Opportunity Issue 108

TELECOMS
Hone it and they will stay, is the author’s slogan for the
connected age. Credit: Rob Hampson on Unsplash
Traditional auto insurance underwriting heavily weighs credit and
driving history, so young drivers with lean credit are often unfairly
penalised. Consumers, especially those under 30, often pay more
even if they are less risky. We leverage trust and frequency of
communications to create multiple positive touch points during
the time that we observe the consumer driving behaviour and
consumers can save between 10 and 40%.”
Using data as a two-way link with customers, these insurers
use innovative features such as IoT-monitored “digital test
drives” to help customers get personalised quotes. For
insurers, it provides a non-comparative and differentiated
value proposition that is personalised and helps convert
more leads. The insurer also only quotes for their preferred
risk, making it more profitable in the long term. In terms of
apps, successful insurers also use “digital nudges” to provide
contextual relevance and help drive higher conversions at every
touchpoint. Nudges can introduce segment-specific features,
highlight personalised content and
facilitate low-code A/B testing.
Yaron Assabi, founder of the
Digital Solutions Group
to be a major hurdle in almost every app's growth journey; 66%
of users do not return to the app after a week of installing the
application. In addition, one in two apps are uninstalled within
one month of download.”
According to research by Netcore Cloud, several
reasons combine to produce such poor results:
• Poor first-time experiences that lead to higher time-to-value
• Complicated navigation that makes it difficult for users to find
the relevant features (low feature discovery)
• Lack of guidance on how to use features (absence of in-app
guides leading to low feature adoption)
• Intrusive app experience (flashy pop-ups and alerts)
• Too many steps to reach the final conversion point
• The rapid change in the way users interact with apps
Becoming customer-centric
These problems reflect the broader challenges around using
customer-centricity. Many organisations might think they
are focused on customer-related metrics, but their use is still
superficial. Forward-thinking insurers provide a great example
of this principle in reverse. Assabi notes: “We partner with
companies in the short-term insurance industry, making use of
IoT data from the sensors of the mobile device to observe how
people drive and therefore offer them better insurance quotes,
tailored to their specific driving behaviour.
“Your customers want to trust they can find, buy and get the
products they want every time they shop, as well as trust that
businesses will keep their financial and personal data safe and
secure,” says Assabi. “We combine mobility data with other financial
data to segment and target more effectively and we use data and
risk scores to create a frictionless commerce experience. Our
design team focuses on the customer journey to ensure customers
have all the information they need to find the right product for
them.” Customer-centricity fuelled by intelligent use of data leads
to the kind of innovation and frictionless experiences that build
trust between customers and brands. This is not a fad aimed at
driving traffic. Rather, this is a sincere way to align business goals
with customer sentiment and support. It's not “Build it and they
will come.” The slogan of the connected era is, “Hone it and they
will stay.” The road to that result is customer-centricity. What are
you doing to ensure your customers stay?
About Digital Solutions Group
With a track record spanning 24 years, DSG has become one of
Africa’s leading providers of On-Demand Customer Experience and
Digital Solutions, serving some of Africa’s premier consumer-facing
and corporate brands.
For more visit: dsg.co.za
www.opportunityonline.co.za | 45