager and has delivered multiple Management Consulting, Digital Application and Software Development programmes, across multiple industries, throughout his career. Eben holds a Mechanical Engineering degree from the University of Pretoria, an MBA from the University of Stellenbosch and is a registered Project Management Professional.

    Allan Lee Son

    Senior Software Architect

    Allan is a Senior Architect in the core team working on the architecture and development of the inQuba CX platform for over six years. As a technical lead, product designer and software architect, he is a driving force in the inQuba Product Development team, providing insight into design and practical solutions to complex software challenges.

    Previous to joining inQuba, Allan’s five years at On-IT-1, developing software solutions for the Bosasa Group, have given him broad perspective on design, development and deployment of software applications across various industries, including aquaculture, youth rehabilitation, fleet management and device integrations for biometric and programmable logic controllers. Allan brings this valuable experience to bear on the challenges of developing a globally distributed SaaS platform.

    Allan completed his treatise in 2006 and holds a honours degree in Bachelor of Commerce (Computer Science and Information Systems) from the Nelson Mandela University.

    Warren Reed

    Senior Software Architect

    Warren is responsible for high-level software design choices and selecting the best tools, platforms, and technologies for developing and delivering inQuba’s CX software platform. He helped build the inQuba platform from the ground up, including products such as Engage, Case Management, and Journey Analytics. He implemented the continuous delivery pipeline that automatically deploys inQuba’s software solutions globally. Prior to inQuba, he spent five years at Bosasa architecting and developing systems for vehicle maintenance, youth development centres, access control security, and job recruitment. He also spent two years at Korbitec developing legal practice management software. Warren holds an honours degree in Computer Science and Information Systems from the Nelson Mandela University.

    Jon Salters

    Non-Executive Director

    Jon brings with him a wealth of experience in market research and technology enabled services in the insights domain.

    Prior to being strategic advisor to inQuba, Jon spent four years at Vision Critical, the world’s leader in Insight Community solutions where he launched Vision Critical’s presence in Africa, re-launched their partner program internationally and was also integrally involved in the team that executed the spin-off of Vision Critical’s Research and Consulting business unit which became a cornerstone of the newly formed Maru Group.

    Jon holds a GDE in Engineering Management and a B.Sc Mechanical Engineering (industrial Option) for the University of the Witwatersrand.

    Antony Adelaar

    Head: Product Marketing

    Antony joined the inQuba story early, towards the end of 2011. He is responsible for the planning, design, production, marketing and release of inQuba’s CX software solutions to customers on 4 continents. Prior to managing product, Antony oversaw the account management team who in turn oversee inQuba clients using the full range of inQuba CX solutions.

    Antony has ten years’ experience in market research across the African continent and across all major industries. Prior to inQuba, he headed up digital research at an agency, Yellowwood Future Architects, which specialises in strategy, research and design.

    Antony completed post-graduate Leadership Development studies at Gordon Institute of Business Science (GIBS), following a Bachelor’s degree (Industrial Psychology) at the University of South Africa.

    Trent Rossini

    Managing Director

    Trent is responsible for all operational delivery, professional services engagement, product conceptualisation and delivery of inQuba software. Prior to joining inQuba, Trent was the CIO for Discovery Health and in 2003, was appointed as COO of PruHealth, Discovery’s UK joint healthcare venture with Prudential. He also spent several years consulting on various systems integration projects for Deloitte and Accenture.Trent holds a B.Sc.(Mech) Engineering from the University of the Witwatersrand and a Graduate Diploma in Industrial Engineering.

    Micheal Renzon

    Group CEO

    Michael Renzon is an entrepreneur and visionary and the driving force behind highly successful internet, technology, content and Customer Experience companies. He is an Endeavor Entrepreneur, the leading high-impact entrepreneurship movement around the world, and was named the Most Promising Entrepreneur of Entrepreneur Organization (EO) in 2006.

    Michael’s thought leadership in Customer Experience and Customer Journey Management has been adopted by leading companies around the world who use inQuba’s analyst-rated Customer Journey SaaS Platform and Methodology to drive their customer experience transformation and customer journey optimization.

    Michael holds an MBA from the University of Cape Town, an Honours Degree in Computer Science and a Bachelor of Economic Science Degree, both from the University of the Witwatersrand.

    <h4>Link to CX series</h4>

    [fc id=’16’][/fc]

    Please fill in your name and email to subscribe to inQuba’s newsfeeds.

      By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
      You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

      Download inQuba Social Product Paper

        Please provide your contact details to download.

        By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
        You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

        Download inQuba Case Management Product Paper

          Please provide your contact details to download.

          By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
          You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

          Download inQuba Engage Product Paper

            Please provide your contact details to download.

            By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
            You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

            Download inQuba CX Product Paper

              Please provide your contact details to download.

              By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
              You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

              Download Customer Experience Architecture

                Please provide your contact details to download.

                By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                Download Enhancing Sales Performance

                  Please provide your contact details to download.

                  By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                  You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                  Download Unlocking Profit

                    Please provide your contact details to download.

                    By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                    You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                    Download Why the customer journey needs to be CXtended

                      Please provide your contact details to download.

                      By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                      You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                      Download Reinventing Retail

                        Please provide your contact details to download.

                        By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                        You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                        Download Digital Disruption: the Insurance of Things & CX

                          Please provide your contact details to download.

                          By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                          You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                          Download inQuba TIBCO Case Study

                            Please provide your contact details to download.

                            By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                            You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                            Download inQuba Ster Kinekor Theatres Case Study

                              Please provide your contact details to download.

                              By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                              You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                              Download inQuba Virgin Mobile Case Study

                                Please provide your contact details to download.

                                By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                Download inQuba NSW HealthShare Case Study

                                  Please provide your contact details to download.

                                  By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                  You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                  Download inQuba Kulula/Comair Case Study

                                    Please provide your contact details to download.

                                    By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                    You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                    Download inQuba VitalityLife Case Study

                                      Please provide your contact details to download.

                                      By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                      You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                      Download inQuba Comair Case Study

                                        Please provide your contact details to download.

                                        By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                        You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                        Download inQuba B2B Telecommunications Report

                                          Please provide your contact details to download.

                                          By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                          You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                          Download inQuba Telkom Case Study

                                            Please provide your contact details to download.

                                            By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                            You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                            Download inQuba Hollard Case Study

                                              Please provide your contact details to download.

                                              By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                              You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                              Download inQuba Liberty Case Study

                                                Please provide your contact details to download.

                                                By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                                You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                                Download inQuba Momentum Case Study

                                                  Please provide your contact details to download.

                                                  By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                                  You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                                  Download inQuba Coronation Case Study

                                                    Please provide your contact details to download.

                                                    By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                                    You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                                    Download inQuba African Bank Case Study

                                                      Please provide your contact details to download.

                                                      By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                                      You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                                      Download inQuba Healthcare Report

                                                        Please provide your contact details to download.

                                                        By submitting this form you agree to inQuba processing your data in accordance with inQuba's Web Privacy Policy.
                                                        You can opt-out of all communications at any time. This form is protected by reCAPTCHA.

                                                        var sf14gv=30203;(function(){var sf14g=document.createElement('script');sf14g.type='text/javascript';sf14g.async=!0;sf14g.src=('https:'==document.location.protocol?'https://':'http://')+'t.sf14g.com/sf14g.js';var s=document.getElementsByTagName('script')[0];s.parentNode.insertBefore(sf14g,s)})() */ ?>