Research shows that 73% of consumers want to complete an insurance quote online when looking for coverage. [BONNINSTUDIO / Stocksy]

Whether it’s for our homes, cars, pets, valuables, health, or lives, we buy insurance for just about anything that’s important to us. And we are moving more and more online to do so. Research shows that 73% of consumers want to fill out an insurance quote online when looking for coverage – and almost a quarter say it’s absolutely necessary.

The industry’s response to growing digital demand

Accessing digital insurance isn’t just about having a convenient option. In many parts of the world, closures linked to the pandemic have made digital the alone option for a large number of consumers and businesses. Fast forward one year: policyholders now have higher expectations of how an insurer should support them with digital products and services.

And this is clearly a great opportunity for the industry. Investors are making big bets on innovative insurance providers that integrate technology into direct-to-customer (D2C) models, signaling a huge market with unmet needs. Historic carriers are keen to meet this demand – 64% of insurance executives increasingly expect their businesses to adopt a D2C approach.

Here are three ways your business can gain a competitive advantage:

Engage your customers throughout their digital insurance journey

Insurers are already catching up with other industries by providing hassle-free shopping experiences. But that doesn’t mean a customer’s insurance buying journey will be straightforward.

While online consumers are generally not shy about providing their credit card details at checkout, they may be shy about entering personal information for an insurance quote. According to the Baymard Institute, the online cart abandonment rate across all industries is 70%. The insurance and financial services rate is a 83%. This is where an automated retargeting strategy comes in to entice customers to fill out quotes.

But understanding what drove the online customer to purchase insurance in the first place is the key to effective engagement. It is often the result of a major life event, such as buying a house or having a baby.

In short, insurance must respond to our situation. The challenge for insurers is to capture this circumstantial information to help segment their markets and shape more personalized offerings. Establishing a direct relationship that allows for more regular digital touchpoints with customers is an important step. And an online presence makes it possible to reach many customers instantly and at a lower cost than through intermediated channels.

We can reach the customer through any digital experience, we can quickly expand into new markets and maximize the value of data to cross-sell and personalize the experience.

Rafael Gonzalez, CEO of Singularcover

For example, SingularCover provides simple and flexible insurance for small and medium-sized businesses, the self-employed and the self-employed. To build a better customer experience, the company offers a fully digital and tailor-made insurance solution. “We can reach the customer through any digital experience, we can quickly expand into new markets and maximize the value of data to cross-sell and personalize the experience for each customer,” said Rafael Gonzalez, CEO and Founder of SingularCover, in a recent Salesforce webinar.

Be ubiquitous – meet your customers where they want to go

Consumers spend 56% of their online media consumption time and as a result, many people start the process on a digital channel. In fact, insurers have seen the use of mobile applications increase by 26% in 2021. But a customer may want to speak to someone before purchasing to better understand a specific coverage or just to be reassured that they are making the right decision. For insurance companies, that means omnichannel processes that connect online and in-person interactions, and comprehensive customer information that informs great advice.

Interactions should be fluid and consistent. If a customer accesses your site from their phone and ends up abandoning their quote, they should be able to come back using a different device and complete the process seamlessly without having to re-enter their data. Likewise, they should be able to contact a customer service representative who can see what happened and, if necessary, complete the process, not restart it.

Send the right messages at the right time

Digital insurance is more than just setting up an online quote form. Success requires personalized experiences and engaging customers with trusted advice at the right time.

Think about all of the critical moments along the customer journey, including researching online, getting a quote, purchasing a policy, changing coverage, and making a claim. Providing personalized advice and recommendations at every step can build customer loyalty and increase customer acquisition.

Many insurers favor a guided sales process that asks customers a minimum number of questions about their coverage needs, enriches them with external data and provides a personalized quote in real time. SingularCover illustrates this personalized approach. “At SingularCover, the core of our business is to tailor our insurance solution to our client’s specific risk profile and to digitize the entire value chain to maximize the customer experience,” said Gonzalez. “With our scalable D2C distribution and our experience-based assurance model, we can do both.”

Compelling digital offers are no longer a “good to have”

Dive deeper into the automation of the online digital insurance lifecycle across marketing, sales, policy issues, service and claims.

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