Download - Qualysoft's Best Online Offer Methodology for insurance companies with digital orientation
QS BOOMBest Online Offer Methodology
Innovation Project for insurance companieswith digital orientation
QS Research & Development , 2014Small ideas lead to great inventions
Agenda
what’s ringingthe bell
how we see it invitation
1 2 3
What is insurer facing?
Online sales currently amounts to 2-5% of total insurance revenue.
(Empirical value – source: one to one discussion with insurers)
2-5%Online sales today
Digital sales will speed up
Source: Capgemini and Efma World Insurance Report 2014
Digital sales will speed up
Online sales via digital channels in the insurance sector could double by 2016
Source: Accenture - Digital Insurance Survey, 2013
- 2013- 2016 est.
Before buying a financial product, 27% of respondents use the internet as an information
source, and also indicate to buy online. 1
27%Information source
1 Source: study of the Austrian Finance Marketing Union, November 2013.
Before buying a financial product, 55% of respondents use the internet as an information
source, but hesitate to buy online.1
1 Source: study of the Austrian Finance Marketing Union, November 2013.
55%Information source
Behavior towards online information before the purchase of financial products
1 Source: study of the Austrian Finance Marketing Union, November 2013.
Online information
55%
18%
27%27% say to the Information on the Internet: YES to online closure: YES
18% say to the Information on the Internet: NO to online closure: NO
55% say to the Information on the Internet: YES to online closure: NO
27%? 55%?BOOM focuses on both type of customers!
Online purchase resistance
The need for a personal advisor hinders the online sales of financial products: 78% of respondents
want to talk to an advisor. 1
1 Source: study of the Austrian Finance Marketing Union, November 2013.
78%Information source
BOOM is the answer to combine online with a personal advisor!
1 Source: study of the Austrian Finance Marketing Union, November 2013.
78%Good news!
There is a purchase resistance to online purchase of financial products.
Q: When buying your next financial product, you’re not going to buy it on the internet. What is the reason?
Base: N = 5621 Source: study of the Austrian Finance Marketing Union, November 2013.
internet is not safe / not anonymous
I don’t trust the online data transfer security
the online purchase is too complicated
the full product range is not available on the internet
too little personal support during product life time
it is much faster offline than on the internet
I don’t even know I can buy financial products online
the website was not serious / reliable
other reasons
the website was poorly made
price is higher online
it is not possible to conclude the financial product online
preferred payment method on the internet not offered
I want to talk to a Personal Consultant
Voice of the customer
Voice of the customer
Complexity ofinsurance
product and purchase process2
Consultancyintensive industry; Customer needspersonal advice 2
Roaming of customers Between
sales channels, devices and time slots 3
2.) Sales Performance Excellence (Sapex) study of 12/2012; Horváth & Partners3.) Vienna University of Economics – bring together the online and offline world as part of a multichannel approach; Versicherungsjournal, 30.01.2014.
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Complexity - Consultancy
Purchase process
The customer wants an insurance
Orientation about the type and kind
of insurance coverage and
content
Selection of product characteristics that
influence the decision Price, Quality, Time,
Service
The actual online purchase
NEED KIND CHARACTERISTICS
BUYINGPROCESS
Roaming of customers between sales channels, devices and time slots
In person(Branch, Agent,
Broker)
Internet(website, direct
mail)
Comparison site
And the answer to it?
Improvement of salesprocess via IT.
New technologiesand solutions
Control over salesprocess.
Humanized digitalcustomer experience.
Support transmissionvia seamless
multichannel / multisession
approach1.) Accenture - Online sales via digital channels in the financial sector could double by 2016; Versicherungsjournal, 30.10.2013. 2.) Sales Performance Excellence (Sapex) study of 12/2012; Horváth & Partners 3.) Vienna University of Economics – bring together the online and offline world as part of a multichannel approach; Versicherungsjournal, 30.01.2014.
Qualysoft’s solution is promising
Our solutionImprove
customer experience
control of whole
purchasing process
attracting more customers to Insurance purchase process
Our solution
POWERED BY IT
KNOW YOUR
CUSTOMER
ADAPT TO CUSTOMER
MAKE CUSTOMER
HAPPY
Improved conversion in the channel mix
Control over user experience and insurance purchasing process
Increase in sales and efficiency
Benefits of our solution
Benefits for agentsreplay of session history
to identify the origin of an error
1 2
improved agentwebsite user
experience
with the help of alerts proactively address
recurring breakdown issues before agents experience
them
improved relationshipbetween agent
and user
Example of a customer session being replayed that shows what a customer entered on a certain page.
Customer experience
Example of an replayed error message thata user received on the website.
Customer experience
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Visitor was spending long time on given page while getting a quote. A help function via online chat with the customer service of the insurance company is being offered him/her. Time to sent the alert was set from insurance company.
„help box” slides in from the left
Customer experience
28 CEM – Customer Experience Management
Benefits of BOOM
PRO-ACTlive
Identifyuser
Monitoractivity
SimilarityLearn
patternsReplaysession
ImprovedCEM
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Discussion
WIN-WIN
Interested in joining the QS BOOM
partner program?
Peter OrosCEO