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Tips for Insurtech Business Success

Insurance

Tips for Insurtech Business Success

Nowadays, online financial services are much more comfortable for the customer than traditional banking. Customers prefer digital interactions more than agent interaction. Digital-banking provides more flexibility for the customer to learn and choose the product and services they want. Traditional banking lacks a systematic shift from one to another service.
Online platforms have some benefits like convenience, cost-effectiveness, diversity of product, and 24/7 services. Still, some insurers stay behind the competitions.

Here are some tips for the insurer for their digital business.

Consumer Psychology:
it is almost impossible to ignore the impact technology have on the human mind. From a kid to an elder, each one gets influenced by technology. Technology makes us think differently, feel differently and even dream differently. Insurance customers are looking for simple, customized, fast, and affordable coverage and they do not want to negotiate with customer experience. Technology impacts people’s thought, thinking process and how they react. Many businesses, trying to take the focus of the customer and sale them products. For an insurer to divert their mind without the digital platforms toward business is much difficult. An insurer can make changes that can assure a positive impact on business by focusing on consumer psychology. The positive digital-impression on the customers stays longer. The smallest changes in the digital space -like word-fonts, colours, spacing in words, and image placings impact the consumers. Customer can start relating the small changes with the business, and it can become the brand masterpiece. impact

Minimalism:
When a customer visits the site, he/she should not get confused with the number of pop-ups and pictures. Keep the instruction clean, simple, limited and short. While developing the insurance software, think about how customers will react. Having things minimal is often the best method. Treat a customer as a person, and your business as an ideal place for the customer.
For example, Premium payment options should be in one row so a customer can pick the prefered payment options. This section should be free of advertisements and excessive notifications.

Trust:
Trust built by thousands of words, actions, and decisions. It is hard to say how essential is trusting for the insurance business. For the insurer, a lack of trust is the highest expense. Successful insurtech experts know that trust is key to the genuine success of any kind.

These are eight pillars of TRUST written by David Horsager :

● Clarity: a business should be clear about the vision, mission, purpose and activities
● Compassion: It drives people to go out of their way to serve the physical, mental, or emotional distress of another and themselves.
● Character: Customer notices those who do what is right ahead of what is easy. A business that focuses on what needs to be done, when it needs to be done, whether they feel like doing it or not.
● Contribution: Be a contributor who gives real effects. A business that shows compassion and character but does not provide any results will never get a customer’s trust.
● Competency: A humble and teachable person will always find new ways of doing things. They stay updated with new ideas and trends.
● Connection: Building a trustworthy relationship is mandatory for businesses. By being the trait of gratitude, and you will be a magnet.
● Commitment: Customer trust in those businesses that fulfil the promises they made and stick with the commitment. For an insurer, the Insurance business is all about standing for what they committed to the customer.
● Consistency: keeping consistent and relevant to the business vision and mission.

Innovation:
Insurers always have to work faster, more efficiently and above-all take the smarter decision. Artificial intelligence, machine learning, the Internet Of things, Digital devices, Electronics, gadgets are few technologies that insurers can look at and try according to the business needs. Read the Fecund blog, where our insurtech expert has shared the new insurance trend in 2021. Businesses need to be careful of various industrial shifts/trends and integrate them as per insurance industry requirements.

Conclusion:
Understanding consumer psychology, keeping the minimalism sells, building trust and implementing innovation drive the successful insurtech business.

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