Start your Sales Engines with our Fun Infographic
The digital customer experience is increasingly driving sales for Property & Casualty (P&C) insurance carriers. In today’s digital-first world, customers typically begin their buyer’s journey online. In fact, nearly 75% of insurance customers research products online, according to a J.D. Power report.
While the vast majority are starting online, P&C carriers face a notoriously high abandonment rate of—interestingly enough—75%. Perhaps it’s serendipity, but 75% comes up yet again here. Nearly 3 out of 4 customers attempting to purchase insurance online reported multiple problems, a study by Accenture finds.
Basically, most insurance customers start online, face problems and simply leave the website or application. It’s a massive lost opportunity. But what if P&C carriers could deliver a better customer experience that reduced friction points and kept customers interested? How much could that accelerate growth?
With such a high abandonment rate, it’s not surprising that the current conversion rate for the P&C insurance industry is a paltry 5.1%. The key to lowering that abandonment rate—and driving up the conversion rate, is Digital Customer Service (DCS).
DCS goes beyond Multichannel and Omnichannel promises to deliver a seamless customer experience. More than channel options, with DCS visitors can easily transition from chat to OnScreen voice or video by simply clicking a button rather than calling an 800-number.
DCS provides a customer-centric experience that doesn’t break the digital connection. Rather than hitting a dead end road in chat, DCS provides a smooth highway that allows customers to quickly reach their preferred destination, or at least learn about and purchase the right insurance products for them.
Better yet, DCS provides powerful collaboration tools that allow Customer Service Representatives (CSRs) to easily guide visitors to the information they need and even co-navigate processes such as filling out policy forms. In addition to a better customer experience, this can accelerate the sales cycle.
With Live Observation, for example, CSRs can see when a customer pauses on a Web section and needs help. CoBrowsing takes it a step further, allowing CSRs to proactively guide visitors, launch web links for them and even help fill in applications. The CSR can virtually take the wheel and put the customer on the right road.
During a time when many carriers are evaluating where they spend and seek to optimize return on investment, customer experience should be a top priority. A better customer experience can dramatically lower the abandonment rate, increase conversions and help drive a healthier bottom line. That starts with DCS and a platform that overcomes friction points while empowering CSRs to deliver better, personalized service.
To illustrate how DCS works, especially for car enthusiasts, we’ve created an interactive infographic that maps the P&C insurance customer journey and provides advice on how to improve the ride. View the infographic and start driving insurance sales with customer experience today.