Applying for insurance has traditionally involved filling out a long form or spending an age on the phone with the insurer. But consumers are now coming to expect insurance to be sold like everything else is – whenever they want, wherever they are, and without any fuss or faff.
Very often a prospective insurance customer does not have the answers to all the questions being asked of them, meaning they have to guess, or worse, deliberately lie to get a better deal. This is where data enrichment and prefill combine to create a much-improved user experience and more efficient underwriting. With prefill, consumers provide only a small amount of information, such as name and address, and data enrichment takes over to automate the process.
Research by LexisNexis shows that consumers and insurers are increasingly in favour of prefill, which in turn is driving the hunt for richer datasets to support prefill and create fast, friction-free platforms for personal lines. RDT’s platform provides both front-end connectivity through app technology and a wide variety of back-end data sources to support prefill. As a result, the customer journey is improved and insurers strengthen their validation processes because they have access to a growing pool of enriched data.
All this is possible through Equator, RDT’s centralised data platform. Equator draws on a huge range of data sources. This data provides a comprehensive and detailed view of risks, and the information can be pulled into any application at point of quote. Equator is the technology behind digital broker TRiCE, which generates quotes swiftly and simply for cars, pets and gadgets, based on only a small amount of data supplied by the customer.
A fast and efficient underwriting process, combining data enrichment and prefill, should be a key part of an insurer’s acquisition strategy. And because smartphones are an increasingly popular channel for insurance, mobile must be fundamental to that strategy. Contact us to find out how RDT can help you build an intelligent mobile platform that increases speed and accuracy, reduces fraud, and satisfies the needs of today’s consumers.
See our upcoming white paper for more information on improving customer engagement and providing your customers with a great experience.