It’s not the destination, it’s the journey. We’ve all heard variations of that familiar phrase, and it rings true in commerce as much as in life. Consumer brands such as Amazon and Apple have built their reputations on technology that improves the customer experience, and insurers are following their example by creating insurtech apps to shorten journeys and smooth the route from applications through to claims.
Unlike consumer goods, insurance is a grudge purchase. This often makes price the deciding factor, although convenience and the customer experience are also important. Because buying insurance is a hassle, we want any purchase to be as quick and easy as possible. And if we can get the best price at the same time, so much the better.
All this is possible with the new breed of insurance apps which focus on pleasing modern consumers, who have come to expect digital interaction and on-demand service. Indeed, a study by Gartner said that customer experience is so important that by 2018 half of all businesses will be channeling most of their investment into customer experience innovations.
Digitising all the touch points can have a huge impact across personal lines, which is why insurers should work closely with insurance technology partners to improve the user journey.
The recently launched smart phone app TRiCE is one of the first examples of this collaboration, underlining the need to prioritise the customer experience in today’s digital economy.
RDT developed technology for digital broker TRiCE which vastly simplifies the customer experience and combines operational efficiencies with a short journey that transforms the way insurance is sold. TRiCE takes about a minute to download and sign up to, and to then apply for a quote for car cover (for example), all that’s needed is the final four digits of your driving licence and the car’s registration.
The user experience is so quick because Equator, RDT’s centralised pricing platform, sits behind TRiCE and gives it the ability to access in real time a huge range of data enrichment from sources such as MyLicence, CUE, LexisNexis and Experian. This doesn’t just make things easier for the consumer, it also ensures accurate risk assessment and rigorous underwriting.
Until now, getting a quote for motor or home insurance has been time-consuming because the customer has to fill out a long online form or spend time on the phone to an insurer or broker. Apps such as TRiCE take the strain out of applying for insurance and provide a swift, on-demand service that strengthens customer relationships and helps to attract new business.