Financial Services Using Proactive Engagement Moxie

How Financial Services Sites are Using Proactive Engagement

Purchasing insurance can be a complicated and confusing process. Almost all of us will have to buy it at some point, so it’s no surprise many consumers turn to the convenience of the web to shop for coverage.

In 2016, 74% of insurance shoppers began their purchase process on insurer websites or aggregators. However, only 50% of shoppers got a quote from an insurer website and just 25% made their policy purchase online.

Effective and proactive communication is key to getting web customers to follow through on quotes and purchases. Customers must understand coverage options, be sure they are buying the right coverage for their situation, and know enough about how their premium is calculated.

A large North American insurance company chose Moxie Concierge® solutions to assist customers through the quote process. With the new KbotTM proactive contextual guidance application, the company greatly increased quotes completed and policies purchased, all without using chat agents.

First, the company identified 7 struggle points, steps in the quote process that confused customers. These struggle points could spur abandonment and endanger the sale.

Then, the company crafted proactive contextual engagements in the Concierge application. Each engagement consists of three parts:

  1. Criteria: Engagement may define one or more triggers based on customer behavior. The Concierge Engagement Mapper allows for defining dozens of rules based on user history, browsing behavior, and much more.
  2. Notification: A proactive notification that offers relevant assistance. Customers can click on a notification to see more information.
  3. Information: A short targeted piece of content, or snippet, to help the customer. This snippet can be a link to a more in-depth article and can include media such as pictures and embedded video.
Moxie Concierge Kbot Notification

Here are three examples of engagements the company used to solve customer struggle, reduce confusion, and improve follow-through.

3 examples of financial services digital engagements

1. Solve the Struggle

Engagement criteria: Form field selection

Moxie Concierge engagements uniquely target customer behavior in real-time. Contextual notifications appear immediately when the user completes an action. In this first example, a notification appears as soon as the user makes a selection in a form field.

One customer struggle the company identified early in the quote process was that customers may not know the definition of liability coverage. Customers who selected that they only wanted to purchase liability coverage may not have been picking the right plan.

In this case, the engagement was about making sure the customer picked a suitable product and did not later encounter a dead-end in the process, which would increase the likelihood of abandonment.

2. Reduce Confusion

Engagement criteria: Form field entry

Selecting the wrong amount of insurance coverage can derail the quote process. The insurance company found that, in a particular form field, customers were often entering a specific dollar amount they entered earlier. Most people who did this were making a mistake, and it was probably giving them more coverage than they needed.

This mistake would inflate the customer’s quote, possibly ruining a sale. With a Kbot proactive engagement at the right time, confused customers were kept on track and given helpful suggestions on how much coverage to purchase.

3. Save the Sale

Engagement criteria: Multiple form field adjustments

At the end of the quote process, many customers tweak their coverage, fine-tuning their plans to understand exactly what they are paying for and looking for ways to reduce their premiums. If the quote still seems too high, the customer will look elsewhere.

In this case, the company knew that their coverage plans did not have the lowest premiums in the market. So, when customers began tweaking their options, the Kbot application offered an engagement explaining all the other benefits that come with the company’s coverage plan, educating users on the value of their offer, thereby saving the sale.

Results with Kbot proactive engagement

Moxie Kbot Financial Services Results

Here are the results the company saw after comparing the group engaged by the Concierge Kbot application and a non-engaged control group:

By defining just 7 engagements to guide customers through the quote process, the company was able to increase quotes completed by 70%. This was accompanied by a 50% increase in products sold, a huge boost for an industry where customers still rely heavily on agents for their final purchase.

With the flexibility of Concierge engagement criteria, a proactive engagement can be crafted for just about any situation customers will encounter online. Contextual guidance delivered in real-time with the Kbot application gives customers the confidence that they understand their coverage, and keep them coming back.

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Webinar: End Customer Struggle with Digital Guidance

Learn how a brand heralded as a champion in customer experience is increasing quote completions and contextually engaging digital customers.

Moxie, Concierge, Kbot and the Moxie logo are trademarks or registered trademarks of Moxie Software, Inc. or its affiliates. All other trademarks mentioned herein are used for identification purposes only and are trademarks of (and may be registered trademarks of) their respective owners.