In today’s digital era, where multiple apps exist for almost every purpose, delivering a memorable customer experience is critical to acquiring and retaining customers. The music recognition app, Shazam, has succeeded in shaking off competitors with a simple user experience that is clean, easy and magical.

Although you probably don’t use “music” and “insurance” in the same sentence very often, the two industries have a lot more in common than you think.  For example, they’re both massive industries, they’re both highly fragmented industries, and they both suffer from a painful lack of structure when it comes to information.  

Shazam did an incredible job of creating a successful business by solving a single user frustration which happened every day...identifying the name of a song you hear on the radio.  The solution was incredibly complex - combining advanced audio recognition technology and a massive database to deliver results in seconds.  What made Shazam great, though, was the simplicity of the user experience...a single, magical button.  

For any startup to be successful, like Shazam, you have to get one thing right.  Successful InsureTech companies today must focus on solving a single, painful problem.  And that problem needs to be felt by a large audience...large enough that an entire business can be created around the solution.  And, like Shazam, that solution has to be simple.  

At Broker Buddha, we simplify the most painful part of the purchasing process: Applications...after all, who likes filling out forms?  Like TurboTax did for the Tax Industry, Broker Buddha simplifies the application process for commercial insurance by converting static PDFs into interactive Smart Forms and guiding brokers and clients through the completion of those applications.  

For Brokers, we pre-fill client applications with data from a variety of sources so that your clients need to answer as few questions as possible.  For clients, we present an interactive, customer friendly, online Smart Form with indications for required fields and tooltips to clarify the meaning of questions.  

The result is a simplified experience for both brokers and their clients which helps increase retention and close rates while saving everyone time.  

Published on:

Tuesday, August 14, 2018