Read more: Insurers are under pressure to improve customer experience
Optimity CEO and Founder Jane Wang (photo) spoke to Insurance Business about what it takes to have a customer engagement engine that gives insurers the data they need to improve life, health and group insurance business .
To collect the information needed to improve coverage options, insurers need to determine which companies make customers more open to providing personal information in order to best assess and mitigate potential risks.
âWe are a mission-driven company and want to help people live longer, healthier lives,â Wang said. âIncreased customer engagement obviously leads to better customer loyalty. “
The Optimity app aims to inspire members to take a holistic approach to health and the platform has consistently featured in the top 10 wellness apps due to its engagement with a community of over 2.6 million members.
âWe went into this business to save lives, it’s our main value proposition,â she said. âAll of the data we collect also leads to on-line underwriting or ongoing monitoring, which gives insurers a better ability to sell, cross-sell and innovate modernized products. “
Canadians, she said, are looking for more personalized products and digital engagement gives insurers access to the data needed to get there.
There are different versions of escrow software, but it is essential that insurers review the data collected for the benefit of the user. Wang stressed the importance of having a high-quality dataset to provide industry with valuable information that mitigates claims activity.
Balancing digital communication and automation are other keys to a great engagement platform. When customers have confidence in the design and accessibility of the software, data can be securely collected and distributed for industry use.
âHealthy relationships and open dialogue play a role in helping carriers and brokers stay innovative in the way they price and sell products,â she said.
The most important aspect to building long-term customer engagement, however, is trust.
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Healthy engagement on digital platforms requires a level of convenience and transparency to deliver the data necessary for product innovation, underwriting, and claims work. Some key features that engagement platforms typically include are: live agents, daily tracking, goal setting, or rewards.
With platforms like Optimity, customers are setting their New Year’s resolutions, giving the industry insight into the needs of these policyholders. Whether it’s buying a new car or a home, by evaluating goals, insurers can prepare for which lines will experience increased activity.
With engagement platforms that creatively use technology to gather information, insurers can segment the right data that will improve product and underwriting quality.
âOur goal is to make sure customers have the level of protection they need,â Wang said. âA lot of this also relies on insurers, and we help them assess and manage risk, so customers get the best product and price possible. “
As the industry feels more comfortable having a cohesive dialogue with customers through emerging digital platforms, the right data will be made available, providing more opportunities to build a better financial future. for everyone.
Leveraging engagement platforms that track consumer behavior are paving the way for the industry’s future. When clients benefit from tailored holistic insurance solutions, retention is a walk in the park.
âIt’s so important to create a healthy relationship with data,â she noted. âIt helps build healthier, long-term relationships. “