Challenges occurring in direct-to-consumer model by digital technologies
Conventionally, several companies are going through various channels to question about the products and services with capable consumers. The insurance companies are the best instance, going through the broker-dealers, wholesalers or agents.
Nowadays, younger generations and millennials want to make themselves busy in the purchase, completely going through several channels is not suitable. The consumers are looking for the e-platform, experiencing on the Internet or phone to get involved. Nowadays, consumers are interested in doing the research and make decisions on their own. But for the companies, offering this type of experience to customers is very complex as it seems at first.
It is a very difficult challenge for financial service and Insurance companies. They are integrally having the complex products needing the explanation to consumers. People mostly prefer having a continuing relationship with the life insurance company. People mostly decide to purchase life insurance, controlling the appropriate amount of coverage and monthly payment to the company.
The best strategy for remaining engaged is nothing but building the community. For example, many of the insurance companies build communities for staying healthy, exercise more, eat right and many more. Many of the people are purchasing the Apple iWatch for customers approving to join the community of the company. The group of millennials is concerned with health are good people to trade life insurance too. As being a member of the life insurance company community, people will naturally purchase insurance from the company.
The company doesn’t have the need to host and build the platform for the community. For instance, Life Insurance companies can build a platform for staying fit. And it hosts on the platform like outdoors or camping group.
Firstly, increasing the communities are having a significant digital component. They are mostly electronic based as they are participating and joining through a web or mobile phones bringing the aspects of digital technology. It needs the relevant technology that gets fit in the interest of the communities’ lifestyle.
The digital platform of the company is making it easy for the customer as there various kinds of technology available. At any point, if a technology is getting difficult for customers to use, at that moment customers will disengage. On the other hand, a digital platform should design to project the need of the customer. And aid in fulfilling their needs, instead of articulating the needs of the customer and start searching the answer.
On simply put, success needs the end-to-end experience of the customer that the company fulfills completely and quickly. This proves that the company may change the organization, needing the consumer voices, an organization can fulfill it flawlessly. Further, analyze the results instead of forcing the customer to go through various call centers and push the needs ahead. If at any point, a consumer gets to a step that is not stable with the appropriate experience that needs to be resolved easily and projected at that time the customer will disengage.
Only the CEO or CIO are observing the total field to play. One can recognize the relevant content and community, but the technology to involve and moving the end-to-end experience are CIO’s or CEO’s domain. On building the end-to-end experience needs the cutting in various functional silos, departments and then combining or collapsing them to generate the end-to-end experience.