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The best customer experience for Insurance, with CIAM

Wouter de Wit
September 24, 2020 at 1:34 PM

The insurance industry is confronted with challenges due to digitalisation. Consumers become more demanding and want transparency and an easy yet excellent customer experience. Insurance companies typically have a very dynamic business environment servicing both consumers, businesses and agents, while also having to deal with a complex IT infrastructure originating from the various acquisitions a typical modern insurance company is made of. Implementing the right CIAM solution is a key element in the digital landscape of insurance companies to realise their goals and excel beyond that.

In a series of insights, we will share our experiences with implementing CIAM at insurance companies across Europe. Some of the main challenges evolve around smooth onboarding of new customers, the customer experience as a whole, and a proper authentication and identification process when users access their online applications. Other challenges imply managing different brands within one company and managing personal data within the company and towards users.

To answer one central question, ‘How can the right CIAM solution help optimise the business processes of an Insurance company?’ our series of blogs will address each of the below topics in more detail.

  • User Journey Orchestration
  • Frictionless User Interaction
  • B2B2C; Serving different user groups
  • Conversion from prospect to customer

1. User Journey Orchestration

It all starts with onboarding new users with a seamless user journey which is orchestrated to the specific needs of the brand the user is signing up with.

As a typical insurance company operates different brands (‘labels’) for different target audiences, it is to be expected that each brand may have a, slightly, different registration process tailored to the target audience of the brand. For instance, a brand providing car insurance to young adults may have a just-in-time registration process that progressively collects needed data where a brand targeting pension insurance requires a stricter process including identity validation and multi factor authentication capabilities

These so-called onboarding processes always require a good discussion since there are multiple points of interest in the process. On one hand the onboarding and registration process need to be smooth, providing a great customer experience. On the other hand, there’s an urgency for the right level of security.

Combining these two aspects might seem challenging, especially when you deal with multiple brands and different ingress points. To manage this, a flexible registration flow is essential. And not only flexible upon configuration, but flexible at all times, so the customer journey can be optimised based on real-time analytics. With iWelcome’s Customer Journey Orchestration (also for mobile apps), customers can orchestrate every step in the process to reach an optimal customer experience.

2. Frictionless User Interaction

Once users have an account which grants them access to their online insurance resources, it is pivotal they have a seamless experience when accessing their data. The authentication process should cater for a just-in-time, just-enough means of authentication without being intrusive to the journey the user undertakes or compromising on security.

The right CIAM solution offers authentication flexibility combined with modern technologies like password less authentication, reauthentication, step-up and obviously, platform independent.

3. B2B2C; Serving different user groups

Most of the above is focused on the typical end consumer like you and me, but insurance companies also serve businesses and often operate with agents and brokers to generate business.

Businesses typically operate with a mandate model in which they assign permissions to individual users within their organisation to take care of the insurance company relations which requires access to the insurance company infrastructure. Similar, agents need to have access to relevant applications in order to submit their orders and facilitate the end consumer. Agents are a special type of customer; serving the end users, they have characteristics of consumers, but they are also part of the workforce of business partners.

Regardless of the business relationship, you want to empower those business users and agents, you do not want to have the administrative burden while you still want to be in control. By delegating responsibilities and authorisations, business users and agents are able to create and manage users within their assigned scope.

4. Conversion – from Prospect to Customer

How can you connect with prospects in the earliest stage of the sales process? And what about the prospect that already is a customer, but for a different brand?

iWelcome’s CIAM has various capabilities to create a conversion process with validation steps for the prospect as well as identity matching capabilities to facilitate an effective transition from prospect to customer while keeping the users rights in mind. Powerful consent management capabilities can be embedded in the various processes, allowing the user to decide what information is shared with which processing purpose. A fundamental necessity for trust between your customer and you, the insurance company.

The above challenges represent key business challenges we encounter at our insurance customers across Europe. This blog series will dive deeper into each of the topics and explain how iWelcome’s CIAM can help you navigate the insurance industry space with confident that a state of the art CIAM provider is there to help.

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.

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