Businesses must keep up at a frenetic pace in today’s digital age. With various players differentiating themselves in the market, it becomes imperative to add value to your product or service offering. Insurtech has taken up the mantle to ensure that our lives and purchases are more secure by offering embedded insurance solutions. The question then is what to look for in your embedded insurance partner. Let’s get right into it:
Is your current sales flow deviating because of embedding an insurance product?
Imaging buying a pair of spectacles that are covered by an embedded Insurtech partner. Customers get a replacement in case their pair of spectacles are broken or damaged. While the end-solution sounds good it is the implementation where issues might arise. For example, deviating from the current journey that customers use to buy their spectacles may alienate them instead of adding value. It is therefore essential that integration with your preferred Insurtech happens seamlessly and that the insurance buying process is integrated with current purchase flows.
Does your partner provide complete support for claims?
Claims is an area that can make or break the customer experience. . The last thing your customers want is a tedious claims process that adds to their distress. The partner should have a claim process which is seamless, accessible and keeps the customer updated about the status of the claims. Using OCR technology to verify damage and documentation can reduce the turnaround time for claims.
Have you checked your partner’s Insurtech ability?
Implementation of AI and ML have gone a long way in enabling insurance partners to settle claims efficiently. It is always good practice to know and understand the technology your insurance partner uses. In addition to quick settlements, periodic communication to your customers about the status of their policy and claims make sure that they are updated.
What is the ‘time-to-market” for your embedded insurance product?
Insurtech partners need to learn about your business to be able implement their solutions effectively. It may take a month to integrate your current processes with your Insurtech partner. Moreover, inadequate expertise from your partner’s end may lead to delays, modifications, and iterations of the embedded insurance solution.
While choosing your Insurtech you factor in the solutions, technology, and know-how that your partner already has. A well equipped InsuTech should have all the necessary tools and launch processes ready with a Go-Live timeline even before signing the deal.
Has your product been underwritten in a way that your customer benefits are taken care of?
Claims may be rejected due minor data discrepancies or due to certain elements of the claims not being part of the policy. Successful claim settlement is an integral part in your journey to provide customer delight. Therefore, it is important that your partner has a bird’s eye of the claims process and the possible reasons for rejection. Your Insurtech partner can then tackle these concerns with the underwriter even before a policy gets issued.
Choosing the right embedded insurance partner can help in customer retention, loyalty, and an increase in your average order value. Businesses can synergize their products with what the insurance partner offers paving a road for mutual success.