Post on 29-Nov-2014
description
A new look at market intelligence
Online Client Experience Best Practices
Property & Casualty Insurance Monitor
February 15, 2012
Presented by:
Michael Ellison
President, Corporate Insight, Inc.
1
Agenda
Introduction
Trends
Best Practices
Recommendations/Parting Thoughts
2
Who Are We?
Research and consulting firm providing competitive
intelligence to the financial services industry
User experience research and online best practices
Monitor services covering financial websites since 1997
Become the customer using personal accounts
Custom consulting services
Insurance focus
Annuity Monitor (2006)
Life Insurance Monitor (2011)
Property & Casualty Insurance Monitor (2011)
3
P&C Research Topics
Recent Reports
Public Site Review
Auto Quote Tools
2012 Research Agenda
Social Media
Mobile Capabilities
Policy Application Process
Client On-Boarding Process
Claims Analysis
Safety Educational Resources
Agent Locator Resources
5
Trends in Insurance Customer Websites
Policy info scarce
Only 58% show coverage amounts
Only 3 firms provide details about
cars/homes
Only four firms include information
on discounts
Advanced login security is rare
Only 2 firms (16%) employ two-
factor authentication
P&C firms lag behind banks (38%)
and brokerages (32%)
6
Trends in Insurance Customer Websites
Homepages stronger
Nearly all firms display policy number
and type (renters, etc.)
Only 50% show policy period
OVERALL: HUGE OPPORTUNITY
FOR FIRMS TO IMPROVE
7
Best Practice – Allstate’s Good Hands 360 Tool
Allstate is the only firm with a tool just for clients
Offers personalized coverage recommendations
Asks about potential coverage needs
Identifies insurance shortfalls and recommends products
Could be improved by pulling information already on file
8
Best Practice – Policy Timelines
Offered by The Hartford and
Nationwide
Provides visual representation of
policy term
Best timeline shows claim incidents in
addition to start, current and end
dates of policy
10
Nationwide’s Timeline
Scrollable
Legend below
Flash tutorial
launches on
screen
12
Login Security
80% of our panelists are “very concerned”
when it comes to online security
Few firms offer security beyond standard
username/password
Gap between client expectations and
current security offerings
13
Best Practices – Online Security
Amica recently added two-factor authentication with security images
14
Best Practices – Online Security
USAA requires a PIN number to log in
15
Best Practice – Robust Claims Tool
Most firms offer online claim platforms
One firm requires users to fill out a form
housed on the public site
One firm requires customers to call
Mobile apps are becoming increasingly
important
16
Best Practice – Allstate’s Claims Tool
Offers a neat platform with progress meter
Easy to find on public and private sites
17
Next Frontier: Mobile
P&C biggest representation
Mobile claims, on-site accident support
Life Insurance/Annuity largely quote-driven
Often supplied by third-party
Current leaders
The Hartford
Nationwide
GEICO
18
Recommendations
List Key Policy Info on Homepage
Policy number, period, payment status, links to
transactions and profile
Provide Client-Only Resources
Combine information on file with recommendations
Offer Policy Details
Coverage amounts, discounts, property details
Include Access to Documents
Summary policy, contract, welcome packet, ID cards
90% of panelists claimed they would need two or
more of these resources
Offer Policy Billing History
Firms should also include automatic payment options
22
A new look at market intelligence
Contact Us
Michael Ellison Lauren Wistrom
President Senior Analyst, P&C Insurance Monitor
212-832-2002 x106 212-832-2002 x109
mellison@corporateinsight.com lwistrom@corporateinsight.com
Chase Marshall Anneli LeFranc
Director, Business Development Research Associate, P&C Insurance Monitor
212-832-2002 x133 212-832-2002 x133
cmarshall@corporateinsight.com alefranc@corporateinsight.com
23
A new look at market intelligence
24
Follow Us
– @CInsight
– www.linkedin.com/ company/corporate-insight
– www.facebook.com/CorporateInsight