Insurance: How do you quickly launch subscription paths?

For insurers and brokers, well-designed subscription paths help to better assess risks, simplify underwriting and speed up the subscription process.

A quality customer experience contributes to customer loyalty and strengthens the insurer's reputation in the marketplace.

Consequently, launching efficient subscription paths quickly is a strategic lever for brokers and insurers to stay competitive in a fast-changing market and meet customers' growing expectations in terms of user experience. 

In this article, we'll explore the key steps to developing and implementing an underwriting process that meets the needs of your future policyholders.

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What is a good subscription path in insurance?

There's no such thing as a perfect subscription to an insurance product...

The aim is to ensure that your policyholder completes all the necessary subscription steps in a seamless experience (data collection, risk assessment, underwriting and validation of contractual documents).

By simplifying and streamlining the subscription process, brokers and insurers can reduce the friction and obstacles encountered by customers when requesting quotes. This translates into greater customer satisfaction, as they don't need to fill in numerous forms or provide redundant information. 

This also helps to increase your conversion rate. By eliminating unnecessary steps and offering intuitive subscription paths, prospects can get to the end of the process without human intervention. Well-designed paths also guarantee accurate, personalized quotes, which reinforces the end-insured's confidence in the offer and cover proposed.

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Steps to create an effective subscription path

Creating an effective subscription path requires a methodical, well-thought-out approach. It involves your product, Go-To-Market (marketing/sales) and IT teams. Here are the key steps to follow to design and implement an optimized subscription journey:

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Analysis of needs and objectives

It is essential to understand the specific needs of brokers and insurers, as well as the business objectives they are pursuing. This involves identifying the insurance products concerned, the target audience, the existing processes to be improved and the expected results. The sales and product marketing teams will be involved here to establish the acquisition strategy.

‍For example, an online broker aiming to increase conversions might focus on simplifying the subscription process for car insurance products.

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Subscription path design

Once the needs and objectives have been clearly defined, the next step is to design the subscription path. This includes the creation of a fluid navigation (UX) and a modern design (UI). It's at this point that the design and product teams coordinate to define the path that will subsequently be developed by your IT teams or outsourced (IT services company for example).

‍A good example of UX would be to integrate interactive forms that request relevant information as you go, while avoiding redundant steps. For complex insurance products, guidance and assistance tools can be integrated to simplify the process.

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Integration of key functionalities

Optimizing the subscription path often involves integrating key functionalities such as automatic data verification, pre-filling of fields using external databases, and the use of electronic signatures to finalize contracts online. At this point, your IT teams step in to integrate the functionalities specified by the product teams.

‍For example, a home insurance broker can integrate automated calculation tools to estimate premiums according to the customer's specific criteria, and thus adapt his pricing directly.

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Continuous testing and optimization

Once the subscription path has been implemented, it is essential to test it in real-life conditions to identify weak points and opportunities for improvement. Gathering data on conversion rates, abandonment rates and user feedback enables regular adjustments to be made. It's a process of iteration that all teams need to embrace to ensure that the journey(s) remain successful.

‍For example, by analyzing conversion data, an insurer can identify the steps that are causing problems for customers, and make changes to increase the efficiency of the customer journey.

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Resources associated with the development of subscription paths

The creation and development of a subscription path requires time and the allocation of human resources, particularly IT resources, as well as a long-term financial investment (training and maintenance). Here's an overview of the resources typically involved in this process:

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Allocation of internal resources

• Software development team: developers are needed to design and implement the technical aspects of the subscription path, including functionality integration, user interface development and database management.
• Insurance experts: your expert market teams are often involved in providing specialist knowledge of regulatory requirements, insurance products and customer needs.
• UX/UI Designers: They play a crucial role in creating an intuitive user interface, helping to improve the overall subscription experience.
  

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Time spent on the project

• Testing and optimization: Une période supplémentaire est nécessaire pour tester le parcours de souscription, recueillir des commentaires des utilisateurs et apporter des améliorations en conséquence.
• Analysis and planning: An initial research and planning phase is required to define the needs, objectives and specifications of the subscription path. This can take several weeks, depending on the complexity of the project.
• Development and integration: The subscription path development and integration phase can take several months, depending on the scope of the project and the functionalities required.

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Financial Investment

• Training and support: Staff training and technical support costs can also be taken into account to ensure the smooth operation and maintenance of the subscription pathway over the years.
• Software development: Costs include developers' salaries, software license fees, IT infrastructure, etc.
• Compliance and regulation: Investments may be required to ensure compliance with regulatory requirements, in particular AML/CFT requirements via compliance tools.

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In-house development? Outsourcing? The SaaS model in the subscription process

When it comes to launching new subscription paths, insurers and brokers often think in terms of in-house development or outsourcing, whereas using a SaaS solution like Seyna offers numerous advantages, notably in terms of flexibility, reduction of time-consuming tasks and cost optimization.

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The advantages of SaaS over outsourcing

Simplicity

A SaaS solution is designed to meet the specific needs of brokers and insurers, offering out-of-the-box functionality that can be easily configured and customized without the need for complex development.

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Scalability

SaaS solutions offer regular updates and ongoing maintenance of its platform included in the subscription, ensuring constant scalability and adaptability to changing market requirements.

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Cost reduction

These solutions considerably reduce development and maintenance costs, offering a rapid return on investment and increased operational efficiency, since a service company will charge for software development and updating.

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The advantages of SaaS over in-house development

Time-to-market

As soon as you identify a market opportunity, you can launch a white-label subscription path very quickly, bringing your product to market in record time. Because the paths already exist in the back-office, the lead times are much shorter than for in-house development.

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Resource optimization

SaaS solutions save time and resources, because the solution is ready to use, avoiding the need to allocate IT resources to creating an in-house solution. This means you can reallocate your teams' time to higher-priority projects.

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Maintenance

This type of solution offers regular updates and ongoing maintenance of its platform, ensuring constant scalability and compliance with regulatory requirements. Whereas an in-house solution will require specific updates from your teams.

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Conclusion: adopt a modern approach to the launch of the subscription journey

SaaS solutions such as Seyna offer greater flexibility in the creation and customization of subscription paths. Brokers and insurers can easily configure specific processes tailored to their needs and changing market requirements.

‍Product teams can add or remove subscription steps, customize customer questions and integrate product personalization options.

Using a SaaS solution significantly reduces the costs associated with developing and maintaining an in-house subscription system. With Seyna, brokers and insurers avoid the high up-front costs associated with custom software development, and benefit from regular updates and maintenance provided by the supplier.

Finance departments make substantial savings over the long term. By using Seyna as a SaaS solution, brokers and insurers benefit from increased operational efficiency.

The platform automates time-consuming tasks such as AML/CFT compliance, and makes it easier for sales teams to manage customer follow-up.

Teams spend more time on high value-added tasks, such as strengthening customer relations and product innovation.

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