There was some interesting research from Google recently that looked at consumer behaviour around buying insurance, and what insurance in the digital age might look like.
That future looks to be grounded in personalisation, with Google seeing it in the following terms:
- Holistic – All-in-one insurance, with solutions tailored to each customer’s lifestyle
- Automated – Dynamically updating premiums or cover to reflect individual circumstances
- Granular – A modular approach to insurance that serves specialist audiences, activities or risks
Google makes the argument that holistic, automated and granular insurance will help resolve what it sees as the three primary conflicts between insurer and consumer: engagement, price and loyalty.
So let’s look at this through our lens, engagement.
According to Google, holistic insurance will provide:
- Potential for more frequent interactions with the consumer and to treat them as a whole person
- Ability to optimise service and interface for the consumer - all policies will talk to one another
With automated insurance you’re looking at:
- Automatic updating means always having the right cover and greater customer convenience – giving the insurer a competitive advantage
- Opportunity to gamify, climbing up membership tiers via behaviour in order to get benefits
Granular insurance is also an enabler:
- Meeting the needs of a small community really well makes it easier to build engagement
- Opportunities to service consumers with relevant products beyond insurance, becoming a partner for that part of their life eg cycling, pet ownership
All of which sounds like a no-brainer really…but just how do you digitally enable that strategy? Well, that’s what we’re working on with a number of specialist brokers right now. We’re bringing our customer app technology and our consulting wrap and working closely together looking at how we meld communications, marketing, transactions, loyalty, self-service, gamification – amongst other things – to transform relationship management, service delivery and revenue growth. Or as Google see it, to drive profit through personalisation.
Want to get your customer engagement strategy covered? Book a chat with Rob!