How to achieve success in selling life insurance online – iptiQ

Making the switch to online offerings is no easy task, with one of the toughest aspects being to ensure the user experience is seamless and not overly complex.

This was the type of challenge posed to digital B2B2C platform iptiQ Life & Health EMEA team when they undertook the task to help a German insurer build a new digital insurance proposition. Its aim was to create a purely online journey which would empower customers to purchase life insurance within minutes.

Life insurance is a complex procedure in Germany, requiring multiple steps including paper processes, wet signatures and strict compliance procedures. This makes creating a digital solution a minefield of issues.

To address the problems, iptiQ had its UX experts identify the key elements causing trouble for customers and then worked with specialists across product, compliance, legal, operations and IT, to create a solution that reduced complexity, while meeting the necessary compliance requirements.

The InsurTech was able to create a “digital application journey that is hassle-free for the user, yet simple to manage from a partner perspective.”

After it had built the basic product, iptiQ set out to optimise it.

When going to market, there are a number of challenges the user tests will not highlight. These include the variety of audiences you reach, the variety of buying stages they are in, how quickly their behaviours change and the impact of other channels and competition in the mix.

The company understood that one size does not fit all in this sector and conducted tests at a microlevel to uncover where improvements could be made. This product optimisation was handled by a team comprised of e-commerce experts, data scientists, UX designers and behavioural scientists

iptiQ set out three phases for optimising the platform. The first was through analytics and insights.

The InsurTech leveraged its analytics and tracking tools to understand real customer behaviour and analyse drop-off behaviour. It wanted to find where customers struggle or leave the journey. With this information, it set out to solve the friction.

The next was via high impact measures. When there were customer drop-offs in the purchase funnel, iptiQ implemented several impact improvements.

These were: streamlining the placement and presentation of customer consents and opt-ins, reworking UI elements with high abandonment or low uptake rates, adding contextual help to guide customers through the application process, and  Implementing a “save and resume” feature to enable returning customers to quickly pick up where they left off.

Finally, the company implemented A/B testing. Once the new impact measures were implemented it would conduct testing to see where there were smaller improvements to be made. One of these small changes to a CTA button nearly saw continue rates double.

Following its efforts optimising the platform, the company has seen conversion rate on customer journey increase by a factor of 2.7. The German insurer was also able to scale up customer acquisition, with its monthly sales volume up over fivefold ad acquisition cost per policy down by nearly two-thirds.

iptiQ e-commerce expert Laura Montilla said, “Optimization is an ongoing process that deep dives into customer behaviour analytics and utilizes these patterns for better and faster conversion. At iptiQ, our solution not only provides a high-value insurance proposition for your customers but sets you apart from the competitors by providing a best in class digital experience.”

To read the full case study click here.

Swiss Re has announced its white-labelling digital insurance platform iptiQ will become a standalone division. The company will now report to the Group CEO as of January 202 to enable greater focus on the business.

Earlier in the month, Swiss Re Life Capital CFO Brian Rosenblum explored the pursing of digital transformation during the coronavirus.

Copyright © 2020 FinTech Global

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