The high adoption rate of new technologies in the financial sector has paved its way towards development of new distribution channels in the online space. As use of internet becomes more integrated with different business processes and within the lives of customers, insurers and takaful operators have a chance to reap benefits from end-to-end activities like product development, marketing, sales to customer retention. The rise in internet usage has also restructured the research and purchasing process of customers.
Today a customer will prefer to collect information from various platforms of multiple insurers and seek feedback from existing clients before committing to an insurer. While product offering is the prime factor for online purchase other attractive technology implementation such as chatbots, budget and financial calculators, product comparators, transparency of product details and needs analysis can help give the extra push for purchase. The choices online store is not restricted to selling online but a combination of different services, all of which are well-integrated with our Enterprise Digital Framework (EDF) allowing insurers and takaful operator to leverage from these enhanced capabilities and prepare for the future.
The Choices Online Store can also configure personalized campaigns to bring consumers to the store via social media, messaging and email. Campaign visits are tracked to analyze drop-off points, which enables the marketers to minimize drop-off ratios utilizing A/B and multi-variate testing, to verify the best customer journeys.