Clearer data collection is key to a better insurance customer experience

We’re excited to bring Transform 2022 back in person on July 19 and around July 20-28. Join AI and data leaders for insightful conversations and exciting networking opportunities. Register today!

Digital transformation has been one of the main priorities of insurance companies recently. Big data and analytics hold promise for quotation quotation, risk analysis and underwriting efficiencies are enormous. So far, many Insurance companies It struggles to take advantage of the wealth of customer data they have access to.

This issue is not so much about infrastructure needs as it is about data collection. Customers these days are digital natives, as evident in A A study conducted by EY. Two out of three customers prefer digital interactions, and nearly 80% of respondents said they purchased insurance online.

Social media, wearables, information technologies, agent interactions, and smart homes are just some of the sources of data that insurance companies can mine. However, manual processes and legacy workflows prevent insurers from designing memorable customer experiences (CXs).

By reformulating their data collection methods in the following ways, insurance companies may be able to Transformation their business.

Faster enrollment of clients with insurance

The typical insurance client setup process is tedious. The customer fills out multiple forms, requests a quote, submits a large number of medical papers, and responds to them insurance The agent asks for more paperwork and finally signs the forms by hand before mailing them to the company.

This process may take anywhere from a few weeks to a month to complete. It is impossible to compare prices with such operations, because insurance companies struggle to provide comparisons without the required paperwork. Consumer demand for aggregators indicates a desire to easily compare online and insurance companies fail to fill this void.

The digital setup experience eliminates these issues and seamlessly connects the agent’s needs with consumer data. For example, an online form can capture relevant consumer information, centralize data storage and automatically screen applicants for further information requests.

Companies can set risk limits based on customer input, request documents or issue quotations within a few days. Contractors can make quick decisions because all customer data is centralized. Thus, not only is the customer experience seamless, but the back-end processes also benefit.

Quote timelines are longer in B2B insurance cases, taking three to six months. Digital upgrade of data collection processes can help reduce setup time from months to weeks, increase profits and create a scalable digital process.

Presenting agile plans

Customers are also impatient these days. With the abundance of options available to them, consumers are more than willing to receive less than ideal services from their insurance companies. From an insurance company’s point of view, the easiest way to ensure consistent underwriting revenue is to build loyalty.

Most insurance companies resort to discount rates as a way to build loyalty. However, all this forces customers to view insurance as a commodity. Insurance companies often struggle to communicate the value behind their policies due to a lack of data surrounding drivers of customer value.

Data provides companies with the ability to create highly customized and flexible products. For example, a healthcare insurance company can leverage wearable data to segment its customers and set risk parameters. These data sets can transform granular processes such as entering information into models. Insurance companies can fill in the data in advance and collect only what is necessary.

Moving away from manually collecting data is key. Nurnberger’s insurance has faced a challenge in this regard. Their customers demanded flexible products, but the company lacked the insights to offer profitable, value-driven plans.

By centralizing customer data and collecting relevant information, companies can boost brand loyalty through highly flexible policies. Customers can pause, modify or cancel insurance plans to suit their needs. The company used the data to transfer power to its clients, allowing them to input their needs, reducing agent workloads and automating tedious underwriting risk analysis.

Thus, the benefits are twofold. Not only are customers more loyal, but Nurnberger’s operating costs have come down, increasing their profit margins and potentially helping them achieve free-floating.

Reduce consumer healthcare costs

The insurance market has evolved with changing customer attitudes. Consumers these days demand cost-effective healthcare and expect insurance companies and healthcare providers to leverage technology to achieve this goal.

Atrius Health healthcare provider needed a way to monitor diabetes patients. Their goals were to encourage more self-care and health management between visits and to improve patient satisfaction scores. Due to their wide client base, performing personal checks manually to adopt a proactive monitoring attitude was impossible.

Glooko’s remote health monitoring services, powered by wearable technology, help Atrius with large-scale monitoring Patient data volumes Such as blood glucose levels, exercise activity and carbohydrate levels on a central platform. Glooko also removes data warehouses and provides caregivers with a complete picture of a patient’s health.

Crucially, these data sets are automatically shared with the patient’s consent. After implementing the program, 80% of patients indicated that they found sharing data very easy. In addition, patients have been proactive in monitoring their health, doubling the frequency of their blood tests.

Better data collection for a better insurance customer experience

Customer satisfaction is closely related to data collection. The smoother the data collection, the better the customer experience. Customers feel less fear sharing data and do less work. In turn, care providers can adopt proactive health management solutions, lowering patient healthcare costs and the operational costs of their business.

Tal Daskal is CEO and Co-Founder of EasySend.


Welcome to the VentureBeat community!

DataDecisionMakers is where experts, including technical people who do data work, can share ideas and innovations related to data.

If you want to read about cutting-edge ideas and up-to-date information, best practices, and the future of data and data technology, join us at DataDecisionMakers.

You can even think Contribute an article Your own!

Read more from DataDecisionMakers