This article is part of a series of case studies by Buddy about the insurance carrier of the future, Interplanetary Insurance, and how they use different e-commerce best practices to protect the future of humanity.
In the vast expanse of space, even the most advanced explorers need a safety net. Interplanetary Insurance has been the go-to provider for Airlock Insurance, ensuring that spacefarers are protected during critical transitions between their spacecraft and the void. Traditionally, securing such specialized coverage involved a hands-on approach with brokers guiding clients through the intricacies of policies and applications. While the comfort of working with an agent or broker can put customers’ minds at ease, this method is not always simple, reliable, or modern—leaving opportunity on the table.
The Challenge: Streamlining the Brokered Sales Process
In today's fast-paced digital age, we expect efficiency, convenience, and control. The traditional broker-customer interaction, though personalized, can sometimes be time-consuming. Customers desire the flexibility to review and complete applications on their own terms, without being tethered to a broker's schedule. This is where Interplanetary Insurance identified an opportunity to enhance their process.
The Solution: Buddy's Personal Device Checkout (PDC)
To modernize their brokered sales approach, Interplanetary Insurance partnered with Buddy to implement the Personal Device Checkout (PDC) system. Here's how it works:
- Initiation by Brokers: An agent or broker collects initial information to provide a quote from a customer. This can happen in a number of ways, but using a broker-configured Offer Element provides the fastest quote. CRM platforms like Hubspot or Salesforce—or even just a webform—are also possibilities to gather initial information.
- Seamless Customer Engagement: Once the initial data are collected, an application is set up, and the client receives a secure link via text or email.
- Personalized Customer Experience: Upon clicking the link, the customer is directed to a unique page where the application details are securely retrieved and presented. From there, customers can review, adjust, re-quote, and fully complete checkout right there on their personal device, ensuring a seamless and user-friendly experience.
The Results: Enhanced Efficiency and Customer Satisfaction
Implementing Buddy's PDC has transformed the brokered sales process for Interplanetary Insurance:
- Increased Conversion Rates: Customers appreciate the autonomy to complete their applications at their convenience, leading to higher completion rates. Agents and brokers can also automate follow-up campaigns and work multiple prospects at the same time.
- Reduced Administrative Burden: Brokers and agents can initiate applications swiftly and trust that customers have the tools to finalize them without constant oversight or dual data entry.
- Improved Client Experience: The intuitive design of the PDC ensures customers can complete the application process effortlessly, enhancing overall satisfaction.
Industry Context: The Digital Transformation of Insurance Brokerage
The insurance industry is witnessing a significant shift toward digitalization. According to a report by the Boston Consulting Group, digitally enabled distribution offers substantial benefits, including increased revenue, improved agent productivity, and reduced customer acquisition costs.
Furthermore, the U.S. Bureau of Labor Statistics projects a 6% growth in employment for insurance sales agents from 2023 to 2033, highlighting the enduring importance of agents in the evolving landscape.
By integrating digital tools like Buddy's PDC, companies like Interplanetary Insurance are not only staying ahead of industry trends but also setting new standards for customer engagement and operational efficiency.
A New Frontier for Brokered Sales
Space is a tough place to do business. One wrong move, and your customer is floating off into the void—figuratively or literally. By adopting Buddy's Personal Device Checkout, Interplanetary Insurance has ensured that their brokers can guide clients through the process while giving them the freedom to finalize their coverage anytime, anywhere.
No matter which planet (or orbital station) they call home, customers can confidently secure their Airlock Insurance with just a few clicks.
