Innovation is the pillar of success regardless of the market your company operates in, but especially in the insurance niche. After all, besides dealing directly with the public, they face massive and broad competition.

In recent years, it is impossible to talk about innovation without talking about the modern consumer and, with them, the new profile of buying and selling in the market. This is because the world changes at every moment and with it the forms of consumption also change, which directly impacts companies and their service/product promotion strategies.

How to sell to the modern consumer? One of the trends pointed out as the basis for this answer is user experience, or UX. Today more than 60% of companies invest heavily in the topic. After all, we are talking about a demanding audience that, in addition to a product, seeks qualified service, brands they identify with and, above all, to have their expectations met.

Proof of this is the fact that 89% of Brazilians today say that the shopping experience directly impacts the decision to buy the product. The study, conducted by PwC, also shows that globally, 73% of consumers take into account the pre-purchase experience.

But how can user experience directly impact the insurance market? Keep reading and find out!

Main user experience trends for the insurance market

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Technology transforms the market and in the insurance sector it is no different. With everything that has happened in the world in recent years in terms of health and economy, thinking about the new consumer is essential to develop efficient approaches to convert product and service sales.

In this scenario, insurance companies have been growing more and more on the list of essential services for many people. But who is the new consumer and how to attract them? We have separated some trends that can help technology leaders in the sector!

Ultra-personalized service

The goal is to make the customer journey richer and expand their perception of the value of your brand. For this, the secret is to work with the consumer as the center of all business operations, the soul of your company.

When we bring this to the insurance context, in a playful way, we can say that insurance companies need to go much beyond carrying out their traditional activities. It is necessary to be focused on evaluating the market, in a deep scope, in search of solutions that favor the company and are connected with the needs of the new potential customer. Pay close attention, the new potential customer, individual. Thinking in a personalized and unique way for each customer is what will make your brand stand out among others.

Today the consumer seeks to feel important, special, wants to be heard, to have a satisfactory experience. After all, many of them are willing to pay more for a product, as long as the experience is unique, thus making it priority number one, beyond the product or service itself.

Partner networks

The goal is for insurance sector companies to develop a network of specialists in multiple niches to help close deals. It is a great opportunity to strengthen the economy, market operations and overcome adversities that have been a reflection of recent years.

This is a trend that fully complements the new post-pandemic consumer, who has become increasingly cautious and distrustful in the shopping journey. Gaining credibility and strengthening bonds is a long-term task that requires constant maintenance.

Context-adapted products

That the world changed after the pandemic, it is impossible to deny. The reflections of this in society are still, at times, immeasurable. But the fact is: your portfolio of products and services needs to keep up with this transformation. The new consumer is demanding, well-informed and increasingly careful about their lifestyle and quality of life.

Today they seek products that align with the lifestyle they want to live. Every human being is unique, and your services need to serve each one in their particularities. It is a worldwide phenomenon, insurance companies must pay attention to key points such as lifecare, health, social security and others. Always based on prevention and stability.

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Flexibility

Combined with product adaptation, of course, comes flexibility. It is necessary to have employees who understand the market context and know how to identify the nuances and changes in consumption style. In the insurance sector it is no different. This needs to be reflected in everything, from the first contact with potential customers to mass communications, such as social media and advertisements. Staying updated on what happens around us is primordial for building authority in the market.

ESG-focused actions

Translating literally, ESG means: environmental, social and governance. In Portuguese it can be called ASG: ambiental, social e governança. The term has been becoming a trend in recent years and is already the subject of several events and discussions in the business world. This is because it has been seen as a primordial factor for good brand visibility, not only in the market it operates in, but with the public it seeks to impact.

A company’s ESG says a lot about its behavior and its actions to mitigate and adapt environmental impacts, build a fairer world and a healthier society. It is through this that we can measure companies that are truly engaged and committed to the future and to socio-environmental attitudes.

In terms of advantages for your company, we can cite:

• Positive and organic marketing;
• Reinforcement of credibility, commitment and responsibility;
• Better opportunities to prospect modern consumers.

Digital security

In addition to personalized service, phygital commercialization (physical + digital), something that will continue to be a trend in 2023 and for many years to come, is digital security. Today thousands of lives are online, millions of connected people who depend on digital to work, study and communicate. Ensuring the security of these people, their data and sensitive information, is the foundation for any niche.

When we talk about insurance, which deals daily with delicate and even financial information, the exercise of LGPD (General Data Protection Law) rules becomes essential. Investing in specialized software for this data organization and protection is the first step.

Other innovations in the insurance sector

Software and artificial intelligence

Nowadays, at least 41% of Brazilian companies use artificial intelligence and this is certainly one of the main market innovations in recent and coming years. It is estimated that in 2022 total investment in the sector reached US$ 504 million.

Of this amount, 44% used the technology to detect security failures and/or digital threats, another 44% for customer conversation/relationship and 30% for sales. In addition, another 30% focused on process automation to improve user experience.

In the insurance market, experts state that this technology is fundamental in fraud prevention and in the fast and optimized search for opportunities. In addition to improving the relationship with the customer, making the dialogue closer and more active between brand and consumer.

Open innovation

The last few years have been of great difficulty for multiple sectors, after all, we are talking about a scenario where instability has gained great proportions. But how to reverse the scenario and minimize these effects? This is what many insurance companies have been trying to discover. An excellent path has been open innovation.

The concept was born in 2003 and since then emerges as a new perspective, an alternative, to facilitate companies’ access to innovation and technology. All through the premise of relying on partnerships with companies specialized in the subject. The goal is to expand the power of execution and investment in the sector.

In the insurance branch, thinking of this as a solution to unify data, integrate systems and optimize processes is fundamental. From organized and properly extracted data, it is possible to draw more assertive action plans, create products and services more connected with the reality of your brand/consumer. The result? More assertive and possible prospects.

New ways of doing what is already done!

It may seem little innovative the idea of redoing what has already been done. But it is from there that great opportunities for growth, economy and, of course, automation lie. Review your company’s processes today and list those that can undergo a reformulation.

This encompasses everything from internally used systems, customer prospecting processes, communication with the external public, sales tactics, etc. Do a scan of everything that is done today and define points that can, with the help of technology, be refined.

For example, a document management software can replace thousands of folders stored in the cloud or in the old filing room. Thus the routine becomes more optimized, organized and free to focus on other objectives, more relevant in the prioritization scale.

Investing in cyber insurance

A great highlight of the insurance market is cyber insurance, also understood as a specific insurance against risks of the digital universe. These are services focused on protecting companies against leaks of important information such as contacts, strategies, financial data and more.

The trend is for the insurance market to grow more and more in this area of protection and LGPD. As a consequence, modernize your service portfolio to adapt to the cyber-customer reality.

Civil liability

It may even seem like a new or strange term, but it is a niche that has been growing exponentially in the insurance market. With a growth of 24.1% in the first four months of 2022. The focus of this niche is to protect companies from data complaints arising from third-party service provision situations. It is a broad service that goes beyond the insurance branch, encompassing even the segments of law, medicine, engineering and more.

Why is it difficult to invest in user experience and innovation in insurance?

Now that you already know some trends that will be transformative for the market in 2023, you may be wondering why it is so difficult to make this a reality. Especially when we talk about the insurance branch.

The truth is that answering this question takes into account numerous aspects that have been fed for many years in multiple companies. But the main one is the fear of innovation and the limited view of “more of the same”.

It is a market, sometimes, seen as still conservative, with ties that can be loosened through the modernization of services. Such as flexible demands, personalized clauses, more dynamic. In addition to more clarity in the hiring process, less bureaucracy and more investment in B2C and B2B communication.

Technology is still something distant and little understood by many, but it doesn’t have to be, and Zappts exists to demystify this.

Since 2014, always delivering high-relevance cases using agile processes, good development and software quality practices and an unparalleled ability to understand and solve the day-to-day pains of technology development projects. Companies like Porto, BTG, Santander, Getnet, PagoNxt and Auttar trust their consulting and technology development processes with Zappts.

We contemplate solutions for all phases of digital solution development, from discovery processes to solution support. With defined processes and agile management, our deliveries are always based on expectation alignment, quality and technical robustness.

To learn more about these solutions and schedule a free 1-hour assessment with our consultants, get in touch by clicking here.

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