Change at the touch of a button: Compare and apply for insurance digitally
There is no denying that comparing insurance rates is a complicated matter. A digital platform by Arvato CRM Solutions based on a mobile web app does (almost) all the work for prospective customers.
Even though the internet provides a high degree of transparency with regard to the offers and services of companies, comparing car insurance rates can still be rather time consuming. That’s because a lot of data has to be taken into consideration – a major obstacle for consumers wanting to switch insurance plans and a challenge for brick-and-mortar insurance companies. Arvato CRM Solutions has now brought comparing and applying for insurance into the digital world: rates can be compared quickly and easily on any device.
The service is simple: prospective customers can upload a scan or photo of their vehicle registration certificate and a current premium invoice onto the mobile web app. From this, contractual and vehicle data are automatically identified, which leaves only a small amount of additional information to be added. This information remains available throughout all further stages of concluding a contract, e.g. when comparing quotes or applying for insurance. Naturally, the documents analyzed are also classified at the same time.
On this basis the system creates an insurance offer and informs prospective customers via text or email that they can now access the comparison. If a customer wants to change their insurer, they can request the use of another automated service: the service used to cancel their policy offers them the chance to write and send a personal letter of cancellation with signature to their present insurance company. To do so, new customers can either download a form or use a digital document. The digital document is completed using a digital signature, written by the user using the device’s touchscreen function.
Real-time analysis in the background
The Arvato CRM Solutions team has combined several systems into one to create this digital solution. The centerpiece is the VWS system developed by Arvato (a service made for switching insurance companies). It incorporates both front-end and important back-end web components such as databases and interfaces. Analyzing images and documents in real time is a key component, since data from scans and photos has to be identified. The developers drew on their extensive experience and expertise to implement this. In banking, photographing bills to carry out a transfer is nothing new. However, insurance premium invoices from different companies feature very different designs, meaning the analysis system has to be adjusted accordingly. Naturally, the price calculator and the insurance policy issuance system are directly connected to one another. To make the solution even easier to use for the end customer, it was developed as a mobile web app, rather than a native app. This means prospective customers do not need to install any additional apps on their device.
The digital platform combines a convenient user interface with a powerful analysis system and additional service components. The solution can, of course, be expanded. For example, the ability to deliver customer service via chat or telephone can be added – in accordance with the demands of the target group. This provides end customers with a convenient way of comparing online offers and finalizing new contracts – valuable support for brick-and-mortar companies.
Author: Editorial team Future. Customer. Image: stokkete – AdobeStock