Avoka Introduces Real-Time Analytics for Insurance Customer Acquisition

Transact Insights is available to insurers and other financial institutions running the concurrently announced Avoka Transact 5, the latest version of the Avoka Transact platform.

(Photo credit: Simonsanely.)

Avoka (Denver/London), a provider of digital customer acquisition for financial services, has introduced Transact Insights, an analytics module designed for agile optimization of digital account opening. Transact Insights is available to institutions running the concurrently announced Avoka Transact 5, the latest version of the Avoka Transact platform.

Philip Copeland, CEO, Avoka.

Philip Copeland, CEO, Avoka.

Avoka characterizes Transact Insight as addressing digital account opening abandonment. Many financial institutions face abandonment rates in excess of 85 percent and have limited ways to diagnose problems in order to improve results. By analyzing points of friction in digital account opening forms, Transact Insight provides intelligence to retail banks, wealth managers and insurers that enables them to achieve higher customer conversion rates and more successful onboarding over digital channels, according to Avoka. The solution captures customer behavior to drive detailed transaction analytics, identifying problem areas and allowing rapid changes to onboarding processes, as well as testing to evaluate improvements.

Similar to Google Analytics for account opening and onboarding, Insights measures where customers spend time, make errors, or abandon their sessions, the vendor says. This information gives financial institutions the data they need to accelerate new account opening.

Avoka reports that other new modules within Transact 5 include the following as described by the vendor:

Transact Maestro: Avoka’s next generation design tool, which simplifies the form creation process, and allows the development of sophisticated digital forms with little or no coding;

Transact Fluent SDK: Avoka’s most advanced software development kit, which makes it faster for teams to develop platform extensions to, includes simplified APIs, and Fluent-based services and development models; and

Avoka Exchange: a catalogue of pre-built integrations with prominent fintech services.

“We’re excited to be launching our most sophisticated digital sales platform ever,” comments Philip Copeland, CEO, Avoka. “Insights in particular adds a significant degree of business agility for our financial services clients, giving them the customer insights they need to understand the causes of abandonment, rapidly make improvements and immediately see results.”

Interpreting Customer Abandonment of the Onboarding Process

“The addition of real-time intelligence for exploring why customers are abandoning the onboarding process, through Insights, has the potential to transform the way financial services institutions take on new customers in the future,” Copeland adds.

For current Avoka customers, both cloud- and premise-based, Transact 5 offers access to the advanced capabilities and greater extensibility while retaining full compatibility with existing Transact forms, the vendor says.  New Avoka customers starting with Transact 5 will experience faster time to market, easier learning, deeper analytics and increased security for their customer-centric digital transformation.

Transact Insights is available for Avoka customers using the Transact 5 release, which is available as an upgrade now to all Avoka Transact customers worldwide.

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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