Insurance in the Digital Space

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With the digital revolution taking over many industries the
insurance industry is certainly one that
has not escaped a digital overhaul.  This is a step in the right direction in terms
of giving individuals the opportunity to educate themselves before committing
to a product.
Insurance firms are now armed with the resources and assets that
allow them to connect with customers in the evolving digital landscape.
The line between digital and physical is continuing to blur as
customers are now so immersed within a digital world that they now use digital
tools to analyze environmental variables before they make a decision in the
real world. This can be as simple as where to park their car based on the
weather forecast they get on their devices or as complicated as choosing to buy
a self driving car over a manned vehicle.
In the insurance space where insurers have geared themselves to connect
with potential customers, the key learning is, that the majority of consumers will
still want to speak to someone before making that final commitment.   This could make the life of broker or
financial adviser easier or a lot more difficult, easier if they are well
informed and up to date with latest product developments but a lot more
difficult in overcoming objections on their specific product if they are not up
to date with various products available in the industry.  Based on the objective of the regulator to
ensure fair treatment of all customers this consumer driven approach will
automatically drive individuals in the insurance space to be better informed.
In the direct marketing space we at CDA have seen the speed to
respond to client query directly impact on the ability to close the sale. A customer,
who has done their homework around a product and shown interest, expects a
speedy response to their request. So the key to maximizing your opportunity in
the digital space is to have an efficient and focused sales force to service
these clients within their expectations.
An insurer in this space needs to turn this first interaction
into a positive first impression with the consumer.  Tell the customer by the way and how quickly
you respond to their request, that you are serious about turnaround times, that
you want to service them and that you want their business.
There is a strong possibility that this customer has responded
to another product provider, therefore one has to ensure that you are first to
service them, not only because they are more likely to purchase your product
because you are first in with an offer, but also because of the message this
sends to your potential client.
The reality is a client is going to measure the long term
relationship (that they are considering entering into with the insurer) based
on the initial interaction. 
At CDA our philosophy of “treat everyone as you wish to be
treated” has driven us to design and develop a call centre based solution which
allows us to contact or speak to the customer within one minute of the client
responding whether to an SMS, short code or via the web.
Yes, it has helped that I am a rather demanding consumer myself,
“Once I have decided I want something I want it now”, So we have simply built a
solution that drives the treatment that I want as a consumer.  Surely that is fair!! (Our development team
may not necessarily agree with this statement….).
The power of this approach and focus not only improves closing
ratios, but also delivers service excellence which will leave a lasting first

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