Other articles in this series:
- The Values & Benefits of the Breathe Life Platform
- A Focus on User-Centricity Creates a Win-Win Scenario
- The Power of Consumer Insights and Business Intelligence
- The ROI of Using the Breathe Life Platform
As mentioned last week, this blog series is all about exploring the values and benefits the Breathe Life platform provides its partners.
To get us started, I wanted to look at the first big value — User Centricity. What does this mean? To us, User-Centricity is about two things. First of all, it’s about designing all of our products with a user-first mentality. This is so important because the main reason for taking products and services into the digital age is to better reach and convert your target audience. We’re seeing more and more human touch points within the sales cycle diminishing as the focus is being put on the online consumer experience. A lot of this comes down to how seamless the customer journey is from beginning through to the end point.
The second part of User-Centricity revolves around how the insurance industry needs to switch from being product-driven to being consumer-driven. The modern consumer is educated, opinionated, well-research and we’re now seeing that consumers are dictating what insurance products are launched in the market. The Breathe Life platform was designed to embrace the modern user both in the products that are available to them and the experience they have in purchasing them.
The Consumer-Driven Module was the first part of our platform that we built and it’s really where our focus on user-centricity shines. A huge amount of customer research and testing was put into not only determining what products were sold through it but also to building an online life insurance application that was easy and painless to navigate. The placement of every navigational button, the length of text on each page and the flow of questions were crucial to ensuring that consumers were able to easily navigate through the questionnaire and avoid getting overwhelmed.
Next up was the Advisor-Driven Module. In this instance, it would have been easy to simply digitize an application form like your typical e-app. However, there was no way that this would come anywhere close to meeting the level of functionality we wanted this tool to provide. Besides that, simply digitizing a form would have done little to re-invent the way advisors do business and wouldn’t really have had a significant impact on them. Instead, we went through multiple design experiments and workshops both internally and with various stakeholders. From this, we were able to fully scope out a solution that advisors and their clients could easily navigate. The idea was to completely wipe out any of the laborious processes to deliver a streamlined application process with a faster underwriting and response time.
One of the biggest parts of our user-focused design for both modules sits on the ability to always be monitoring how consumers are interacting with the platform and make product, design and software adjustments to fit this. Traffic, engagement, and drop-off data points throughout the modules are monitored to build up a trending analysis of how users are interacting with the platform. This allows us to tweak and smooth out potential bottlenecks. This means that we are always pushing out updated versions of the system so that we stay on top of our evolving client requirements showing them that we actually listen. We are constantly working with our partners and their reinsurers to ensure the products they are selling match what consumers are looking for. No two of our industry partners have exactly the same characteristics therefore when building out our white label tools we ensure it is ultimately adaptable to the goals that each partner has within their target market.
The major benefits to our partners from integrating with a well-designed platform is clear. Operational costs associated with the sales cycle will fall as advisors and agents can manage their accounts with ease, flipping between policies, policyholders and their data points and metrics. This means that teams have more time to seek out new business in more complex demographics as opposed to simply managing the historic administrative burden.
On top of this, by enabling consumers to better understand the service offering and navigate an application process that guides them through each step crucially allows our partners to sell more policies and to sell them in a better way. People are remaining engaged throughout the various stages and are actually ending up with something that they feel fits them well. Being the masters of their online journey ensures the customer understands they have navigated themselves to the right policy, with a little professional helping hand at the right time, of course.
Stay tuned next week as I explore the second value of the Breathe Life platform — Improved consumer insights and business intelligence capabilities.