Why Insurers must invest in their digital platform

In a saturated market place, it’s those who don’t move with the times who pay a hefty premium

Digital advancement has infiltrated almost every industry imaginable, with a strong correlation between investment in this area, and continued success. If there’s a commodity to be had, you can bet there’s a website to support it, and if there’s a website to support it, then there’s an opportunity to bolster your offering with digital investment.

The insurance industry has undergone a transformation of sorts since the broadband boom and widespread explosion onto the market of the price aggregator sites in the early 2000s. It’s allowed for new players to enter the game and disrupt the market, with varying results due to the high stakes nature of insurance. In some market segments, such as travel insurance, the aggregator channel is responsible for over 50% of sales. With so much traffic coming through a single channel, the subsequent journey on the insurer’s own platform has to be top notch in order to maximise revenue.

A rude awakening of sorts, it showed that route to market diversification is necessary to survive. There may yet be a place for the corner street broker, but for those insurers with a desire to be scalable, an online presence with an iterative improvement roadmap is essential.

Insurers are obviously not alone in their quest to increase revenue per customer, but with loss ratios, commissions, and claims eating into their profits, it’s now more important than ever to optimise the sales funnel to minimise drop off throughout the journey.

It’s almost a given that your website design has to be intuitive and responsive, but the market leaders are investing in their digital offering to answer and resolve each of the following key business pitfalls.

How can you keep potential customers on your website?

So a potential customer has made their way to your site; fantastic! But what now? Each subsequent page carries a risk of potential drop off, so do everything you can to keep them on your site. You could have designed the best site in the world, but even then, a percentage of users may still find elements of the journey confusing. Many ecommerce brands and businesses in financial services have introduced co-browsing software in an attempt to curb this problem.

Co-browsing software allows the user to invite a customer service or sales representative into their web journey, and interact with their bespoke quote and options. While results vary from business to business based on implementation, case study statistics from the Aberdeen Group suggest that the software can boost performance metrics. A 2.4 % decrease in support costs, and an overall revenue increase of 7.2% attributed directly to co-browsing is certainly enough to make it a worthwhile investment.

How can you ensure users move through your online journey with ease?

Due to the complex nature of insurance products, and the sheer volume of competitors out there, customers would be forgiven for shopping around, and looking for more information in general as they move through your sales funnel. At each point where the user raises an objection point, this is a potential for them to drop off the site.

Live chat software is a good way of intercepting the user at these key points, defusing the situation, and keeping them moving steadily towards the payment page.  Only 9% of companies use live chat, but as many as 77% of customers won’t make a purchase online if there is no live chat option available. The utilisation of live chat is on the rise, which will in turn drive customer expectation levels up. With this interaction point soon to be available across the board, can you really afford not to invest in it? 

How to answer customer queries consistently

The financial services industry in the UK is amongst the most heavily regulated in the world. With the interests of the consumer in mind, they’ve tightened up across the board, and are taking insurance companies to task on their processes, security, and levels of compliance. Weeding out the occasional rogue trader is of course a huge benefit to the market, but with this level of scrutiny often comes a barrage of procedural, borderline mundane questions from a now more distrusting customer base.

White hat companies will of course look to get the required information over to a potential customer as quickly and easily as possible, so an automated chat function on site can be a massive boost for efficiency. Despite being a relatively new addition to the tech suite, 67% of consumers have used them in the last year, 40% of consumers don’t care whether a chatbot or human helps them, and upwards of 85% of all customer interactions are expected to be handled without human interaction by 2020. 

Every insurer operates slightly differently, but digital integration is now an irreversible trend for market leaders, so to maximise your business opportunities, it’s vital that you remain ahead of the curve on digital. Each and every drop off from your platform is a £ amount wasted, so now’s the time to plug the gap by shrewd investment.

The next step for revamping your systems

Consumers’ expectations are evolving for every market; the insurance industry is no exception. Advances in fintech and digital platforms can be implemented throughout different stages of the customer journey, and insurers can harness chatbot technology, co-browsing and messaging automations to bring their platforms to the 21st century.

At Ibby, we are building an innovative platform that can help insurance firms to boost sales and support. Sign up for free or request a free online demo!


Responding to leads: Are you moving fast enough?

A new lead comes in – the clock’s ticking. How much time do you have to respond before your lead falls off the radar?

Everyone seems to know that, when there’s an opportunity to close a sale, time is of the essence. Yet, research statistics out of Harvard Business Review show that most companies are slow to respond to leads, meaning they aren’t handling online queries effectively.

Looking at over two thousand U.S. companies to gauge how long they took to respond to a web-generated test lead, the results found that 24% took more than 24 hours — and 23% of the companies never responded at all.

What’s even more interesting, is the stat that reflects just how important timely responses can be. The research suggests that companies that respond to leads within an hour, are 7 times more likely to convert leads to sales.

Companies that try to contact leads within 60 minutes of receiving a query “are nearly 7 times as likely to have meaningful conversations with key decision makers as firms that try to contact prospects even an hour later” – the report reads. However, only 37% of companies manage to follow up with leads within an hour.


Every minute counts


The Harvard Business Review demonstrates the importance of responding within an hour, but what happens when looking more closely; at the minutes that follow the submission of a lead?

The Lead Response Management Study shows just how much every minute can cost you when your leads are awaiting response:


  • “The odds of calling to contact a lead decrease by over 10 times in the first hour.”
  • “The odds of qualifying a lead in 5 minutes versus 30 minutes drop 21 times.”


Why is response time so important?


The reason why the time you take to respond to leads matters so much is not only to do with top-of-mind-awareness (a vendor is still fresh on the consumer’s mind when the contact occurs), but also because of the so-called “wow effect”.

Would it freak people out if you got back to them seconds after receiving a lead? Perhaps there was a time when this could have been a bit of a concern – but with all the recent advances in AI and technology, the truth is that consumers nowadays want and expect an instant response.

Responding fast to a potential customer is a great way to make a good first impression. It shows that you’re interested, and it tells them a bit about how quick your service can be – helping to build trust right from the start.


Beating your competitors to the punch


As much as 50% of sales go to the vendor that responds first. So, how can you make sure you are handling leads effectively and be the first to respond?


1. Equip your team with the latest live chat technology 

More than ever, consumers are demanding immediate attention, which is why businesses are increasingly turning to live chat software that can facilitate an instant response.

Ibby’s modern live chat tool can allow your sales team to be ready to strike a conversation whenever someone is interested in your product or service; and engage in conversation to answer questions in real-time.

With no need for submitting forms online, or consumers having to wait for your emails; live chat can simplify the funnel to a single conversation.

Aim to get back within 5 minutes for optimising your chances of success.


2. Use automations for tailored responses

Automated responses can provide good support for when you can’t provide an immediate personal response – providing your team is able to pick up and follow up, as appropriate.

In the usage of automated responses, it’s important to avoid auto-responders that come across as a canned response. Make an effort to personalise your messages. A good automation tool allows you to tailor messages to customers’ behaviours and actions, ensuring content is not only timely, but relevant and to the point.

With Ibby, you can also take it further and automate tasks for your team. Tasking users in connection to personalised auto-messages can help your team to stay on top of every action required to close more sales and move prospects through the funnel.


3. Follow up effectively

Apart from commonly slow response standards, statistics also show that companies aren’t persistent enough at following up on leads. On average, companies try to contact a lead only 1.3 times before quitting.

Think about how many choices consumers have out there. Your potential customers can be hesitant and require a level of attention that can only be achieved through appropriate following up. This is why persistency can be so important.

Workflow automations can be of massive help for following up, so that agents don’t have to manually chase leads and perform repetitive tasks. Workflows help companies to keep potential customers advancing through their decision cycle by communicating consistently with them.

By not following up effectively, you’re letting your leads fall off the radar and giving your competitors space for stepping in.




Delaying your response to inbound leads can easily result in money lost. Responses within an hour increase the chances of conversion by as much as 7 times, and your best odds of making a successful contact with a lead are within 5 minutes.

Responding to leads quickly is largely down to having the right tools to do so. Speed is critical, but so is relevancy. Make sure you equip your team with tools that allow them to respond fast and to send the right message at the right time. And remember – every minute counts!



Get your hands on the latest messaging tools to be the first to respond and convert more customers. Sign up with Ibby today, you can get started for free!


Conversational Commerce: It’s time to chat

Conversational commerce presents a massive opportunity for the future of marketing and sales. Learn all about it and how easy it can be to get started.

The ways consumers shop online and interact with businesses are changing. With the use of smartphones transforming our world, online users want instant answers, and companies need to streamline their operations to tackle the challenge. It stands to reason why there’s been so much talk around conversational commerce.


What is conversational commerce?


In 2016, Chris Messina described it in an article as follows:

“Conversational commerce (as I see it) largely pertains to utilising chat, messaging, or other natural language interfaces (i.e. voice) to interact with people, brands, or services and bots that heretofore have had no real place in the bidirectional, asynchronous messaging context.

In principle, Conversational Commerce consists in the notion of facilitating sales with conversations. The concept has existed for as long as humans buy and sell, because trading has forever involved discussion; whether it’s in meetings with salesmen to discuss products, phoning companies to check stock or asking questions in person to assistants in shops.

For the world of ecommerce, communication has been a little different. Emails dominating the digital dialogue for years has meant that the conversation hasn’t exactly been real-time, but this is now quickly shifting.

With the rise of AI, voice assistants and instant messaging tools; real-time conversation has progressively become a core part of the online shopping experience – and live chat is assuming the protagonist role.

Live chat is the epitome of conversational commerce online. Asking questions is innately human; hence, when given the chance, online consumers jump at the opportunity to engage in chat and ask for help before completing a purchase.

The benefit for businesses is clear; engaging with visitors online is equivalent to assisting potential customers coming into a shop for help – a superb resource for closing a sale.

Live chat has the ability to shorten the sales funnel to a single conversation. Without the need for emails going back and forth, time-consuming Internet search, form submissions or other broken means of communication – a visitor who engages in conversation via live chat can immediately be assisted, qualified as a lead and turned into a customer.

When it comes to closing sales, time is of the essence – and with the power of real-time conversations, you can close deals in minutes. That’s the great opportunity. Live chat is allowing businesses to easily capitalise on instant messaging and increase sales, whilst enhancing support online and boosting customer engagement.

Asking questions is innately human; hence, when given the chance, online consumers jump at the opportunity to engage in chat and ask for help. #BusinessMessaging Click To Tweet

Getting on top of the game


Conversational commerce is here for the long haul, re-shaping customer interaction for the future. If you’re not giving your visitors and customers the chance to chat with you online, you’re missing out on a big opportunity.

Getting started with live chat is easy and it doesn’t have to cost you much. In fact, with Ibby, you can get started for free!


Chat as a team: break down the barriers!

Marketing and sales working in silos, disjointed channels for customer service and technical support… Sound familiar? Find out how Ibby’s live chat solves the problem.

We’ve all been there – as customers – in the unfortunate event where we get transferred to lots of different agents or departments; other times asked to send an email or call a number to get the support required. Not only it’s time consuming, but massively frustrating.

Uncertainty is the worst enemy of customer satisfaction. Customers often have to try different channels; or explain what they need more than once to different people – it’s the kind of thing that results in poor customer experience and really hurts your funnel.

The divisions between business departments is a problem companies have faced for many years. The answer? Spare customers the pain and route requests in real-time with live chat.

Live chat is traditionally a one-to-one communication channel – but we changed this. With Ibby, we reinvented live chat to work as a channel where customer requests can be dealt with as a team, immediately – no need for transfers!


Collaborate behind-the-scenes


When several agents are in a conversation, they can use private notes to communicate behind-the-scenes in the same conversation thread. This means team collaboration happens in real-time, without the visitor finding out.

A typical scenario: a customer needs help from support and tries live chat, but he reaches the sales department. How to deal with this effectively: bring in support to the conversation.



The ability to chat as a team helps to break down the barriers between agents and departments, reducing friction and making it easier to deal with things.


The end result


Agents can work more efficiently, and customers are more satisfied with their experiences.

A plus side to chatting as a team is that customers don’t usually expect to talk to more than one agent on live chat, so not only will you be able to support them better, but also delight customers with the level of service!


Ready to deliver a increase sales and enhance customer support with live chat? Sign up with Ibby today, you can get started for free!

Customer intelligence tactics for the finance industry

Technology-led changes have been disrupting traditional business models over the past few years, and the financial services industry has not escaped the impact.

The need for using technology to improve IT efficiency and optimising costs while continuing to support legacy systems has been a constant challenge for businesses in the finance industry. FinTech start-ups have made their way into established markets with new technologies and innovative customer-friendly solutions. Automated processes have become a must, and almost everything is done electronically.

Industry players of all sizes have to facilitate innovation in order not to slip behind. While building expectations for the future of financial services, the question that requires prompt answers is how businesses can better prepare to compete.


Customer intelligence: A key priority for success


In a research conducted by PwC which examined the forces that are disrupting the financial services landscape, is it predicted that by the end of this decade “customer intelligence will be the most important predictor of revenue growth and profitability” (Financial Services Technology 2020 and Beyond: Embracing disruption, PwC).

Building the technology capabilities for customer intelligence is therefore a key priority for competing in the financial services industry in the immediate future.

Here are 5 tactics for businesses to get more intelligent about customers’ needs and to get better-positioned to succeed:


  • Live chat

Consumers are no longer willing to dig deep into a website to find information; now more than ever, they expect to get an instant answer to their questions. This tendency, along with the overwhelming growth of instant messaging, has prompted businesses to increasingly install live chat on their websites to enhance the way they interact with visitors and customers.

As a low-friction point of contact, live chat is a smart way to turn visitors into customers quicker than forms, follow-up emails or other broken communication channels commonly used in financial services.

When it comes to learning about customers’ needs, the instant feedback from visitors and customers via live chat can provide valuable consumer insights to shape and improve business strategy.


  • Live website analytics

For virtually all businesses with an online presence, every visitor is a potential customer – which is why customer intelligence should start with analysing your visitor activity.

Live website visitor analytics are a powerful tool to track visitors in real-time; to identify opportunities and proactively chat with prospects. Monitoring visitors’ footprints is a great way for better understanding consumer behaviour in order to provide a more personalised service.


  • A context-centred model

Digitisation across different industries has shown customers that e-commerce delivers speed and personalisation, shaping their expectations for financial services as well.

The need for delivering a seamless omni-channel experience is becoming more important – and the context of every customer is paramount for providing a customer-centred, personalised service.

A simple solution is to make use of a smart CRM platform that can collate data for leads and customers, keeping everything organised and facilitating instant access to contacts’ history. The rewards for having the context for every customer right at your fingertips can be enormous.


  • Automation

Getting more intelligent about customers’ needs involves getting closer to them – this is when timely and relevant communications play a major role.

Automations, such as drip campaigns for sales and marketing, present a sure-fire way of supporting communications throughout the lifecycle. Used in combination with intelligent customer data, automated messaging can help businesses to send the right message to the right contacts, at the right time.

Automations can be the core of your sales and marketing communications strategy; to save time, nurture leads, move prospects through the sales funnel and keep customers engaged.


  • Reporting

No strategy can be complete without reporting to measure results. Intelligent reports are essential for understanding business performance and learning about customer behaviour.

For any business, comprehensive reporting can provide valuable insights not just for sales, but leads statuses, agents’ performance, communication with customers, email metrics and more.


Stay on top of the game 


The time has never been more crucial for industry players to keep a focus on technology and implement tools that can help to get an edge. Enabling customer intelligence, and the capacity to act in real-time on that intelligence, is becoming a key driver for success in the financial services industry.


At Ibby, we are working on a message-driven solution designed to empower businesses to capitalise on the aforementioned tactics for competing in the market. Sign up and take Ibby for a spin, you can get started for free!


Building a strong connection with the Millennial consumer

Proactive and engaging communication with the millennial consumer is key to effectively serve this essential market segment.

Millennials, also known as Generation Y, is the generational cohort born between 1980 and 2000. Set to become the largest demographic by the end of the decade, Millennials recently became the most valuable demographic group across the UK in terms of their “wallet size”.

As the first truly digital generation, millennials’ demands have been shaping the future of business. For brands to establish a strong connection with the coveted audience, it’s important to understand what Millennials want and how they operate. Let’s go through a few considerations:


  • Millennials want answers to be online and quick

Regardless of what they are looking for, millennials search for answers online. Tech-savvy as they usually are, they demand a user experience that solves problems fast, and they’re less willing to put up with slow or poor service than older generations. An intuitive, engaging online presence is a must.

Instant messaging tools made available to Millennials are massively appreciated, for their ability to provide instant help and answers to their questions. Hence, live chat might just be the simplest solution to Millennial-proof a website.

Live chat might just be the simplest solution to Millennial-proof a website. Click To Tweet


  • Communication ought to be to the point

Having grown up in the era of instant access to information, millennials expect communication to be simple and direct. Corporate robots and ‘salesy’ messages are likely to drive them away.

Companies that are able to approach the audience with an empathetic, human tone will gain an edge.


  • An eye for authenticity

Advertising is not an effective way to gain the trust of millennials. In fact, only 1% of the digital natives said that compelling advertising would make them trust a brand more.

Millennials go to blogs, they read customer reviews and inspect reactions on social channels before trusting ads – so the key for brands to capture their attention is to find ways to show authenticity and brand values that align to their own.


  • It’s a myth that millennials aren’t brand loyal

It’s historically been a struggle for companies to connect with millennials due to their inherent distrust towards organisations. However, the common belief that millennials aren’t brand loyal is simply not true.

A research conducted by Accenture found that millennials can be exceptionally loyal customers as long as they feel they are treated as valued customers.2 Personalised service that is tailored to their needs proves very effective to ignite brand loyalty in this generation.

The same research found that more than 95% of millennials say they want brands to win them actively – which shows how important it is for businesses to take a proactive approach with their communications.

This is where technologies like live website visitor analytics can prove incredibly useful; as they allow businesses to proactively engage with visitors and prospects while they are online – and make the best of behaviour data to provide a personalised service.


A ticket to success


Companies looking to grab a piece of the coveted millennial pie will need to find ways to make the best of communication channels to provide a seamless end-to-end experience and deliver a consistently personalised service.

It’s time to throw out the old playbook and make space for new technologies. Innovative and engaging communication tools, combined with direct and strategic messaging can make a world of difference for effectively connecting with this lucrative demographic.



Make your customer experience Millennial-proof!

It’s super easy to get your hands on a multi-channel messaging platform that can help your business to deliver the customer-centric service that Millennial consumers seek. Sound good? Sign up and take Ibby for a spin, you can get started for free!

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