There is a simple concept called ‘Time to Value” (TTV); the measure of the duration it takes your customer to start enjoying the value you are delivering.
Time-to-Value is simply the amount of time it takes a user or customer to realize value from your product or service.
TTV is the amount of time it takes from the moment a prospect starts to interact with you – sales process, website or app, to the moment they receive a meaningful amount of value from your product or service.
At this time, they should have gotten a delightful experience.
Your customers do not have the luxury of time – they want to buy a policy without hassle. They want to get to the clinic and not get attended to without a doubt. They want to submit a claim and get it settled at the shortest possible time – and in all of this, they want the process to be less painful.
It should happen with a maximum of three to four clicks or navigations then submit.
Your new user – first-timer’, from the moment they clicked on ‘confirm email’ or ‘enter OTP’, they should start extracting value from the next page.
Think about the process to your ‘Time-to-Value’
As an Insurer, how long does it take your customer to get in touch with your provided value? In other words, how many steps does it require before your customer benefit from your offerings?
Put in another way, how many steps will it take your customer to get onboard?
One of the first things to look at is your sign in and sign up process; how easy is it? As a user, I should get some value at this point. Why do I have to wait until later to see and activate this value?
Your customer, with the advent of technology, is now open to other options – your competitors and these users are only loyal to a better experience.
They will never forget how you made them feel by giving them value at the first click or interaction with your product.
It all starts from that first click.
But, before you can decide if you have delighted a user or customer, you must be able to answer the question: “What is value?”