Insurance customer time-to-value | curacel.ai

Time to value: a better way to onboard and retain customers as an Insurer (Part 2)

This is a part 2 series of Time to Value, you can read Part 1 here.

If you are a Health Insurance company or operate an HMO and would like to understand how our product at Curacel can help you deliver a better customer experience, email us.

Now that we have those two out of the way, let’s dive into creating value for our customers (insert users if you like).

While we might have agreed on the enormous advantage of giving a customer a delightful experience from day 1, where delightful experience = value. We cannot offer this delightful experience if we don’t know what value is.

By value, we do not mean as the Lexicon would define it but what you have set it to be.

In this regard, we are looking at value in time, that is, how much time it takes your customer to get to the point where they can start enjoying value from your product or service.

And this can only happen when you know your customer. And knowing your customer can help offer the best of value to each one of them.

At this point, you’re no longer trying to use a ‘one-size-fits-all’ approach. It is a targeted value.

Knowing this would help onboard and retain the right customer.

What is “Value”?

So, what is value, and how can you harness this to better onboard and retain your customers?

Value is the benefit your customer is expecting to receive from your product, and that you as an Insurance company has created for your customer to receive from your product.

In as much as we have included – “you created” in that definition, the value is not about you but a perceived value from the perception of your customer.

Successful Insurance companies will invest the time to define and create differentiable value by innovating to solve unmet needs, improve processes, automate, introduce innovative valuable tools, attract a new audience or predict the future.

What is your goal as an Insurer?

As a company that intends to deliver value, your goal would be to reduce the time-to-value (TTV) for your customer.

Once you’ve known what ‘value’ means to your customer, the question should be “how can I get customer ‘X’ to value at ‘Y’ duration”?

  According to Baremetrics; “to decrease your TTV, you first need to discover your Aha! moment”.

The Aha! moment is actually when your customer first realizes the value of your product.

For instance, Facebook’s moment is when a user connects with 10 friends in the first week after signup.

As an Insurer, your Aha! moment could be when customer signup to receive your offers. This is best defined by you and would only happen by doing your customer research, analysis and segmentation properly.

If this is the case for you as an Insurance company, you must start talking about designing for your customer experience and delighting then when they first signup.

At Curacel, our Aha! moment is when you request a demo at your visit to our website.

When you’ve decided what value is to your customer and know your Aha! moment, the next step is understanding how to deliver value by reducing the TTV for your customer.

If you are a Health Insurance company or operate an HMO and would like to understand how our product at Curacel can help you deliver a better customer experience, email us.

Image by Johann Walter Bantz on Unsplash

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