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Every year, the world’s leading travel insurance companies meet to discuss the future of the industry. Earlier in April the 7th Annual Travel Insurance Forum examined the rapid development of technology and how it is allowing travel insurers to mitigate greater risks – improving services for customers and companies alike.
Mark Colonnese, Product Director at Aquarium Software took to the stage in Berlin, discussing how insurance companies can deploy better digital solutions.
The app challenge
The European travel insurance market is currently valued at €4 billion. Competition is fierce and growth is flat. Insurance companies are experiencing downward pressure on premiums, with insurers targeting the same customers – especially in the UK. Finding ways to operate more efficiently is key to preserving profits.
A major pain point for insurance companies has been apps. Three years ago, every business had to have an app. They allowed for managing rich, user-friendly services offline and with ease. However, apps required individual solutions for iOS and Android – meaning a high investment in coding, testing, sequencing and marketing as well as regular updates.
Downloading, installing and maintaining apps that were often unused resulted in most being deleted. The alternative was a conventional web form, yet these were badly suited for mobile customers; requiring ‘pinching in’ of the form and having bugs that often prevented completion. Some clients had a conversion rate, from starting a quote to purchasing a policy, of less than 5% – improving that ratio by even 1% represented a significant financial impact.
Re-thinking your web form
To replace apps, there has been a growing trend towards Progressive Web Apps (PWAs). PWAs deliver an app-like experience via a webpage – providing the benefits of an app without taking up unnecessary space on mobile phones. PWAs also work offline, allowing insurance companies, claims organisations or assistance providers to offer cost-effective, rich app-like experiences without having to invest in multiple operating systems.
Insurers are increasingly using PWAs in combination with other services to offer a better user experience – yet this still requires customers to switch between services and vendors on their own.
The digital operating platform
Mark highlighted how a digitally enabled customer – armed with PWAs on their phone – could have a far superior and more efficient user experience. Travellers can be analysed, the risk underwritten and the requisite additional premium either taken directly from their bank account or via a credit card payment. This can all occur from the palm of their hand in seconds, despite the process combining six different services from six different vendors – seamlessly and in real-time.
The result is an efficient digital operating platform, allowing travel insurance companies to provide a pleasant user experience at a fraction of the cost, in less time and with a higher conversion rate.
To find out more about how insurance companies and brands can benefit from innovative travel insurance solutions in one platform, click here.