9 Common Problems in Modern Insurance
Advice & solutions from digital insurance experts Pancentric, providing specialist UX consultancy & software solutions for the insurance industry.
JOURNEY MAPPING & OPTIMISATION
#1. “We have friction in our customer journeys. It’s impacting our numbers.”
Reasons for friction can be many. Poor UX in your web journeys? Your channels aren’t optimised? Bugs? Slow loading times?
Solution = Better UX design. Pancentric specialises in creating better digital experiences for the insurance sector. We can audit your existing site to root out issues, prioritise fixes, redesign and test journeys to improve the experience and boost performance
COMPETITOR BENCHMARKING
#2. “Where do our competitors have the edge? What are the digital trends?
It’s a regular question asked by our clients. Who’s doing what better? When it comes to competitor data and analytics, a lot of insurance companies are in the dark.
Solution = Real-time insights. Find immediate answers with DigitalBar, our insurance benchmarking service. We survey over 230 insurer brands across eight GI product areas, comparing their digital capabilities, usability standards and customer journeys. DigitalBar gives you real-time competitor insights, so you can spot opportunities for growth.
POLICY ADMINISTRATION
#3. “Spinning up a new scheme takes too long and is too costly to test.”
Good schemes are about product relevance, knowing your customer, and speed to market. Lack of IT resources and legacy systems with bloated functionality can cause delay, over-spend and unnecessary complexity.
Solution = Implement agile tech. Adapt your business to embrace flexible digital insurance solutions. It’s a surefire way to speed up launching new schemes, while reducing costs. If you need speed and agility, look at Go-Insur — our insurance solution that’s won multiple awards for its work with new ventures.
DISTRIBUTION & MARKETING
#4. “It’s become difficult to find quality customers with the right risk profile.”
Insurance distribution is changing. You are advertising in a crowded marketplace, where more consumers buy digitally and customer expectation is for everything to be ‘easy’.
Solution = More creative distribution. Targeted schemes and affinity brands offer appealing risk profiles. Taking advantage of these trends requires open architecture and agile tech to deliver great customer experiences. Sometimes you can buy the tech but not the experience. With Go-Insur and Pancentric you get both.
EMAIL AUTOMATION & CRM
#5. “We spend significant funds generating leads, then fail to nurture them properly.”
Serious money can be spent securing leads and then little effort spent nurturing them. It’s a common issue, and it’s mad.
Solution = Automated nurture campaigns. There’s email technology ready and waiting. Dynamic personalisation enables you to nurture the right leads, at the right time, with the right message, to dramatically improve quote conversion rates and wider KPIs across your customer lifecycle.
DIGITAL SERVICING
#6. “We’re in a convenience revolution with more pressure to meet customer expectation and minimise churn.”
Consumers want convenience when handling their policies, while insurance providers wrestle with increasing servicing costs and the demand to innovate.
Solution = Digital servicing. A well considered digital experience combined with re-engineered operational processes can transform your insurance business. At Pancentric, we specialise in digital transformation and experience design, with ready-made digital prototypes to accelerate delivery of your full insurance servicing lifecycle, including claims process, MTAs, QNTU etc.
INTRANET PORTALS
#7. “We’re acquiring businesses fast. Unifying our expanding insurance group is a challenge.”
GRP hit their 100th acquisition in 2022. PIB acquired 23 broker groups that year alone. Knitting acquisitions into your operation at speed, aligning comms and sharing knowledge is difficult.
Solution = Group intranet portal. Easily connect your group within one central online space. Solutions like our HUB intranet, are used by insurance groups worldwide as the digital glue that unites their expanding operation, providing a gateway to shared resources, group collaboration and streamlined operations.
“The Hub acts as a key communication tool for our business, knitting together recent acquisitions into our group culture. Making all colleagues feel part of a wider-Group business, shared objectives and ambitions.”
Tom Storer
Group Operations Director, DRP Insurance
WEB DESIGN & CMS
#8. “Teams are duplicating their website efforts, we’re not making best use of budgets or insights.”
Brands in Groups tend to create their own ‘cottage industries’ around their websites. It becomes unmanageable — misaligned branding, multiple agencies managing different sites, a mish-mash of tech, security exposure, duplicated support costs.
Solution = Group Content Management System. A better way is to consolidate all your websites onto a single CMS. Align your brands while offering creative flexibility, shared MI, better InfoSecurity, one support contract, one CRM integration, coordinated SEO.
PROTOTYPING & USER TESTING
#9 “Turning research into workable propositions and proving the business case is a challenge.”
Familiar story? You do your research, the researchers headline directional options, but there’s a big gap towards actualising these new propositions.
Solution = Digital Transformation & Prototyping. At Pancentric, we oversee the research and provide a strategic bridge into concept design, prototyping and user testing. It’s a joined-up digital transformation service that helps you build business cases seamlessly, and smooths the path to positive change.
