We’re just going to put it out there right away, “at BrokerLift, we love underwriters.” Without forward thinking underwriters a customer-centric approach to eCommerce for Insurance products is impossible. The Internet customer, or self-directed customer, has expectations that have been created through their interactions with Amazon, Expedia and online banking. Simply digitizing a long form paper application and sticking it on the Internet just won’t work.
We need to rethink the application process for online shopping. First, ask the right questions for the right products (for example, don’t asked condo owner questions for tenants). Keep it as simple as you can. Focus on those questions that relate to eligibility and pricing and remove extraneous ones – remember you can always refer the customer to call their Broker if their risk profile is too complicated. Build the online experience with the “average” customer in mind – and create safe guards to capture exceptions that can be dealt with over the phone or in person.
Building or adapting insurance products for eCommerce delivery means departing from traditional thinking, accepting a new normal and creating products that are easy to understand and buy.