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Future Underwriting, Part 5: The Final Handoff




Congratulations! If you have read so far into our series on the future of insurance, you know that we have discussed changing the insurance experience from submission to proposal. Was done! Feel free to post this on your LinkedIn profile.

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I of course. There is another step towards the insurance journey – one that for many carriers neglects.

The forgotten finish

What happens when the broker or client accepts your proposal? From an insurance perspective, this is often the area that has the least focus. It is transferred to the business and the subscription continues until the next endeavor.

But for overall growth and retention, this is one of the most important steps. It is difficult to exaggerate the power of the first impression.

Too often, the handover from insurance to operations is a reflection, leading to frustrated customers. What if the customer instead went through a huge on-board experience that made them feel secure in their purchase and make the transition easy. Preservation and sales would increase.

Today's customer journey

Imagine a customer who has just changed supplier today or bought his first insurance. They have no real experience of the carrier yet and will likely remain unsure until and if they have a claim or something goes wrong.

This sets up the customer to get a negative view of their operator. The policy is delayed or needs to be issued due to mistakes. First bills may be wrong. Insurance cards can be delayed. It is certainly not a smooth and inviting experience that creates confidence that the customer made the right decision.

A more inviting, cooperative future

The good news is that it does not have to be this way. We can create digital collaboration experiences that integrate the customer, broker and operator to gather the necessary information and contacts to implement policies and guide the customer through how to connect to and integrate services in a coordinated way.

Imagine if this was the onboard experience instead:

After notification that the customer has accepted their offer, the broker gets access to a built-in website with references for them and their customer. The website guides them through the various steps on board where information is collected and verified; documents, posters and forms are issued; and the customer is connected to services and ecosystem partners. Seamless support services answer questions and solve problems when they arise.

This type of digital collaboration experience can reduce costs, increase retention by increasing customers 'initial trust, and increase sales by increasing brokers' confidence in switching customers to the operator.

19659006] So it's not time to think about updating the last step in the insurance process?

In this series, we have explored different concepts and ideas on how warranty can be changed and developed. The best part? Nothing discussed here is science fiction or in the distant future.

These are all proven ideas and solutions used in various parts of the industry today. Many operators are making part of this vision now.

The key to unlocking the future of warranty is to have the audacity and imagination to go beyond incremental improvements and changes and towards data-driven experiences for brokers, clients and insurers that can dramatically improve performance.

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