The new Quote & Bind journey delivers a tailored user experience driven by data
Integration with third-parties such as Companies House for a tailored user experience
New journey educates businesses on the risks they face, enabling more accurate cover
Event sourced architecture delivers richer insights and more accurate customer targeting
21 March 2019: Digital Risks has launched a new version of its Quote & Bind (Q&B) journey, putting a greater focus on educating the customer and delivering a tailored user experience. Built as a widget to allow easy integration with partners, the system also employs event sourced architecture, to future proof data collection and deliver richer insights for enhanced customer service and targeting.
Digital Risks differentiates itself on its entirely online experience and pay-monthly products aimed at technology and media businesses. It has unbundled what it calls the traditional 'one policy fits all' approach to commercial combined products, matching individual risks to specific underwriting appetites, then re-packaging policies as a monthly subscription.
Taking lessons from customer behaviour and feedback, the latest Q&B release offers a highly tailored experience, while minimising barriers to purchase. This includes drawing on publicly available or customer authorised data to inform the customer journey. For example, integration with Companies House means customers are automatically prompted on their business type, according to its SIC code.
For complex products such as cyber liability, professional indemnity and management liability insurance, the system helps customers to make informed choices about which policies they need, by providing key details about the risks covered, tailored to their company type and size.
The new process has been built in vue.js, a leading front-end framework, which assists in streamlining integration with partner platforms. This capability enables Digital Risks to offer insurance at the point of risk generation, for example, cyber insurance to those signing up to a cloud-based backup solution. It also opens the door to integration with traditional paper-based insurance intermediaries, enabling them to serve a higher volume of business and offer a slicker, more efficient customer experience.
Digital Risks says much of the UI/UX has been inspired by modern eCommerce platforms, where journeys are far less linear and allow for users to jump in and out of the process as they explore and consider their requirements. With 50% of Digital Risks customers researching their needs on a mobile, yet 74% buying their cover on a desktop, the system also makes it easy for users to continue their quote journey even when switching between platforms and devices.
In the back-end, the system is based on event sourced architecture, so as to to record richer customer insights over time. Digital Risks believes this will help to future-proof the business, allowing for enhanced customer service and more accurate targeting.
Cameron Shearer, CEO, Digital Risks, said:
“Innovation in commercial lines insurance has been a long-time coming, particularly when it comes to optimising the user experience.
Startups and small businesses account for 99% of all UK firms, making this one of the largest markets for insurance. Yet these customers have historically been offered a customer journey that is slow, inefficient and ‘one size fits all’.
Our new Q&B journey addresses this gap, giving businesses the same level of engagement and interaction that they receive with other modern services, and ultimately ensuring they can get the right protection – faster.”
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The $10.4M investment round was led by BHL Holdings, a well-respected and highly regarded international group with a strong reputation for insurance innovation. Nire Capital also participated in the round alongside existing investors Concentric, Beazley and Seedcamp.