Automation with an improved experience for both applicants and advisors

Blog | thinktum-editor | April 20, 2023

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An automated user journey can be as good or bad as any other experience. Our goal at thinktum is to create the most rigorous yet still frictionless user journey. With liz, we’ve achieved all that and more for both sides of the business!

New tech, who dis?

Every technological solution solves some kind of problem, in life and in business. Moving to a digital solution from paper isn’t complicated but it sure makes an enormous difference in the quality of the experience. What would you rather do? Sit in your living room and complete a 40-page paper application with an Advisor including hundreds of questions, or go online and answer a dozen? The end result may be the same – a Life Insurance policy – but how hard do insurers want their applicants to have to work to sign up for a policy?

If asked, most people say that they are indifferent to the idea of a better experience, and will admit to being more concerned about price. Give them a terrible experience however, and their opinions change fast. Suddenly an attractive price loses some of its luster in a long and painfully convoluted application process. Most people if asked will tell you, that they prefer calm over chaos, clear over opaque, and easy over hard. We agree.

With liz, deployments are effortless, and once implemented, Advisors and Underwriters can begin editing flows almost instantly! And isn’t ease-of-use what we’re all after, with everything?

It’s all about ensuring we have visibility into the system, and The value of transparency in a customer journey describes how.

A superior experience for applicants

Imagine a user journey that is customized just for you, where every question asked is pertinent, thoughtfully phrased, and logical. That describes the liz experience exactly. When questions are framed in a simple, easy-to-understand way, it maximizes honest disclosure on the part of the client, decreasing misrepresentation overall.

Applicants will be delighted with all of the benefits the suite provides, including a fully customized liz experience:

Every question utilizes data already provided.
liz allows users to go through an entire journey in just a few minutes and receive a determination at the end of it.
Users can complete the application process on a mobile phone, tablet, or computer – whenever they like.
Applicants receive much more directed and tailor-made product recommendations – enabling them to better protect their families as they need.
Minimized contact from the insurer means applicants and policyholders can interact as they like. Not when they’re forced to.

An improved experience for Advisors

Our liz site has been designed to be intuitive and robust. Business users love the drag-and-drop functionality and the ability to edit, change, add, reorder, or remove questions in the blink of an eye. This ensures the user experience is fast and flawless. The behavioral data provided by liz data alerts the business to problematic questions if more than a few abandon the application when they reach those. Just like it warns them of suspicious behaviors from applicants. And with a hyper-personalized underwriting rules engine such as liz assess, insurance firms can redeploy staff to areas or departments where their expertise may be better aligned.

The benefits to implementing one or more liz modules are exponential, and include:

Fast and easy integration and deployment that doesn’t require technical staff.
Underwriters and other relevant business experts having full control to make edits, undo them, add, or remove questions in seconds.
Adding new products on quickly and easily.
Allowing more conversions to occur because of better user experiences.
Allowing the business to focus on new human-required creative tasks.
Helping to position the company as being modern and efficient.

Honesty and accuracy are two sides of the same coin. We lay it all out in How thinktum’s technology can make insurance more accurate and trustworthy.

Now, an entire application process can be completed in just a few minutes with a determination at the end along with product(s) recommendation – exactly what people want. What they are not looking for are doctor’s appointments for a physical, scheduling labs, meeting with an advisor in person, attending follow-up tele interviews with Underwriters, or any other arduous tasks such as asking non-smokers about their tobacco use. They want to buy insurance the same way we buy almost everything else, effortlessly, and online.