Other articles in this series:
- Reduce Your Costs by Modernizing Your Distribution
- Modernize Your Insurance Distribution to Reduce Your Risk
- Modernize Your Distribution by Augmenting Your Connectivity
- Build, Measure, Learn — Modernize Your Distribution to Win
With a modern insurance distribution model, building, measuring, and learning happen almost concurrently. Companies learn by tracking client behavior and measuring conversion, which feeds into building and modifying existing products. Measuring data helps them quantify customer wants and behaviors so they’re constantly learning more about their market. The three in harmony leads to better results.
The Breathe Life Advisor Experience can help carriers and advisors better understand their sales data. Currently, when advisors are submitting paper applications or e-apps, there is oftentimes no data being collected and analyzed. With the Breathe Life platform, you can get a better understanding of how advisors work and what their performance metrics are. For example, Advisor X has a high close rate but upon examining the data they can see that 60% of their policies lapse after 2 years. This can prompt them to evaluate the types of policies that they’re selling and to who so they can ensure they are always improving. It’s all about measuring and learning!
And it’s not just on the advisor side of things. When you’ve modernized your distribution you can quickly understand how clients react to user experience changes. Let’s say you tweaked your interface. Tracking their progress to a completed sale will tell you if they’re dropping out of the purchasing channel sooner or at a specific step before they click “buy.” If so, you know you need to make changes in that area.
If you changed your content and condensed product explanations, are customers now consistently asking chatbots questions relating to the content you removed? Maybe you need to beef up the on-page explanations. Or, data gathered from common chatbot questions could help you identify which steps in the application process fail to guide customers.
Working with an InsurTech partner like Breathe Life that collects and aggregates anonymous data from their partners, gives you access to data from a wider pool of customer behavior. This drives better learning and quicker identification of market trends, meaning you can respond more agilely to shifts in customer demand and build personalized products to meet their needs with a modern distribution network. Industry-wide analytics on customer conversion will also tell you which products the market reacts to best.
Another real-world example of how an InsurTech can help you build, measure, and learn faster is Hublio. Hublio has built insurance robo-advisors for individuals who want to analyze their property and insurance policies. Users can take pictures of their assets, policies, and claims, and upload them to Hublio’s platform. Hublio takes this data and compares it to the market and people with similar circumstances to identify cost savings or possible optimizations for the consumer.
The platform helps human advisors better manage and respond to client needs, so they can spend more time connecting directly with clients. It’s led to a growth in customer satisfaction and revenues for brokers and insurers who partner with them.
Building products, measuring customer response to them, and learning from that response, is now possible in real-time with the use of Breathe Life’s online platform. Working with us, companies can modernize their distribution network and realize all of the benefits I’ve talked about in this last series.