Qualysoft's Best Online Offer Methodology for insurance companies with digital orientation

QS BOOMBest Online Offer Methodology

Innovation Project for insurance companieswith digital orientation

QS Research & Development , 2014Small ideas lead to great inventions

Agenda

what’s ringingthe bell

how we see it invitation

1 2 3

What is insurer facing?

Online sales currently amounts to 2-5% of total insurance revenue.

(Empirical value – source: one to one discussion with insurers)

2-5%Online sales today

Digital sales will speed up

Source: Capgemini and Efma World Insurance Report 2014

Digital sales will speed up

Online sales via digital channels in the insurance sector could double by 2016

Source: Accenture - Digital Insurance Survey, 2013

- 2013- 2016 est.

Before buying a financial product, 27% of respondents use the internet as an information

source, and also indicate to buy online. 1

27%Information source

1 Source: study of the Austrian Finance Marketing Union, November 2013.

Before buying a financial product, 55% of respondents use the internet as an information

source, but hesitate to buy online.1



Behavior towards online information before the purchase of financial products


Online information

55%

18%

27%27% say to the Information on the Internet: YES to online closure: YES

18% say to the Information on the Internet: NO to online closure: NO

55% say to the Information on the Internet: YES to online closure: NO

27%? 55%?BOOM focuses on both type of customers!

Online purchase resistance

The need for a personal advisor hinders the online sales of financial products: 78% of respondents

want to talk to an advisor. 1



BOOM is the answer to combine online with a personal advisor!


78%Good news!

There is a purchase resistance to online purchase of financial products.

Q: When buying your next financial product, you’re not going to buy it on the internet. What is the reason?

Base: N = 5621 Source: study of the Austrian Finance Marketing Union, November 2013.

internet is not safe / not anonymous

I don’t trust the online data transfer security

the online purchase is too complicated

the full product range is not available on the internet

too little personal support during product life time

it is much faster offline than on the internet

I don’t even know I can buy financial products online

the website was not serious / reliable

other reasons

the website was poorly made

price is higher online

it is not possible to conclude the financial product online

preferred payment method on the internet not offered

I want to talk to a Personal Consultant

Voice of the customer

Voice of the customer

Complexity ofinsurance

product and purchase process2

Consultancyintensive industry; Customer needspersonal advice 2

Roaming of customers Between

sales channels, devices and time slots 3

2.) Sales Performance Excellence (Sapex) study of 12/2012; Horváth & Partners3.) Vienna University of Economics – bring together the online and offline world as part of a multichannel approach; Versicherungsjournal, 30.01.2014.

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Complexity - Consultancy

Purchase process

The customer wants an insurance

Orientation about the type and kind

of insurance coverage and

content

Selection of product characteristics that

influence the decision Price, Quality, Time,

Service

The actual online purchase

NEED KIND CHARACTERISTICS

BUYINGPROCESS

Roaming of customers between sales channels, devices and time slots

In person(Branch, Agent,

Broker)

Internet(website, direct

mail)

Comparison site

And the answer to it?

Improvement of salesprocess via IT.

New technologiesand solutions

Control over salesprocess.

Humanized digitalcustomer experience.

Support transmissionvia seamless

multichannel / multisession

approach1.) Accenture - Online sales via digital channels in the financial sector could double by 2016; Versicherungsjournal, 30.10.2013. 2.) Sales Performance Excellence (Sapex) study of 12/2012; Horváth & Partners 3.) Vienna University of Economics – bring together the online and offline world as part of a multichannel approach; Versicherungsjournal, 30.01.2014.

Qualysoft’s solution is promising

Our solutionImprove

customer experience

control of whole

purchasing process

attracting more customers to Insurance purchase process

Our solution

POWERED BY IT

KNOW YOUR

CUSTOMER

ADAPT TO CUSTOMER

MAKE CUSTOMER

HAPPY

Improved conversion in the channel mix

Control over user experience and insurance purchasing process

Increase in sales and efficiency

Benefits of our solution

Benefits for agentsreplay of session history

to identify the origin of an error

1 2

improved agentwebsite user

experience

with the help of alerts proactively address

recurring breakdown issues before agents experience

them

improved relationshipbetween agent

and user

Example of a customer session being replayed that shows what a customer entered on a certain page.

Customer experience

Example of an replayed error message thata user received on the website.

Customer experience

27

Visitor was spending long time on given page while getting a quote. A help function via online chat with the customer service of the insurance company is being offered him/her. Time to sent the alert was set from insurance company.

„help box” slides in from the left

Customer experience

28 CEM – Customer Experience Management

Benefits of BOOM

PRO-ACTlive

Identifyuser

Monitoractivity

SimilarityLearn

patternsReplaysession

ImprovedCEM

29

Discussion

WIN-WIN

Interested in joining the QS BOOM

partner program?

Peter OrosCEO

Qualysoft's Best Online Offer Methodology for insurance companies with digital orientation

Software

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