User Experience Best Practices - Insurance Industry

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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

description

Presentation by Corporate Insight President Michael Ellison focusing on online client experience best practices offered by leading property and casualty insurance firms. The presentation focuses on client websites, mobile apps, interactive tools and login security.

Transcript of User Experience Best Practices - Insurance Industry

Page 1: User Experience Best Practices - Insurance Industry

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.

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Page 2: User Experience Best Practices - Insurance Industry

Agenda

Introduction

Trends

Best Practices

Recommendations/Parting Thoughts

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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)

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P&C Monitor Coverage Group

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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

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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%)

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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

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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

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Allstate’s Good Hands 360 Tool – Results Page

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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

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The Hartford’s Timeline

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Nationwide’s Timeline

Scrollable

Legend below

Flash tutorial

launches on

screen

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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

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Best Practices – Online Security

Amica recently added two-factor authentication with security images

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Best Practices – Online Security

USAA requires a PIN number to log in

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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

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Best Practice – Allstate’s Claims Tool

Offers a neat platform with progress meter

Easy to find on public and private sites

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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

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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

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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

[email protected] [email protected]

Chase Marshall Anneli LeFranc

Director, Business Development Research Associate, P&C Insurance Monitor

212-832-2002 x133 212-832-2002 x133

[email protected] [email protected]

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A new look at market intelligence

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Follow Us

– @CInsight

– www.linkedin.com/ company/corporate-insight

– www.facebook.com/CorporateInsight