Streamlining and modifying the onboarding process through the use of technology can dramatically improve the overall customer experience by up to 43% and increase customer retention by over a third (37%). Streamlining and modifying the onboarding process through the use of technology can dramatically improve the overall customer experience by up to 43% and increase customer retention by over a third (37%). (Photo: terovesalainen/Adobestock)

With 81% of consumers wanting more self-service options for doing business, it’s no wonder insurance companies are throwing money at improving their digital online offerings.

The idea that you can use your phone or tablet to enroll for a new policy within minutes seems ideal — but the problem is, it’s not. A new survey by ABBYY has revealed that a staggering 90% of insurance companies are struggling with customer abandonment — resulting in millions of dollars in lost revenue. Their onboarding service just isn’t up to par.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.