There are various insurance aggregators in the industry which frequently compare various insurance plans.
Often, a user might check out the details of a policy from the aggregator, but might not buy it from there.
There is a good chance that he goes to the actual insurance site and buys the policy from there.
In this case, both the aggregator and the insurance company agrees that the Lead has legitimately come from the Aggregator website.
The question is, how do you understand the same?
This problem of attributing the source of a lead is solved by some third party tools. Both the websites keep a java-script code. So, if a user goes to the insurance detail page of the aggregator website, this executes a code and the third party sets a cookie on the browser.
Now, if the user visits the insurance site to make the transaction, the third party is able to identify that it’s the same user.
The data is shared with both the parties for further processing.
One of our clients, a health insurance major, had some concerns using third party tool. The risks with third party tool are.
The data in this case is held by the third party.
So, we at Mantra designed a solution for them which works just like the Third party tool. The advantages this tool provides over the conventional solution are
1.Data is safe and there is no need to share with third party.
2.It protects Data Analytics.
How does Mantra’s “User Tracking Code” works?
The “User Tracking Code” allows Agencies to report on each of the distinct events without skewing reporting results with Cross Channel Reporting of the same conversion event.
This User Tracking Code helps to track the visitor on their website, so that the right attribution is given without depending on the third party tools. This code becomes their property without risking data and having trust issues.
In other words our user tracking code provides detailed information about the lead customer for business in cost effective way, at more securable way and gives a better sense of potential customer.
Mantra is always looking out to work on innovative solutions to complex business problems and this has been our forte. At Mantra Labs we provide securable and cost effective Solution to your business.
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Retention playbook for Insurance firms in the backdrop of financial crises
Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.
Source: Deloitte Services LP Economic Analysis
For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies.
Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.
Double down on digital
For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.
Using AI to curate a bespoke customer experience
Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.
Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.
By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.
The way forward
The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.