The Top 6 Factors Impacting an Insurance Buying Experience

Factors Impacting the Insurance Buying Experience

Vlocity Enables Insurers to Deliver on Insurance Buyer Preferences

As illustrated in Newsweek’s report, Empowering Consumers and Agents: The New Basis of Insurance Competition, recent Salesforce research of 6,700 insurance buyers globally uncovered what was most important to them in the buying process: knowledgeable salespeople, quick and easy checkout, product comparison tools, seamless transition between channels, mobile applications, and product recommendations that match buying habits.  With Vlocity’s digital insurance platform, insurers have the tools to deliver on all of the preferences of today’s insurance buyer:

  1. Knowledgeable Salespeople – Agents and brokers remain an important sales channel across all types of insurance - in fact Newsweek’s survey showed 67% of insurance executives consider both policyholders and agents/brokers to be their primary customer. A key part of digital transformation entails enabling these intermediaries with the right digital tools to provide expertise and service to customers.  Vlocity’s portals allow agents and brokers to easily collect customer data and preferences and build intelligent client profiles, provide side-by-side product comparisons, make product recommendations, generate real-time quotes, and configure customized packages. Through a single platform on any device, agents and brokers are enabled to provide consultative selling without the administrative burdens of legacy systems and processes.
  2. Quick and Easy Checkout – Regardless of channel choice, insurance buyers today want the same experience they get in other industries including a fast and easy checkout. Insurers that can offer a painless process for applying for and buying their products will have a competitive advantage. Vlocity has successfully transformed heavily manual quote-to-bind transactions involving spreadsheets, email and even faxing into streamlined, straight-through processing, all on top of the Salesforce platform. Rules can trigger automated underwriting, or seamless integration with external data sources allows for instant approvals.
  3. Product Comparison Tools – In addition to comparing rates across carriers, consumers also want to understand the benefits and costs of different variations of an annuity, auto policy, or business owners policy that a carrier may offer before making a purchase. Vlocity Omniscript lets insurers create fact-finding tools to guide consumers and producers through data collection and Vlocity’s calculation procedures and rating engine work behind the scenes to enable side-by-side product comparisons of features and rates. Users can make adjustments to dynamically change the price, add optional components and riders, and configure packages to meet their individual requirements.
  4. Seamless Transition Between Channels – Today’s consumers expect to be able to use different channels at different times with consistent experiences and real-time data across channels. By leveraging the Salesforce and Vlocity cloud platform, insurers can deploy quoting and other new business processes to agent and consumer channels and eliminate the need for a customer to repeat data entry when they switch channels.  A consumer can get an online quote and start an application on their mobile device, then call their agent to finish it and buy the policy.
  5. Mobile applications – Even complex products like life insurance are purchased on mobile devices today, so having mobile optimized portals and apps for consumers and policyholders is table stakes for insurers. Mobile apps for existing policyholders are especially valuable as they allow a customer to engage with their insurer and easily add more coverage or purchase a new policy. Vlocity’s “Vella” virtual agent provides policyholders with the ability to get service, file claims, and add coverage through a mobile app. It also provides on-demand coverage for items like travel, valuables or a new pet, as well as usage-based auto insurance. With just a few clicks or swipes on a mobile phone, buying insurance can’t get much easier.
  6. Product Recommendations (that match buying habits) –  As Celent explains in the Newsweek study, buyers have become familiar with the “people like you also bought X, Y, Z” approach at digital retailers such as Amazon. We’ve grown dependent on algorithms to determine which products we may want or need. Insurers using Vlocity can leverage Vlocity intelligence and/or external AI sources to build customer and prospect profiles and make product recommendations within the buying experience. Utilizing basic consumer data along with life events, investment goals, claims data or external data like location from your phone enables an insurer to generate intelligent, real-time offer recommendations and personalize the buying process.

factors infogrx

Read the Newsweek report here.

To learn more about Vlocity Insurance, visit insurance.vlocity.com