QS BOOM
Best Online Offer Methodology
Innovation Project for insurance companies
with digital orientation
QS Research & De...
Agenda
what’s ringing
the bell
how we see it invitation
1 2 3
What is insurer facing?
Online sales currently amounts to 2-5% of total
insurance revenue.
(Empirical value – source: one to one discussion with i...
Digital sales will speed up
Source: Capgemini and Efma World Insurance Report 2014
Digital sales will speed up
Online sales via digital channels
in the insurance sector could
double by 2016
Source:
Accentu...
Before buying a financial product, 27% of
respondents use the internet as an information
source, and also indicate to buy ...
Before buying a financial product, 55% of
respondents use the internet as an information
source, but hesitate to buy onlin...
Behavior towards online information before the
purchase of financial products
1 Source: study of the Austrian Finance Mark...
Online purchase resistance
The need for a personal advisor hinders the online
sales of financial products: 78% of respondents
want to talk to an advi...
BOOM is the answer to combine online
with a personal advisor!
1 Source: study of the Austrian Finance Marketing Union, Nov...
There is a purchase resistance to online purchase
of financial products.
Q: When buying your next financial product, you’r...
Voice of the customer
Voice of the customer
Complexity of
insurance
product and
purchase process2
Consultancy
intensive industry;
Customer needs...
16
Complexity - Consultancy
Purchase process
The customer
wants an
insurance
Orientation about
the type and kind
of insurance
coverage and
content
Sel...
Roaming of customers between
sales channels, devices and time slots
In person
(Branch, Agent, Br
oker)
Internet
(website, ...
And the answer to it?
Improvement of sales
process via IT.
New technologies
and solutions
Control over sales
process.
Huma...
Qualysoft’s solution is promising
Our solution
Our solution
POWERED
BY IT
KNOW
YOUR
CUSTOMER
ADAPT TO
CUSTOMER
MAKE
CUSTOMER
HAPPY

Improved conversion in the channel
mix
Control over user experience
and insurance purchasing
process


Increase in sa...
Benefits for agents
replay of session history
to identify the origin
of an error
1 2
improved agent
website user
experienc...
Example of a
customer session
being replayed
that shows what a
customer entered
on a certain page.
Customer experience
Example of an
replayed error
message that
a user received
on the website.
Customer experience
27
Visitor was spending long time
on given page while getting a
quote.
A help function via online chat
with the customer s...
28 CEM – Customer Experience Management
Benefits of BOOM
PRO-
ACT
live
Identify
user
Monitor
activity
Similarity
Learn
pat...
29
Discussion
WIN-WIN
Interested in joining the
QS BOOM
partner program?
Peter Oros
CEO
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Qualysoft's Best Online Offer Methodology for insurance companies with digital orientation

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Selling an insurance product online
Provide a humanized digital customer experience for your visitors getting a quote:
- enhance and optimize customer experience by control over and improving the multichannel sales process with the help of IT applying state of the art technologies and solutions
- individualized and interactive processes (channel of preference, support transmission seamlessly between channels, sessions; real-time intervention, ..)
- offer properly customized and personalized recommendations (product recommendations, personalized features, ..)

Answer for additional customer griefs, as Qualysoft is suggesting it in its BOOM solution:
- Ease of completing the transaction
- Capture both quantitative and qualitative details of visitors’ every single website interaction
- Capitalize on data: analyze, segment, predict, target
- Capture (replay) and enhance website visitor’s (both customer site and agent / broker site) complete user experience by answering the „why” questions 1.
- Website optimization on conversion, straightforward navigation, real time interactions
- Marketing automation
- Integrate a personal advisor if required

Capture more leads, have more efficient sales, increase profits

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Qualysoft's Best Online Offer Methodology for insurance companies with digital orientation

  1. 1. QS BOOM Best Online Offer Methodology Innovation Project for insurance companies with digital orientation QS Research & Development , 2014 Small ideas lead to great inventions
  2. 2. Agenda what’s ringing the bell how we see it invitation 1 2 3
  3. 3. What is insurer facing?
  4. 4. Online sales currently amounts to 2-5% of total insurance revenue. (Empirical value – source: one to one discussion with insurers) 2-5% Online sales today
  5. 5. Digital sales will speed up Source: Capgemini and Efma World Insurance Report 2014
  6. 6. Digital sales will speed up Online sales via digital channels in the insurance sector could double by 2016 Source: Accenture - Digital Insurance Survey, 2013 - 2013 - 2016 est.
  7. 7. Before buying a financial product, 27% of respondents use the internet as an information source, and also indicate to buy online. 1 27% Information source 1 Source: study of the Austrian Finance Marketing Union, November 2013.
  8. 8. Before buying a financial product, 55% of respondents use the internet as an information source, but hesitate to buy online.1 1 Source: study of the Austrian Finance Marketing Union, November 2013. 55% Information source
  9. 9. Behavior towards online information before the purchase of financial products 1 Source: study of the Austrian Finance Marketing Union, November 2013. Online information 55% 18% 27% 27% say to the Information on the Internet: YES to online closure: YES 18% say to the Information on the Internet: NO to online closure: NO 55% say to the Information on the Internet: YES to online closure: NO 27%? 55%? BOOM focuses on both type of customers!
  10. 10. Online purchase resistance
  11. 11. The need for a personal advisor hinders the online sales of financial products: 78% of respondents want to talk to an advisor.1 1 Source: study of the Austrian Finance Marketing Union, November 2013. 78% Information source
  12. 12. BOOM is the answer to combine online with a personal advisor! 1 Source: study of the Austrian Finance Marketing Union, November 2013. 78% Good news!
  13. 13. There is a purchase resistance to online purchase of financial products. Q: When buying your next financial product, you’re not going to buy it on the internet. What is the reason? Base: N = 562 1 Source: study of the Austrian Finance Marketing Union, November 2013. internet is not safe / not anonymous I don’t trust the online data transfer security the online purchase is too complicated the full product range is not available on the internet too little personal support during product life time it is much faster offline than on the internet I don’t even know I can buy financial products online the website was not serious / reliable other reasons the website was poorly made price is higher online it is not possible to conclude the financial product online preferred payment method on the internet not offered I want to talk to a Personal Consultant
  14. 14. Voice of the customer
  15. 15. Voice of the customer Complexity of insurance product and purchase process2 Consultancy intensive industry; Customer needs personal advice2 Roaming of customers Between sales channels, devices and time slots 3 2.) Sales Performance Excellence (Sapex) study of 12/2012; Horváth & Partners 3.) Vienna University of Economics – bring together the online and offline world as part of a multichannel approach; Versicherungsjournal, 30.01.2014.
  16. 16. 16 Complexity - Consultancy
  17. 17. Purchase process The customer wants an insurance Orientation about the type and kind of insurance coverage and content Selection of product characteristics that influence the decision Price, Quality, Time, Service The actual online purchase NEED KIND CHARACT ERISTICS BUYING PROCESS
  18. 18. Roaming of customers between sales channels, devices and time slots In person (Branch, Agent, Br oker) Internet (website, direct mail) Comparison site
  19. 19. And the answer to it? Improvement of sales process via IT. New technologies and solutions Control over sales process. Humanized digital customer experience. Support transmission via seamless multichannel / multisession approach 1.) Accenture - Online sales via digital channels in the financial sector could double by 2016; Versicherungsjournal, 30.10.2013. 2.) Sales Performance Excellence (Sapex) study of 12/2012; Horváth & Partners 3.) Vienna University of Economics – bring together the online and offline world as part of a multichannel approach; Versicherungsjournal, 30.01.2014.
  20. 20. Qualysoft’s solution is promising
  21. 21. Our solution
  22. 22. Our solution POWERED BY IT KNOW YOUR CUSTOMER ADAPT TO CUSTOMER MAKE CUSTOMER HAPPY
  23. 23.  Improved conversion in the channel mix Control over user experience and insurance purchasing process   Increase in sales and efficiency Benefits of our solution
  24. 24. Benefits for agents replay of session history to identify the origin of an error 1 2 improved agent website user experience with the help of alerts proactively address recurring breakdown issues before agents experience them improved relationship between agent and user
  25. 25. Example of a customer session being replayed that shows what a customer entered on a certain page. Customer experience
  26. 26. Example of an replayed error message that a user received on the website. Customer experience
  27. 27. 27 Visitor was spending long time on given page while getting a quote. A help function via online chat with the customer service of the insurance company is being offered him/her. Time to sent the alert was set from insurance company. „help box” slides in from the left Customer experience
  28. 28. 28 CEM – Customer Experience Management Benefits of BOOM PRO- ACT live Identify user Monitor activity Similarity Learn patterns Replay session Improved CEM
  29. 29. 29 Discussion WIN-WIN
  30. 30. Interested in joining the QS BOOM partner program? Peter Oros CEO

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