If you have ever searched for something on the internet, you have used form pre-fill before. You know how tedious filling out forms can be. Millions of online forms, applications and stores utilize pre-fill plugins to make the shoppers’ / subscribers’ lives easier. Even the Google searches you make multiple times a day have a drop-down pre-fill option using machine learning. Prefill is everywhere.
Insurance requires a specific set of data for pre-filling an application. By leveraging third-party provided data to populate the applicant’s information, details such as household, drivers, vehicles, property and assets, beneficiaries, and risk attributes can be injected into the workflow. Users and the agents who guide them can rely on valid external data to prompt them in an auto-populated form.
We’ve put together the top three reasons pre-fill/autofill is beneficial to the insurance quoting process.
Improved customer experience
Part of the reason there is high abandonment rate of insurance applications is energy preservation. Simply put, online forms are tedious and users don’t want to spend copious amounts of time filling out forms.
The best in class approach is to subscribe to data providers that can pull in the needed information instantly, to be validated by potential customers seeking a quote.
Applying for insurance is confusing enough in itself, automating that process for applicants is crucial for conversions. Pre-fill saves users time and tempers. Happier users leads to increased quote completion and conversion.
Increased quote completion and conversions
Pre-fill asks users to do less and when asked to do less, many of us are more likely to complete the task. Utilizing autofill significantly impacts a form’s completion rate by making form submission more attainable.
As a benchmark, customers using Fenris’ pre-fill APIs have experienced “the bump” in increased completion and conversion immediately upon integration. Agencies with large call centers can apply the suite of Fenris prioritization scores and pre-fill data to generate up to 3x the sales conversions. Online applications are able to be completed with “more swipe and less type” for fast, easy, accurate quoting. No matter the channel, with verified data in the form, an accurate quote can be generated, satisfying the customer and leading to more conversions.
Decreased cost of acquisition
Insurance leads come in all shapes and sizes, and knowing upfront which are most likely to convert can decrease the cost of acquisition dramatically. Appropriately identifying new applicants that would make ideal policyholders is important to get right because each insurance company prices risk differently for different segments. The cost of acquiring a new policyholder can run hundreds of dollars, and needs to be carefully managed to chase new business profitably.
By pulling in third-part pre-fill data to build a consumer profile of a new lead, insurance providers can ensure they are marketing their services to ideal consumers, and reroute or triage others to providers more suited to the consumers needs, saving sunk acquisition costs on applicants that will not convert.
Fenris Digital’s suite of pre-fill APIs add value to your online forms, your call center and agent interactions, and helps modernize your quoting workflow. The essential benefits include an ability to improve customer experience, increase quote conversion, and decrease cost of customer acquisition.
Interested in exploring how pre-fill tools can seamlessly integrate and increase your conversions? Try it for free https://fenrisd.com/signup/ .
Explore other Fenris products to improve customer acquisition
Identify your best applicants with predictive scoring that provides credit insights, likelihood to buy and fraud indicators all in one pass https://fenrisd.com/products/scores/ .
With just a simple photo of the back of the driver’s license, insurance applicants can breeze through the process of requesting a quote with an “one click Amazon-like” experience with LicenceSnap https://fenrisd.com/licensesnap-info/.