Prose was recently featured in Insurtech Tips and Insurance News, where Justin Belmont, Founder & CEO, shared valuable insights on how user experience (U4) and regulatory changes are impacting customer retention in the insurance technology space. As insurtech continues to evolve, fine-tuning the customer journey and staying ahead of regulatory shifts are becoming crucial strategies for long-term success.
Here’s what Justin had to say:
Simplify and streamline the sign-up process for better conversion rates
Topic: Streamline the sign-up process
Quote: "We worked with an insurtech client who made a simple but impactful UX improvement by streamlining their sign-up process. They cut down on the number of steps and made the forms more intuitive, reducing friction for users. The result? Conversion rates shot up because people weren't bouncing off due to frustration or confusion. Plus, they added clearer call-to-action buttons and a progress bar, so users felt more in control. It's proof that even small tweaks in user experience can make a big difference in getting people to follow through and convert."
You can read the full article here.
Stay on top of regulatory changes to maintain customer trust and satisfaction
Topic: No Surprises Act prevents surprise medical billing
Quote: "One major example is the No Surprises Act, which took aim at surprise medical billing. This regulation prevents patients from getting slammed with unexpected out-of-network charges during emergencies or at in-network facilities. It's shifted the dynamic between insurers and providers, leading to tougher contract negotiations and, in some cases, narrower networks. For patients, it's a step toward transparency and fairness, but it's also shaping health plans, as insurers adjust pricing and coverage to absorb the change. Regulations like this remind us how policy can directly impact both the industry and the patient experience."
You can read the full article here.
Why these changes matter for customer retention
Both user experience improvements and regulatory changes play a pivotal role in shaping customer loyalty and retention. Here’s why:
- Customer journey improvements: Simplifying the user experience, such as streamlining sign-up processes and improving interface design, increases conversion rates and enhances overall satisfaction. These optimizations make it easier for users to engage with products, leading to higher retention.
- Navigating regulatory shifts: As regulations like the No Surprises Act become more prevalent, customers are benefiting from greater transparency and fairness. Insurers who adapt quickly to regulatory changes and clearly communicate these adjustments will retain customer trust and satisfaction.
Bonus feature: Building trust and transparency through innovation
With growing consumer expectations, insurers must adopt both technological and regulatory solutions that prioritize user-friendly experiences and fairness. Here’s why it matters:
- User experience: Small UX adjustments, such as reducing sign-up friction and providing clear navigation, lead to immediate benefits in conversion rates. These changes are crucial in retaining customers, especially in a competitive market where ease of use is a major differentiator.
- Regulatory compliance: Regulations like the No Surprises Act directly affect the customer experience. By staying ahead of policy shifts and clearly communicating how they impact customers, insurers can foster greater trust, leading to improved long-term retention.
Ready to enhance customer retention and stay ahead of the curve?
Prose can help you leverage these strategies to enhance user experience and adapt to evolving regulations. Contact us today at prosemedia.com to learn more.
