Demand for Streamlined processes in the Insurance industry

The remarkable year which was 2020 brought about a number of key changes. Among other things, we became cautious about our surroundings and started to appreciate the little things and actions around us. For businesses, the pandemic was an eye-opener. They started to reevaluate the existing supply chains and business models.

The insurance industry has also got enough heat. There is a massive demand for streamlining processes to cope with uncertain situations. Insurance companies work on the “hope” principle for a better future. When everyone is skeptical about their future, there is a need to reassure the crowd with more impulsive schemes to motivate them to overcome anxieties.

Thus, insurance industries started to explore offline and online opportunities to aid them in leaping the pandemic. New schemes need more user research and data to evaluate their adoption rate. 

Retention is another parameter that has remained a decisive factor in the insurance landscape for a very long time. There is a need to redefine retention, with millennials being the top segment of users.

So is there a one-stop solution that can help insurance industries to stay relevant to user expectations yet profitable in the long run? The answer is Omnichannel user engagement tools owing to the following reasons:

Easy to implement

User engagement tools come as a package with built-in analytics, actionable insights, Interactive journeys, and action widgets to study user behavior and act accordingly. All these are available in a single SDK (Software Development Kit), which again comes down to a few code lines added to each tracking page. 

Thus anyone with little experience in coding can quickly implement it with well-documented integration guidelines. Adding these few code lines and enabling the user interaction tracking is known as the “Integration Phase.”

Goal tracking

Goal setting happens even before the integration phase, and every business has a set of primary goals.  We at Upshot.ai handhold businesses in identifying SMART business goals that resonate with the brand/business objectives. We help them to seamlessly integrate the necessary information and start tracking goals with ease.

Behavioral insights

Every user is unique, and businesses must cater to multiple behavior types. User engagement tools are equipped with the best insight reports that can speak volumes about user behavior. Thus every business decision can be made with available data. 

Wonderful action widgets  

As mentioned earlier, user engagement tools are a packed solution for all your business needs. Insights are just a part of the discussion. There is much to add to the list. Push notifications, In-app messages, and more are needed for effective brand communications. Occasional surveys and opinion polls help to gauge the pulse of the users.

Gamification can add extra spice to the insurance customer experience. The ability to replicate reward-based loyalty programs is an added advantage. Emails never go out of trend for official product announcements. Tutorials and screen tips can be of great help for a new user. 

When can we have them all? Why limit to one? Precisely, you can configure and execute all the above-listed user actions using a single platform. That’s the power of a user engagement tool.

User engagement use cases for the Insurance industry

Less in-person interaction 

Be it because of COVID or comfort, users are now in favor of fewer in-person interactions. Agents being the core of the industry for decades, have set some expectations in deliberately explaining the policies, hand-holding the users in resolving claim issues, frequently setting up knowledge-based sessions, and informing users on every single policy update on time.

The humane experiences cannot be entirely replaced, but when the customer chooses to avoid personal contact, the best possible way is to provide similar experiences digitally.

Thus using tutorials and screen tips, we can explain how to access the necessary information. Also, small information videos can be a part of the onboarding process. In-app messages can alert the users within the app with relevant information. We can share features and policy updates via mail.

Retain users 

With data and insights available at our fingertips, we can identify users who are about to churn. Thus there is a high probability of retaining users for a longer time with personalized communications and offers. It costs five times to acquire a new user compared to retaining them. Hence, focus more on retention for cost-effective campaigns and increase customer lifetime value. 

Gamifying Insurance Customer Experience

It’s never too late to start something new. We never knew what campaign could go viral, so be open to experimenting with gamification. Game mechanics helps businesses to drive revenue without much effort by providing unique insurance customer experiences.

For example, running trivia for policy users on financial topics and rewarding the top 3 users by discounting the renewal charges can be interesting. The use cases can vary depending on the list of goals to achieve, but the concept of gamifying user experience remains the same. 

Automating Insurance Customer experience using user journeys

Random campaigns can do more harm than good. Personalized and contextual campaigns wholly based on user interactions and behavior can drive more engagement and revenue. Thus journeys can be of great value in such scenarios. Journeys provides a drag-and-drop interface to engage different segments of users with various campaigns conditionally. Therefore user experiences are automated with preset campaigns with the help of journeys. 

About Upshot.ai

Upshot.ai is an omnichannel, user engagement, and gamification platform that helps digital product owners and marketers improve their product adoption and conversions. Fortune 1000 companies such as GE, UHG, Puma, Sony, ITC, and Tenet Healthcare are using Upshot.ai and observed a massive increase in product adoption and YoY increment in revenues.

Book a demo of the most comprehensive customer engagement and gamification platform to achieve your digital product goals. Join our communities for more insights, guides, and best practices that keep you updated with proven strategies and tips to supercharge your business growth.

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