Reluctant but open
Many people who were born right before the widespread adoption of digital technology were initially hesitant, but they have learned to navigate the digital landscape, especially in light of global events like the COVID-19 pandemic, which forced many to lean into technology due to the enforced remote work environment. Instead of holding in-person meetings, they had to pivot to video calls; instead of ordering a sandwich at their favorite restaurant, they had to utilize a delivery app. In fact, according to a 2020 Pew Research study on the pandemic, 53% of Americans said the internet was essential during the outbreak. This group appreciates the efficiency and freedom that technology offers but may still prefer in-person experiences as they provide a sense of connection and empathy that is difficult to replicate via video. For this group, embedded insurance with human interaction is ideal. They seek the convenience of online channels but also value the availability of a live person for personalized support.
For example, someone who grew up with computers and the internet might prefer to research, get estimates and purchase auto insurance online, relying on online reviews, social media and digital platforms like VIU by HUB. In contrast, this group might choose to gather information and make purchases through traditional means, such as calling a real person to make sure they aren’t missing any options or relying on recommendations from friends and family.
Adapting to today’s reality
There are still many people who find it hard to adapt to rapid technological changes that may seem like afterthoughts to the previous groups. These people are often, though not always, older adults. Largely due to the pandemic, often with limited prior exposure to technology, they found themselves thrust into the digital world. While the transition was overwhelming, many in this group recognize the benefits of embracing technology, including the ability to watch their loved one’s wedding via video or access essential services, like insurance, online. Some are thriving in the digital world, others are finding it difficult to move past their years of conditioning in a non-digital world. This group values having the ability to speak to a real person when making a big decision or using services like embedded insurance. This human element can alleviate some of the challenges of joining the digital world, including digital insurance adoption.
Tailoring embedded insurance solutions
A truly customer-centric approach lies in effectively serving all three distinct groups. This means understanding what each group wants and how to deliver it in a way that the other groups are free to benefit from or ignore. This may result in multiple ways to achieve the same goal – for example, offering insurance quotes digitally or by phone – or it may mean providing additional education for people less comfortable with online services. What does that mean in practice?
For those who seamlessly integrate technology into their lives, a focus on smooth integration and personalized offerings is paramount. They want everything at the touch of their fingertips, from ordering delivery to purchasing an insurance policy. The group who has learned to adopt digital tools, thrive with simplified onboarding processes, intuitive interfaces and accessible support channels. Meanwhile, people who are still adapting to this digital shift, require a strong emphasis on human support to navigate this new landscape.
VIU by HUB has addressed this by offering multiple ways to get insurance quotes and manage existing policies. Customers can use our mobile app, website or call our VIU by HUB Advisory Team to speak with a licensed agent. Anyone can use any of these methods, but they were created with these groups in mind.
Tailoring embedded insurance to leverage preferences for these groups can make sure that each group – and individual customer – receives a truly customized experience from an organization and decide on their own personalized level of digital insurance adoption.
