The Financial Brand Insights - Winter 2021

to leverage them. If an insurer wants a customer to transact digitally, it’s critical that the digital experience starts during the purchase process. While industries such as retail and banking have focused more on the online customer experience, insurance companies have, traditionally, lagged behind with their product development. Now is the time to accelerate their digital transformation.

common goal: the customer. The most important data, after all, is not about the product itself, but how your customers interact with your product. Together, these teams should focus on ensuring that there are no conversion-blocking issues, such as broken sign-ins or other technical issues that make it impossible to complete a task. The next step is reducing self-service friction such as long-load times or confusing new features with low conversion rates. Once insurers have the basics down, they can start turning customers’ pain points into UX iterations, and begin to build a user experience that both surprises and delights customers. After finding these customers' pain points, retailers can turn them into UX iterations and start building a user experience that actually leaves customers walking away with a smile. More importantly, insurance companies need to ensure that their digital products are driving revenue, cost savings and conversion rates. That’s why the QuantumMetric team has developed Continuous Product Design, a methodology for building digital products faster. Continuous Product Design takes agile methods and applies it across the organization. For insurance companies building their mobile apps, this means taking a data-driven approach to product development and continuously iterating based on customer behavior and signals. By ensuring that they are offering a standout digital experience for every touchpoint across the insurance journey, from delivering a quote to claims processing, insurance companies can build stronger lasting relationships with clients. In the industry, customers are predisposed to lacking trust in insurance companies to actually pay out their claims. A standout digital experience that clearly articulates the status of a customer’s claim, as well as what steps a customer needs to take to file one, can help to create more transparency between the insurer and its customers. The upside? Insurance companies foster brand loyalty, as well as build trust with their customers. ▪

Despite Challenges, Insurers Must Evolve

Unfortunately, insurance companies are not only competing against other insurance company’s digital experiences. Their customers are comparing their apps to those offered by top tech companies like FaceBook and Amazon , which have become the gold standard for mobile experiences. This means that they have to be familiar with the full digital landscape and how customers interact within it. Covid-19 has only accelerated the need for digital-first experiences in the insurance world. Digital-first is here to stay. This means that the key differentiator will not be having a mobile app, but delivering an easy-to-use, intuitive customer experience. HowTo Build a Standout Mobile Experience The solution? Developing a customer-centric approach to product development, with an emphasis on speed and flexibility. This means shifting from a product-driven business model and towards a customer experience-driven approach. Part of this approach requires digital teams at insurance companies to study how their customers engage with products, backed by actual data. How are customers navigating through the mobile app? Are they able to accomplish the same things on their mobile devices as they can from their desktops? Are the workflows intuitive, or are they too long and winding? For insurance companies, the challenge will be to align teams across the enterprise — product, UX, IT, CX, marketing, and others — around a





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