The adoption of digital interaction since 2020 has irrevocably changed how customers interact with insurers.
The insurance market is undergoing a digital transformation.
Sixty nine percent of insurance consumers search the web before seeking more information from an insurer. The majority of insurance shoppers search first to assess options [Invoca].
Over fifty percent of insurance searches are performed on smartphones. This makes calling an agent easier than ever before. With digital onboarding - the agent is able to complete the policy issuance while the customer is engaged [Blue Carona].
According to a recent study, forty three percent of customers would leave their current provider with an easy digital transition to a more customer centric digital provider.
Users are becoming comfortable with digital interaction. More than two thirds of consumers would share significant data in exchange for lower prices from their insurers [Accenture 2021].
The trend is clear - customer needs are changing.
A 2020 survey of European Insurance Executives showed eighty nine percent of participants expected digitisation in the insurance sector and offers early adopter advantage for the insurance sector in other geographies.
Customer experience is driving digital transformation in the insurance sector.
Many of us are shopping around for the best prices, searching the web to compare products, engaging with agents, and preferring to take out the policy and commence digital onboarding while still engaged. Providing a customer centric experience reduces drop-off during onboarding and policies can be issued while the customer is engaged and support is available.
Digital onboarding is becoming a necessity.
Potential customers are searching the internet and initiating interaction at a time that suits them. Customers no longer need to visit a branch to seek out information and, with the right workflows, access the right information wherever they are.
Insurance companies across Europe and South East Asia who have implemented customer onboarding have enjoyed higher conversions from leads. While engaged, the customer is able to receive a quote and sign up immediately - accelerating acquisition. Abandonment rates decrease, sales conversion accelerates and customer satisfaction increases.
With digital onboarding, customer records are updated automatically and with integration should auto populate into the CRM, complete compliance checks and will result in less manual entry - and of course - increased margins.
Avid AML have created an impeccable frontend experience.
Market trends suggest revenue will be lost without digital transformation - but many firms are hesitant transforming - it is seen as overly complex or costly.
Avid AML is a customer centric, user friendly, low cost, digital onboarding application.