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Learn about the customer journey and omnichannel distribution for P&C insurance. | WaterStreet Company

How to Leverage Omnichannel Distribution for Insurance in 2020

Digital landscapes are pushing the boundaries on how insurance carriers connect with customers.

The “customer journey” is an important consideration. How do your customers hear about you, what gains their attention, and how do they prefer to interact with your company?

WaterStreet Company’s P&C Insurance Solution offers simple, efficient and accurate workflows for carriers to sell coverage. Whether on your own website through self-service or with the guidance of a policy administrator, new customers can enjoy an easy sign-up process.

What is Omnichannel Distribution?

Omnichannel distribution is the method of using many different channels to offer a seamless buying experience through various touchpoints. These channels can include:

  • Comparative Pricing Tools
  • Mobile Apps
  • Social Media
  • Email
  • Direct Mail
  • Live Chat
  • Website Self-Service Quotes
  • In-store Locations

Your P&C Insurance Solution is central to these channels. As each channel leads back to either your website or a method of contacting a service rep or agent, these potential customers can be funneled into a unified solution for completing the policy lifecycle.

The potential customer is then offered an initial price quote, can complete applications for coverage and can issue payment for the coverage, all in one solution.

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The P&C Insurance Customer Journey

In order to go to market with new products, carriers must be ready with a complete map of how to engage new buyers. This means understanding the customer journey.

From the customer’s perspective, every interaction with your business is a step towards building a new relationship. A few of these steps may include:

  • Interacting with a claims rep via video chat
  • “Liking” a carrier’s Facebook page
  • Visiting a carrier’s website
  • Downloading a carrier’s mobile app

One survey found a whopping 90% of policyholders prefer to interact with their insurance carriers through digital channels, including 32.5% who prefer communicating through the carrier’s website.

The methods of engaging new customers are becoming more personalized. This is due to the nature of sharing data through digital channels. In the past when TV ads were critical to supporting a brand’s key messaging, personalized messages weren’t possible. As your team’s digital marketing strategy shifts towards more personalized marketing channels, such as social media or paid search advertising, you’re now able to target niche groups and can craft your brand’s message to fit their expectations.

Be aware of how your various marketing channels interact with one another. Customers will likely need multiple points of contact before making a buying decision. Your marketing channels work together to form the customer’s journey, leading them into your P&C insurance solution for completing the sale.

How Does Omnichannel Distribution Support Carrier Efficiency?

By using various marketing channels to catch the attention of a wide range of potential customers through niche targeting, carriers also lessen the burden on in-office locations.

Insurance carriers today are becoming more focused on building websites that can support the quote and enrollment process. Omnichannel distribution through digital channels all pertain to driving traffic to your website. Carriers that can offer this direct to consumer distribution also capitalize on faster sign ups once the customer arrives on the carrier’s website.

Driving customers to your website means less contact is needed directly with your policy administrators and agents, allowing their jobs to become more efficient while increasing the number of people driven to enroll for themselves without assistance.

WaterStreet Company supports carrier efficiencies with a robust and tailored solution for enrolling new policyholders. Whether your new customer chooses to go directly to your website or to a policy administrator to buy coverage, the process is supported by a fast and simple P&C insurance software solution for accuracy and efficiency, amounting to cost savings and greater potential to adapt to emerging markets. We also offer development services for customers to engage with an easy user experience on your website, helping all parties with time saved and greater satisfaction.

Reach out to WaterStreet Company today to request a consultation and demo of our solutions.