<img alt="" src="https://secure.norm0care.com/164647.png" style="display:none;">
Breaking News: Onegini and iWelcome are now OneWelcome | READ PRESS RELEASE  

Conversion from prospect to customer

Maarten Stultjens
January 14, 2021 at 12:00 PM

The success of conversion in insurances is focused at a quick response to online leads, with a measurable process to responses and nurturing leads until they purchase.
But where is the role of digital identities, how can digital identity contribute to conversion and what supportive technology is required?

Prospects start online, but are looking for expertise

Whatever we buy today, the journey starts online. The same applies for insurances. However, many consumers also prefer to work with an advisor or an agent. This applies especially for health and life insurances. These insurances very often support a multichannel strategy. This means that there is a combination of a web portal, a mobile app and possibilities to engage via an agent – especially in the orientation phase.
The journey of a prospect may start online. Prospects are offered online information and the website may – if the content is valuable enough – capture certain data of the prospect. Not too much, but well balanced with the information provided. In a later stage this information will be used for the next step in the buying process, possibly via an agent. The agent will enrich the information. In the world of CIAM this is referred to as progressive profiling. Across channels insurances are challenged to offer the same information exchange and omnichannel experience. This is one of the area’s where a CIAM system comes in play. A central identity store, with consistent security & privacy measures serving frontend and backend applications is foundational for any multichannel strategy. This includes integration of identities with apps through API’s and a mobile SDK. As agents and advisors require access to consumer data, a proper process for controlled, delegated and auditable B2B2C access is required as well.

Chatbots and third-party integrations

Agents are challenged by chatbots supported by AI. This technology has become an alternative for traditional advisors resulting in an increased NPS, especially for the millennials. With this new technology, there are new challenges for handling digital identities. In online portals and at certified agents there are structured processes for capturing information from the prospect and an appropriate degree of identity verification is implemented. In chatbots this works completely different. Identification in for example WhatsApp, or any other asynchronous messaging channel, is something rarely implemented. Or what to think of integrations with a price comparison site, or a loyalty program. Even more common are insurances being acquired and merged to achieve efficiency and enable cross-selling, resulting in different labels and legal entities. Cross-selling in these cases results in sharing data between these different legal entities. It definitely means different processing purposes. So the information exchange must be treated as earlier mentioned third-party exchange and requires consent from the consumer. A CIAM platform provides the ability to integrate with third-party applications through federation protocols for identification. It also provides the progressive profiling capabilities supported by API’s and widgets. The information exchange with third parties is subject to consent with the right ‘progressing’ purpose according to GDPR. Capturing, storing and sharing consent is essential when working with third parties. These functionalities and the third-party integrations are required during the whole customer journey and across all channels for customer support and claim processing.

Personal data - frictionless registration, with a customer in control

It is not only the stage from lead to prospect to customer where the need for sharing identity data differs, it also differs per product. Traditional webforms ask all kinds of data right from the start. Privacy sensitive consumers nowadays do not accept this kind of interaction, the registration process must be easy and frictionless. They want to understand why personal data is needed at this stage. And if data is already available, they expect it to be pre-filled rather than having to type it again…. And according to GDPR there is the need for data minimisation and clear information on the processing purposes with the need for consent.

Identity verification

The self-acclaimed information provided by the prospect may be fine for the initial step in a buying process. It doesn’t matter if we provide a policy configuration to a random Facebook user, to “Micky Mouse” or to Maarten Stultjens. However, upon conversion we need to do some further verification of the identity, for example the identity itself, the home address or the car. There are all kinds of registers and processes for identity and attribute verification available. Examples are WebID (DE), IDIN (NL) or GOV.UK. Once this process is completed the insurer can rely on the data and the onboarding of a new customer is as frictionless as possible.

No matter the type of insurance, Progressive Profiling,
JIT Consent and Identity Verification are essential

As mentioned, the verification will not only change per stage of the buying process of the consumer, but also per product. The verification for a travel insurance is very light weight, whereas the verification for a life insurance is very thorough. During the conversion the CIAM platform enables this process via a workflow and a step-out to these third-party identity or attribute providers. In CIAM we require a flexible workflow that can be easily set up. We refer to these processes as Progressive Profiling, Just-in-Time consent and Identity verification. These CIAM capabilities are essential for any digital insurer.

Read the whole series

This blog is part 5 of a series of 5 blogs about identity challenges in the insurance industry. You can read the insurance blog series here:

  1. The best customer experience for Insurance, with CIAM
  2. How Insurance companies can orchestrate the best User Journeys with CIAM
  3. Frictionless User Interaction
  4. B2B2C for Insurance: How to serve different user groups
  5. Conversion from prospect to customer

Feel free to repost this blog on your website! But when you do so, please be so kind to mention the source and give us a notice via marketing@iwelcome.com.

You May Also Like

These Stories on CIAM

Subscribe by Email

No Comments Yet

Let us know what you think