User Experience Best Practices - Insurance Industry

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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 …

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.

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  • 1. 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
  • 2. Agenda Introduction Trends Best Practices Recommendations/Parting Thoughts 2
  • 3. 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
  • 4. P&C Monitor Coverage Group 4
  • 5. 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
  • 6. 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
  • 7. 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
  • 8. 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
  • 9. Allstate’s Good Hands 360 Tool – Results Page 9
  • 10. 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
  • 11. The Hartford’s Timeline 11
  • 12. Nationwide’s Timeline  Scrollable  Legend below  Flash tutorial launches on screen 12
  • 13. 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
  • 14. Best Practices – Online Security Amica recently added two-factor authentication with security images 14
  • 15. Best Practices – Online Security USAA requires a PIN number to log in 15
  • 16. 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
  • 17. Best Practice – Allstate’s Claims Tool  Offers a neat platform with progress meter  Easy to find on public and private sites 17
  • 18. 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
  • 19. The Hartford 19
  • 20. Nationwide 20
  • 21. GEICO 21
  • 22. 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
  • 23. A new look at market intelligenceContact UsMichael Ellison Lauren WistromPresident Senior Analyst, P&C Insurance Monitor212-832-2002 x106 212-832-2002 lwistrom@corporateinsight.comChase Marshall Anneli LeFrancDirector, Business Development Research Associate, P&C Insurance Monitor212-832-2002 x133 212-832-2002 23
  • 24. A new look at market intelligenceFollow Us – @CInsight – company/corporate-insight – 24