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Post the Sale – How Insurers can Maximise the Customer Lifetime Value

I got into a minor accident recently and was not sure if I wanted to file a claim or simply inform the insurance company. So I called up this executive of a hot-shot new-age insurance start-up who couldn’t solve my query. A few follow-ups and irritating calls later, I finally had a resolution. That experience was not half as delightful as their well designed UI.

This set me thinking. While InsurTech start-ups are so focused on conversion numbers – are they missing out on engaging the most pliable customers – Their current ones.

A quick search yielded that while the start-up had done some serious hard-sell pre-sale, post-the-sale there was nothing!

Therein lies the opportunity for an insurer to connect with the customer post-the-sale.

A unique aspect of insurance is that disassociation date with the customer is known during association. Hence, it’s imperative that a structured thought process be used to ensure continuity and expansion of the Lifetime Value of the customer.

Increasing the LTV requires meeting the following 3 objectives.

  1. Ensuring the well-being of the insured.
  2. Upsell & Cross-sell of Products
  3. Building Customer Loyalty

The Customer Experience(CX) post sale makes or breaks these objectives.

In a consumer’s life cycle the steps involved include evaluating need to buy> Researching product > Planning > Opportunity Identification > Getting Quote > buying of policy;

post-the-sale,

the consumer has limited to no engagement beyond  evaluating the need for renewal (assuming a claim-free period)


Insurance Consumer Lifecycle


The Insurance Value Chain intersects with the Consumer Lifecycle to create Customer Experiences.

The Insurance Firm needs to maximise these Customer Experiences to increase the LTV. To achieve this, it is imperative that the Consumer Lifecycle post-the-sale be extended to create more such Experiences.

The key phases to create more Experiences would be

Educate > Engage > Reward > Renew    

Educate:

Inform the customer about his policy benefits leading to secondary ripple effects

Reassure his choice of insurer by serving up social validations, case studies and positive metrics.

Engage:

Create awareness about innovation in insurance and newest products to seed up/cross-sell.

Touch base with him on his go-to social forums online & offline to create conversations.

Reward

Involve the customer by providing ancillary services centred around the insured.

Gamify his engagement by rewarding through social recognition, positive metrics and discounts.

Renew

Initiate renewal by reminding the customer about his experiences over the engagement.

Push out the renewal notices with assurances of even better service experience.

The right Product-Marketing Mix and the effective use of channels like Apps, e-mails, forums, TVCs and social media is key to achieving a world class CX. Structuring the post sale engagement will have a serious positive uptick on revenues.

Note: Motor Insurance was the underlying base for this article. However, it holds true in varying degrees for all types of Insurance products.

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Bringing Interfaces to Life: The role of animation in UI and UX

Interfaces are everywhere. The user experience encompasses the overall experience a user has while interacting with a product or service. Animation, in the context of UI and UX design, involves adding motion to these visual elements to create a more engaging and intuitive user experience. Animation may serve a functional purpose by guiding users or providing feedback.

Think of motion as a design tool in your UX journey. It should help achieve the user’s goals or contribute in some way to enhance the experience. Animation shouldn’t be distracting or excessive. In other words, if it gets in the way of the user accomplishing a task or takes up more seconds for what should be a quick task, then it becomes unnecessary and annoying.

One common example of animation in UI design is the loading spinner. Instead of staring at a static screen while waiting for a page to load, a spinning animation lets users know that something is happening in the background. This simple animation helps manage user expectations and reduces frustration.

Introducing animations to the interface serves a psychological purpose as well. One aspect involves ensuring users remain informed throughout their interaction, minimizing ambiguity. Uncertainty can lead to user anxiety; for instance, if a page is loading without any interface feedback, incorporating a micro animation can be beneficial in providing reassurance. Although not all problems may need animations, adding them increases their appeal.

In recent years, several applications have pushed the boundaries of animation in UI and UX design. One notable example is the Duolingo app, which uses playful animations and interactive elements to make language learning fun and engaging. Interactive animations can gamify the user experience, making mundane tasks more engaging and Duolingo has used this to its advantage. Another example is the Headspace app, which employs calming animations and transitions to create a serene user experience. 

Let’s look at Duolingo’s application which embraces animation to engage the user’s attention. It keeps users hooked and gives them the comfort of gamification. This not only makes the information more visually appealing but also helps users quickly understand the current stage. It keeps the user hooked throughout the level with its cute animations.

Credits: Kim Lyons 

Additionally, captivating animations can also serve to promote and enhance the appeal of your product. 

Micro-animations extend beyond just the gamification of applications; they can also be leveraged to enrich the aesthetics and express the essence of your product. They contribute to making your website feel more alive and interactive, elevating the overall user experience.

UI/UX

In essence, animation in UI and UX design is not merely about adding visual flair, it’s about creating meaningful interactions that enhance user engagement and satisfaction. From improving usability to expressing brand identity and personality, animation has the potential to transform digital interfaces into dynamic and memorable experiences. Whether it’s guiding users through a process or providing feedback animation, it has the power to elevate the overall user experience. Next time you witness animation appreciate the magic that brings it to life, you might just be amazed by its impact.

About the Author: 

Shivani Shukla is a Senior UI & UX designer at Mantra Labs. It’s been a while since she started her journey as a designer. Updating her knowledge and staying up to date with the current trends has always been her priority.

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