How to turn quotes into policies with a DXP

Are you an insurer that suffers from a high number of abandoned quotes? Do you attract potential customers only to lose them before they complete an application? If so, it could be because you’re having the wrong customer conversations and falling short at this crucial touchpoint.

Today, digital experience is everything. If you fail to engage positively with buyers and meet their needs and expectations, they’ll be quick to find an alternative provider who understands the importance of customer experience. While price will always be one of the deciding factors for quotes, buyers now expect speed, flexibility and hyper-personalization.

Along with utility providers and retailers, insurers are often cited as poor performers when it comes to customer service and digital experience, so a high cart abandonment rate is not surprising. But because insurance is a grudge purchase – you need it but would rather spend your money on other things – the quote experience should be as palatable as possible to keep buyers engaged.

The importance of customer experience in insurance is at a peak. Not only do customers place high priority on personalized digital communications from insurance companies, but one negative digital experience is enough for 50% of customers to switch to a competitor.

Incumbent insurers have to work even harder to gain and retain customers. Insurtechs and other digital challengers are stealing market share with more focused offerings and better online engagement, while customers have grown used to personalized recommendations, omnichannel advice, and digital end-to-end journeys offered daily by noninsurers. Being customer-centric has never been more important for incumbents. McKinsey research shows that six out of ten customers switch channels prepurchase and that third-party platforms have the lowest satisfaction scores among channels. For insurers, this is an opportunity to improve their customer experience across the entire digital ecosystem.

So, how can incumbents regain lost ground and consolidate their position as the dominant players? The answer is to focus on great digital experiences and building digital experience platforms (DXPs) to increase the value of every touchpoint.

The quotes stage is the make-or-break part of the customer journey. If a buyer doesn’t sign up, insurers lose a potential customer and all the recurring revenue that might result from a long-term relationship built with the help of a DXP. 

Insurance companies face a unique set of challenges. The 25-34-year-old customers present a real opportunity for carriers as they enter an age where they are primed to shop for life insurance. However, the customers (aged 25 - 34) have the biggest tendency to abandon their cart.

So, to avoid a high number of abandoned quotes, insurers must focus on solving the customer’s pain points by offering a versatile digital quotes experience that eliminates:

A digital experience platform will help insurers connect on a more human and approachable level. Rather than routine transactions, insurers will have meaningful and customer-centric conversations. Conversations that increase the likelihood of conversions and reinforce the trust and dependability that are core strengths of incumbents.

With Magnolia DXP, insurers have a dedicated conversations app that brings precision and personalization to every quotes discussion. Buyers can begin conversations in any channel of their choice, such as web, mobile and even social media, and every step is optimized to create a seamless experience.

The foundation for a great quotes experience is Magnolia’s app-based conversational form, which can significantly boost conversion rates. According to Ideta, a specialist in conversation technologies, conversational forms can increase conversions by up to 300%. Similarly, research by Databox, the business analytics and dashboard provider, underlines the value of the conversational approach over traditional forms.

Unlike with other platforms, conversational forms are an integral part of Magnolia. No add-ons are required and insurers can start using the forms immediately to shape content across a wide variety of business lines and products. In addition to quotes, the forms can help to steer claims conversations and improve customer experience at a time that is often very stressful for policyholders.

Flexibility is a key benefit of Magnolia’s approach for quotes. Beyond the versatility of the conversational form itself, you can set up and initiate quotes conversations by:

Begin on the right foot with conversations that draw buyers in and make quotes simple, streamlined, personalized and to the point. No unnecessary questions, no tedious form-filling, just a bespoke service that takes the pain out of applying for cover and always matches customer preferences and needs. Magnolia keeps it human, responsive, and relevant, ensuring a positive experience every time.

Magnolia’s conversations app puts you in control and provides complete flexibility. Build conversational forms via drag and drop, and design them to match your brand. No coding is required, the graphical interface is quick and easy to build, and everything can be customized to create the look and feel that you want. Thanks to Magnolia's digital asset management (DAM) Connector Pack and internal DAM, you can add icons and other visuals whenever required. 

Gain insights on buyer behavior and motivations with analytics that track the customer journey. Use ABn testing to determine which type of customer communication is having the most positive effect.

Magnolia DXP means quotes without limitations. Start conversations in any of your customers’ preferred channels, such as apps or web pages, at their convenience.

Reduce time-to-market by creating everything on one platform. With Magnolia’s low code approach, it’s easy to create frontends and send data to any system.

Cross-selling and upselling can be included in the quotes journey, and you can provide helpful information on topics such as claims prevention.

Don’t let a poor quotes experience lose you a customer and the potential for a long-term relationship. Gaining customers is always more difficult than keeping them, but Magnolia can not only increase your conversion rate, it can also boost lifetime customer value thanks to the many ways a DXP enhances customer touchpoints and strengthens relationships.

Book your personal demo to find out how Magnolia creates unique digital experiences across touchpoints and boosts conversions.