What are the best practices for using Insurtech to acquire and retain customers?

Understanding your clients involves you listening to your clients. Most of the time when we are listening we are being reactive. They call in, email, or post on social media. Wouldn't you agree that in any relationship it means more when someone asks is something bothering you versus you having to tell them? Consider using an after purchase survey (sometimes referred to as "0 person data") to ask questions before there is a problem. Instead of asking "how was your purchasing experience" try asking "what's important to you in an insurance provider?"Try to gain insight into their motivations. Provide multiple choice answers since it will be easier for data correlation later.

One of the most efficient ways how to get scale is to find an existing client base of a distribution partner. To offer insurance as additional product or embedded in original non-insurance product.

Despite claiming that "insurance is all about data," the reality is that insurers mainly own declarative and contractual data. Hence, there is an opportunity to empower them with adjacent/additional data at the subscription time and in the contract life cycle. As customers and enterprises evolve over time, it's key to have updated details about who they are to better assess their risk level and appetite. That's where data InsurTech could help: spot and access new data sets to feed incumbents with relevant data points.

Vayamos más allá de las métricas y usemos "customer journey maps" para visualizar todas las interacciones desde la perspectiva del cliente. Esto revela insights emocionales invisibles en los datos duros. Al hablar con clientes indaga a fondo sobre las motivaciones, miedos y anhelos que subyacen detrás de sus decisiones. Armando "buyer persones" con estos hallazgos cualitativos podemos rediseñar completamente la propuesta de valor.

It's one of the most important factors which one needs to focus. Developed features in the product with empathy towards the customer, develop prototype, show it to your clients to take feedback, develop PoC, refine, develop the product and release and repeat.

Recently the 'product' part of the insurance value chain became very active in InsurTech Europe. More startups are indeed leveraging technology either to revamp the way to address standardized risks (car, home, etc) or they embrace tech trends to address new risks (cyber, weather, digital assets, etc). There is indeed a specific challenge in that category: there is a lack of data as these risks didn't exist - or were very limited - in the past. In that background, incumbents don't own specific data sets and could leverage InsurTech startups to spot, access and get sense of new data sets with algorithms. That's a way to build new and innovative insurance products.

Use the 0 and 1st party data to isolate characteristics of policy holders with the longest tenure.These clients are the ones who get the most value with you. A.I. can assist. You can also use AI to discover businesses that cater to a similar client. Now you have an opportunity to buld a strategic partnership where you can develop a product that will strengthen the relationship of that partner and consumer while adding premium for your most profitable segment.

Sugiero segmentar los portafolios de clientes con opciones progresivas de innovación en productos: de lo más convencional a lo más disruptivo. Esto expande nuestro alcance y mejora la adopción ➡️ productos más disruptivos a clientes que estén dispuestos a adoptarlos. Además, antes de construir cualquier feature nuevo, recomiendo validar la hipótesis de valor con clientes reales via prototipos. Esto ahorrará mucho dinero al evitar desarrollar soluciones que nadie usará.

As insurers are starving for "operational effectiveness," InsurTech has a huge opportunity to consider. It starts with digitizing existing processes, but there is way more to do in revamping the way insurance is done. Let's consider the subscription process: for years, the market has been pondering "how to reduce the number of questions?" InsurTech could help incumbents design lighter and smoother onboarding processes by exploring new and adjacent data sets that could help better understand who the customer is without asking it specifically. The same goes for "life moments": technology could help spot these changes and suggest relevant products whenever the customer needs them.

La eficiencia interna mejora experiencia externa. Ahora, dependiendo de dónde está tu negocio en la cadena de valor, considera si necesitas evitar la trampa de optimizar utilidades a costa de despersonalizar. Esto incluye desde la suscripción hasta la gestión de reclamaciones, asegurando que cada interacción con el cliente sea fluida y sin complicaciones.

Things are changing fast in the startup ecosystem. This also applies to the InsurTech industry. With over 10 years of background, there is a lot to learn from the first wave of insurance innovation: from challenges still to tackle to best practices to embrace. And incumbents are not immune from learning from initiatives their peers launched in the past ! Finally, it is worth having a broad geographic focus. Good solutions and ideas cannot be in your local market only...

Este aprendizaje debe enfocarse en resolver desafíos reales de clientes ya adquiridos, no solo en cazar nuevos. Invertir en retención rinde hasta 10X más que en adquisición. Recomiendo implementar "Customer Advisory Boards". Puedes hacer meetings trimestrales con clientes líderes que aporten insights invaluables sobre cómo innovar en experiencia de servicio y desarrollo de productos. Sus ideas deben impactar directamente el roadmap.

Testing the effectiveness of the client corporate insurance covers. Our forthcoming SaaS risk financing tool includes a module designed to generate a comprehensive risk financing profile for insured parties. This profile, condensed into a single A4 page, offers a clear visual representation of their insurance program. It encompasses the entirety of insurable risks, presenting a holistic view. Each risk is depicted along with the extent of coverage provided, ranging from 0% to 100%. It has transformed our discussions with partners, marking a significant shift from the traditional adage, "Insurance is not bought but sold." The introduction of the risk financing profile has empowered the insured to become an informed buyer.

Experiment, Fail and Fail Faster rather than late failure. These steps needs to followed at an early stage of Product development so the product feedback is taken during PoC stage and implemented. Keep on adding new features so the product is evolved to beat competitors in the market. Keep feedback coming so the product improvement continuous to happen.