Insurance Shopping Doesn't Have to be a Nightmare

Most customers feel insurance shopping is as painful as getting their teeth pulled, and that negative experience could be costing you in lost sales
Each year major insurance companies across the US spend an estimated combined total of $4.15 billion dollars per year on marketing and advertising. The goal of this expenditure is fairly straightforward - to help companies find more potential customers. But is this approach the right one? More importantly, is it the most cost-effective? To make things worse, smaller insurance providers simply can't compete with billion dollar advertising budgets. As an insurance provider, you owe it to your company to take a look at blockchain technology to see what you've been missing, and what you could save on your marketing budget.
Customers Hate Shopping for Insurance
According to recent data, shopping for insurance is not something that Americans enjoy doing. This is because the process as it stands today is confusing, time-consuming, and lacks transparency. Customers naturally want to get the best deal. So when it comes to insurance, they want a combination of the best coverage and price.

The end result is that we have two opposing needs smashing into each other and the consequent wreckage is what we call shopping for insurance.

Here's usually how it works. A potential customer needs insurance, so they search the web for the type of insurance they want. They are immediately hit with dozens of advertisements all touting to be the best of the best, but with none of them offering any concrete prices upfront.

This means the only way the potential customer can even begin to get a glimpse at what they might pay, they will need to fill out a long and frustrating form with all of their personally identifying information. With data leaks such as the Equifax hack and the Facebook debacle, the average consumer is becoming much more wary of providing personal information to companies online.

Once this arduous process is complete, the customer will receive at most one quote (if any, as they could very well not even qualify for a policy). This one quote alone is not enough to give the potential buyer enough information to make an informed purchase. Therefore they will be incentivized to repeat this process several more times. It's this incredible waste of time and lack of information that makes insurance shopping so incredibly frustrating for consumers.

Luckily, there's a new technology in town that will allow for insurance providers to give accurate policy quotes in seconds, and all without the need to receive or store personally identifying information from a consumer. That technology is blockchain.
The Solution to Insurance Shopping Headaches
Here's how the system works. Users sign up at BitClave and create an account. They then add as much or as little personally identifying information as they want. For instance, they could include their income and type of employment, marital status, birthdate, and so on. BitClave customers choose which company can see which data point. This means that a customer could provide a full and totally usable profile upon which a quote can be provided.

However, providing all this information does not require the customer to identify themselves personally. Likewise, the receiving insurance provider does not need to store this information and keep it secure from hacking attacks that can be catastrophic to a company's image.

Next, the shopper performs a search on the BitClave insurance market and provides as much or as little information as they are comfortable with. This customer profile is then provided anonymously to potential insurance providers all at once, and the client is then presented with a list of guaranteed offers for pricing and coverage.

If the shopper sees a policy they like, they'll be given a code with which they can use to complete the purchase with the insurance provider. As long as all the information they provided to their BitClave profile was accurate, then the price offered in the market will be honored.
The Blockchain Difference
You may be wondering how this kind of service differs from other insurance marketplace and comparison websites. The answer is that those sites still rely on legacy systems that require customers to provide their complete personal identity to a third-party.

To make things worse, customers will not likely trust the third party because it will be incentivized to provide biased information. As those sites operate entirely on commissions, they will be incentivized to put offers at the top of the list that will give it the largest commission amount, but may not necessarily be the best policy for the shopper.

Blockchain technology allows for enhanced transparency where it counts, and allows users to maintain control of their own personal information. In simple terms, customers can decide when they want to reveal their information, and when they don't.
The Future is Now
Insurance is one of those industries that's been around since the dawn of civilization. However, much like how the entertainment industry had to learn the hard way, customers needs are always shifting. Only companies that are nimble and forward-thinking enough will be able to continue surviving and thriving in the new information age.

These days it's all about transparency, choice, and destroying information asymmetry. With enhanced access to market information, consumers everywhere will be flocking to sites that provide them with what they need.

Is your company ready for the future?