Digital closing routes for insurance companies

Targeted data analysis for higher completion rates

  • Challenges
  • Solutions
  • Offer
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    Detailed insights into customer behaviour for data-driven optimisation of your TAA routes

    Insurers are increasingly faced with the challenge of generating sufficient visitors to their website and generating enthusiasm for the digital sales channels and the products and services on offer. Despite an extensive presence in all relevant media channels, the closing rate often falls short of expectations.

    The constantly changing market landscape and changing customer needs do not make the challenge any smaller. In order to remain competitive, insurers must continuously optimise not only their products, but in particular their online contract routes or TAA routes (consisting of pricing, offer and application): The customer experience from the first glance to the conclusion of the contract is crucial for success in the digital age. Insights into customer behaviour and channel performance play a central role in this.

    Many insurers are still struggling with fragmented data sources and isolated data silos. However, in-depth insights into customer behaviour are essential for optimising online sales channels. With the help of improved data analysis - especially through the use of new AI technologies - more precise insights into the digital behaviour of customers can be gained. As a result, the checkout process can be designed in such a way that it is personalised, intuitive and tailored to the customer's wishes, thereby increasing completion rates and sustainably improving the customer journey.

    The end-to-end process at a glance

    A transparent tariff offer, the simple presentation of tariff details and information about the tariff benefits are key components of insurance sales and decisive for the first impression a customer gains of an insurer. The very first visit to your website determines whether he or she finds the offer appealing and relevant.

    A 360-degree funnel dashboard enables you to fully examine these processes and fully exploit the optimisation potential across the entire customer journey. This gives you comprehensive insights into your customers' entire journey: From the first interaction to the success page. Continuous tracking and analysis of behaviour from the advertising material to the website to the signing of the contract allow you to identify optimisation potential so that the effectiveness of your campaigns and TAA routes can be improved. The interaction of the three elements - campaign, TAA route and reporting - is crucial to ensure a smooth and efficient customer journey.

    1. Campaign

    A campaign is characterised by several key elements that ensure its effectiveness and appeal to your target group. You should consider these key aspects when planning a campaign:

    2 . TAA route

    Several aspects are important for the success of a TAA route, which must be continuously reviewed with regard to their optimisation potential . In addition to the following elements of online sales channels, attention should also be paid to the omnichannel strategy. The offers presented to the customer should also always be made available to the sales force so that they are involved in the process, can provide support if necessary and the customer can contact the person directly and easily if they have any questions.

    • Pricing

      In order to fully exploit the optimisation potential, the following key aspects should be taken into account when setting tariffs:

      Risk assessment

      Analysing the individual risk profile of your customers based on personal data and statistical models in order to determine the optimum tariff constellation for the customer.

      Data preallocation

      Pre-population of personal data, bank details, contact details and EWE enquiry, if not already available.

      Tariff options

      Display and pre-selection of suitable tariffs, which are to be displayed based on the risk assessment and individual customer characteristics. This helps the prospective customer to orientate themselves and choose the right tariff.

    • Offer

      The offer process is crucial for further positive progress. The following points should therefore be considered in more detail:

      Personalisation

      Display of personalised offers based on the customer's individual needs and preferences, e.g. suggestion of an additional module based on existing customer data, such as their family status.

      Flexibility

      The option of combining different cover options, additional services or packages in the offer or putting them together individually.

      Real-time offers

      Immediate generation and provision of quotations based on the information provided by the customer.

    • Application

      In order to be able to offer your customers a customised solution, the subsequent topics of the application should also be analysed for optimisation potential in addition to the process step of the offer:

      User friendliness

      The design of an intuitive and simple application process that guides the customer through all the necessary steps without any hurdles.

      Data entry and checking

      Complete capture of the required information and automatic validation of the data to avoid errors and minimise queries. Direct feedback during input (e.g. if a data entry is not valid) helps the customer to complete the form.

      Digital signature

      The integration of e-signature technologies to finalise the application completely digitally and thus simplify and accelerate the completion process.

    3. Tracking and reporting

    Seamless tracking enables optimal insight into customer behaviour and helps to generate findings quickly and easily. In addition to the use of A/B tests to test different variants of the TAA route and identify the best possible version, systematic user tests and the collection of customer feedback are useful, for example through the integration of feedback interstitials and an expansion of the data space to include qualitative user experiences.

    KPIs (Key Performance Indicators) are essential for evaluating the success and efficiency of the entire process.

    Reasons why you should scrutinise your KPIs today:

    • Measuring effectiveness and optimisation potential

      By continuously monitoring key figures such as the cancellation rate or throughput time, problems can be identified at an early stage. Measuring the same key figures along the customer journey can help you to determine where there is still room for optimisation. One key KPI is the conversion rate, which provides information on how effective your TAA route is in converting potential customers into policyholders.

    • Learning from customer experience and continuous improvements

      A positive customer experience can lead to better, more long-term customer loyalty. However, "negative" customer experiences and a higher drop-off rate, for example, which is characterised by customers leaving the checkout process early, can be used to analyse, evaluate and subsequently eliminate possible causes. The process can be continuously improved and thus optimised through constant learning based on customer feedback.

    • Support in strategic decision-making

      A well-founded evaluation of KPIs enables data-based decisions to be made regarding investments, process changes or the introduction of new functions and minimises the risk of wrong decisions.

    • Monitoring economic success

      KPIs such as cost per acquisition (CPA) can help you measure the economic success of your TAA route and ensure that the existing process remains profitable.

    Our offer

    Given the multitude of challenges and requirements, a well-founded strategy is necessary: Which hypotheses should be tested? What is the best approach? Where are the pitfalls and where are the quick wins?

    We work with you to develop your perfect path to a successful TAA route so that you can increase your completion rates.

    We offer you:
    • Workshop - "Data check": Determination of the status quo, analysis of optimisation options for your TAA route and identification of quick wins
    • Creation and implementation of a KPI dashboard
    • Development of key performance indicators such as customer lifetime value
    • User research, persona building and communication optimisation
    • Implementation and redesign of a TAA route according to your individual wishes and requirements

    You benefit from experienced interdisciplinary teams of insurance experts, specialists in customer journeys, user experience, customer analytics, CRM systems and IT architecture - whether agile or using traditional methods.

    Do you have any questions?

    We are looking forward to an appointment on site.

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