december 03, 2018The importance of customer onboarding in the insurance industry
Digital Customer onboarding, where to start?
Are the digitalization strategies successful? That depends what metrics insurance companies use. What is the real reason for digitizing? Is it from a cost perspective, like reduction of operational costs or is it from an opportunity perspective, like measuring the increase of customer interactions, loyalty and NPS?
After reviewing all the relevant numbers, we conclude that insurance companies are still struggling in getting their customer base online. Most intermediary insurers have not reached an onboarding percentage of 30%. Onegini is raising the bar on those numbers.
Aegon, Onegini’s launching customer, decided in 2011 to invest hugely into digitalization. According to the board of directors, insurance companies without a digital strategy, would simply stop to exist in the next 5 years.
As of today, Aegon is still digitalizing their processes and other insurance companies are executing similar digital transformation strategies as well. In an unchanging world, you could assume that those strategies work out well for them. However, between 2011 and 2017, many new developments on a macro- and industrial level resulted in an even higher demand for digital transformation. Further changing customer behavior, the introduction of Internet of Things, mobile first, omni-channel, the rise of online shopping, competition from new entrants, the upcome of personal data and corresponding privacy regulations are just some examples to mention.
The role of Onegini
Onegini recognized these developments. Over the last few years, many companies approached us with the question to help with digitalizing their customer base.
From 2011 onwards, Onegini has helped many insurance companies getting their customers online. Thanks to a broad knowledge of the insurance sector, proven insights in onboarding approaches, how to increase interactions and how to analyze and react on those insights.
A series of blogs, written for ‘the business side’ about how to intensify transformation!
Within the coming two months, Onegini will publish a series of blogs on transforming your insurance organization. We will address various topics of customer onboarding. We will talk about definition(s) and metrics of digital transformation, the necessity to transform, the challenges from an organizational perspective, the thin line between GDPR and obtaining personal data and we will provide blueprints and address best practices. This series is especially interesting for marketeers, product managers, online managers, commercial managers and customer journey specialists who would like to improve customer onboarding from a business perspective.
See below for the outline of the topics in the series