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Insurtech Competitive Analysis

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Comparing three direct and three indirect insurance competitors

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Insurtech Competitive Analysis

  1. 1. M A R I A H A Y N I E C O M P E T I T I V E A N A LY S I S
  2. 2. INTRODUCTION AND GOALS DIRECT COMPETITORS INDIRECT COMPETITORS INFLUENCER FEATURES RECOMMENDATIONS SUMMARY 2. CONTENTS
  3. 3. Introduction and Goals
  4. 4. EXECUTIVE SUMMARY This evaluation identified ways that competitors are leveraging their home page, testimonials, and partnerships to boost perceived credibility. Many competitors use bundled products, apps, and chatbots/AI assistants as a competitive advantage. Additional competitive advantages may be available in the area of technology innovation, credibility building content and design, and in strengthening Say's position as an expert, open guide. 4. INTRODUCTION RESEARCH BENEFITS Competitive evaluation detemines who else is targeting the client's customers and how they are achieving success, or not. This research analyzed three indirect competitors, three direct competitors, and three influencers. The findings from this competitive evaluation provides insights into ways that Say can excel and differentiate in the auto insurance industry. Research about what is out there, what works and what doesn't can help keep Say from strategic errors or relying on outdated mental models. These findings can provide support for Say's future business, design and development strategies.
  5. 5. WHY TRUST SAY? As a new player in the auto insurance field, Say Insurance anticipates concerns about its credibility, secruity and trust from prospective customers. The goal of this research was to evaluate competitors on a broad level and with an emphasis on credibility building elements in order to inform Say's design and development strategies. 5. GOALS METHODOLOGY This evaluation included a competitive evaluation matrix and light heuristic evaluation using Peter Morville's usability criteria. Morville identifies seven factors to evaluate a site's user experience, but for this research the focus was on the credible value to address specific client concerns. Here, elements that are overtly related to security were evaluated. MORVILLE'S HONEYCOMB OF USER EXPERIENCE
  6. 6. Direct Competitors
  7. 7. DIRECT COMPETITORS Direct competitors are companies that offer the same or very similar value propositions to Say's current and prospective customers. These companies all hold top spots in the American auto insurance market and were identified by Say's current customer experience evaluations and previous market research. WEB TRAFFIC DATA FROM SIMILARWEB.COM Emphasizes trust and friendliness Targets the shopper who likes to compare rates Highest monthly traffic, most forward facing 7. COMPETITORS
  8. 8. ESURANCE REVIEW esurance's competitive advantages are multiline convenience, partnership with the widely recognized carrier Allstate, and A+ financial ratings. esurance heavily reinforces their reputation and reliability throughout their site. By showing their partnership to Allstate, their financial rating, and reinforcing real-life support resources with an image and the line "speak to an agent," esurance makes it clear that they are not a fly-by-night online company. esurance.com FOUNDED: 2012 MONTHLY TRAFFIC: 3.45 M PLATFORMS: Website, iOS and Android apps PRODUCTS: Primary product is auto insurance. esurance offers 24 total lines: Auto, homeowners, renters, motorcycle, condo, Canada, Mexico, commercial auto, health, life, RV, travel trailer, classic car, boat, flood, umbrellas, pet, phone, business, scooter, ATV, snowmobile, golf cart, and Segway.About page 8. ESURANCE
  9. 9. ESURANCE USABILITY HOME PAGE: On desktop, content just below fold mentions Allstate's 80 years of experience and the A+ rating from A.M. Best. MAIN MENU: Confirms real life agents with speak to agent above the phone number in the header. FOOTER: Has Comodo secure logo on footer. QUOTE: Links to Privacy and Security policy in the about driver section. Tells user that they "may share some of your information." Shows image of support agent on Driver Info page. RETRIEVAL: Image of lock icon on screen. At the top of the quote retrieval page, the log in button also has a lock (different color and icon though). Quote start page Credibility boosters Driver info page CHECKOUT PAGE: Places customer reviews and ratings on the right side of page. Has fact blurb at bottom about insuring "5.2 million cars, so rest assured we know how to take care of yours (while saving you time and hassle)." ABOUT PAGE: Benefit-driven copy reinforces the partnership with Allstate and financial ratings. 9. ESURANCE
  10. 10. PROGRESSIVE REVIEW Progressive's competitive advantages are multi-line convenience, distinctive discounts, and robust comparative shopping tools. Progressive's unique value propositions speak directly to the research-prone, plan-ahead customers that Say is competing for as well. Their Coverage Checker and Compare Your Rate features allow this target group the ability to do their own comparison shopping easily. Progressive was the only site with "Save & Return Later" throughout the quote, which also targets the window- shopper user. The Snapshot and Name Your Price tool seem to target the price conscious users. progressive.com FOUNDED: 1937 MONTHLY TRAFFIC: 18.55M PLATFORMS: Website, iOS and Andriod apps PRODUCTS: Primary product is auto insurance. Progressive offers 32 insurance lines: Auto, motorcycle, RV, travel trailer, boat, classic car, snowmobile, ATV, PWC, golf cart, Segway, homeowners, renters, condo, homeshare, mobile home, flood, commercial auto, pet, umbrella, health, life, wedding and event, travel, Mexico auto, mechanical repair plan, ID theft protection, auto financing, auto refinancing, and a car shopping service. Quote retrieval pages UNIQUE FEATURES FOR COMPARATIVE AND PRICE CONSCIOUS SHOPPERS 10. PROGRESSIVE
  11. 11. PROGRESSIVE USABILITY HOME: Progressive uses their spokeperson, Flo, liberally throughout the home page and quote to reinforce brand recognition. QUOTE: First screen includes information disclosure with linked privacy policy and consumer reports. Final details of quote page asks for email and says "(We will NOT sell your email address.)" The Norton security badge also appears directly next to the question about social security numbers on the driver page as well as a lock icon. FOOTER: Norton Secured logo in the footer. Photo of support agent (not Flo but looks similar to her). During quote, the footer features a dynamic FAQ page that changes as the user moves through the quote. At quote start, it asks "Is this a secure site?" and makes it easy to find the answer for the hesitant user. Credibility boosters Quote start page Driver info page 11. PROGRESSIVE
  12. 12. GEICO REVIEW Geico's competitive advantages are their nationwide brand recognition, rate levels, and forward-facing strategies. Geico is the oldest competitor, but appears to have embraced the latest tech and design trends. The quote kicks off with a message from Kate, a chatbot/AI assistant available throughout the quote. The mobile quote also stood out with its advanced swipe interactions. Geico also offers voice-interface capabilities for Alexa and Google Home users. geico.com FOUNDED: 1936 MONTHLY TRAFFIC: 21.74M PLATFORMS: Website, iOS and Andriod apps, Alexa skill and Google action PRODUCTS: Primary product is auto insurance. Geico offers 25 insurance lines: Auto, motorcycle, ATV, umbrella, homeowners, renters, condo, co-op, RV, life, boat, personal watercraft, flood, mobile home, overseas, travel, commercial, ridesharing, business, identity protection, classic car, Mexico, pet and jewelry. Quote start page Retrieval page KATE, A CHAT BOT, ASSISTS USERS THROUGH THE QUOTE 12. GEICO
  13. 13. GEICO USABILITY HOME: Geico uses their spokeperson, Gecko, liberally throughout the home page and quote. QUOTE: Geico uses social sign-on through Facebook ("securely connect"). Throughout the quote, Geico explains where it sourced pre-fill information from with clear statements. This may promote a sense of trust in the user. FOOTER: Link to privacy policy, no security logo. Overall, Geico's site is the most minimal in design, including a minimal amount of additional elements to boost credibility. Credibility boosters Quote start page Home page GEICO USES USES CLEAR EXPLANATIONS ABOUT PREFILL INFORMATION 13. GEICO
  14. 14. Indirect Competitors
  15. 15. INDIRECT COMPETITORS These companies either offer a similar value proposition to Say but to a different customer segment; or they target the same customer base as Say without offering the exact same value proposition. B-corp with emphasis on tech and transparency Novel approach to rating drivers using app Unique design and interactions, similar target user 15. INDIRECT COMPETITORS
  16. 16. LEMONADE REVIEW Lemonade's competitive advantages include the social good component, instant claims processing, and a high quality design which creates a memorable user experience. lemonade.com FOUNDED: 2015 MONTHLY TRAFFIC: 367.63K PLATFORMS: Website, iOS and Andriod apps PRODUCTS: Offers 3 insurance products (renters, homeowners and condo insurance) Lemonade's distinctive designs and use of Maya, a chatbot/AI assistant show a commitment to leveraging the latest technology to structure their business. Because they also priororitize transparency like Say, Lemonade is an indirect competitor in the property insurance space. Quote start page 16. LEMONADE
  17. 17. LEMONADE USABILITY HOME: Uses the names and logos of the major news outlets to capitalize on brand recognition. QUOTE: Identifies Maya, the AI/chatbot on every page. This, and the one questions at a time structure, gives the impression that she is directly leading you through. Does not link to privacy or security info anywhere in the quote. FOOTER: No security logos. Links to Legal Stuff and Privacy Policy. Home page Home page footer Credibility boosters 17. LEMONADE
  18. 18. ROOT REVIEW Root's competitive advantages is the way they approach rating drivers with the extended onboarding process. joinroot.com FOUNDED: 2015 MONTHLY TRAFFIC: 93.04K PLATFORMS: Website, iOS and Andriod apps PRODUCTS: Offers only auto insurance Because Root only offers auto insurance online, just like Say, they are an indirect competitor. Their novel approach to rating customers by having them download the Root app and drive for several weeks before they can get a rate is a different value proposition than Say's. Get app page 18. ROOT
  19. 19. ROOT USABILITYHOME: Root is the only competitor that was transparent about which states they offer services in as early as the home page. Further down the Home page, Root shares "A few words from happy customers" with names, state, photos and testimonials. Root namedrops lyft and Tesla, along with thier respective logos as partners. Root uses the names and logos of media outlets that have covered them. These all build credibility. CONTENT: The Coverage page says "Required by law" in the title. The FAQ page answers the question, "Are you a real car insurance company?" with copy and logos of the reinsurers. FOOTER: Links to privacy policy. Has multiple disclaimers that may be confusing to new users. FAQ page Lower on the home page Credibility boosters 19. ROOT
  20. 20. HAVEN LIFE REVIEW Haven Life's competitive advantage is their positioning as an expert, well-designed guide for tech-savvy users who expect to purchase online quickly but are not familiar with buying life insurance (e.g. a new parent). havenlife.com FOUNDED: 2015 MONTHLY TRAFFIC: 225.20K PLATFORMS: Website PRODUCTS: Offers only life insurance Although Haven Life offers a different kind of insurance, Say's ideal target is the same kind of responsible user who would care about life insurance. Both platforms are online only and backed by more established companies. Home page 20. HAVEN LIFE
  21. 21. HAVEN LIFE USABILITYHOME: Has a link to "Why Haven Life?". Links to explanation page with details about financial rating and partnership with Mass Mutual. Also uses customer testimonials and a link to 283 reviews on Trust Pilot (with logo). ABOUT: Uses a personal story, a photo of the founder, and real names to create a personal connection with the user. QUOTE: Commits a third of the screen to showing scenarios of of different kinds of rates for different users to show success, social pressure and acceptance. FOOTER: Mentions Mass Mutual connection (also explained in the about page) and features a BBB logo to enforce reputation. About page Footer Quote start page Why Haven page Credibility boosters 21. HAVEN LIFE
  22. 22. Influencer Features
  23. 23. INFLUENCER FEATURES Relevant UX features that can inspire innovation from companies not directly in Say's competitive landscape. 23. INFLUENCERS
  24. 24. CARFAX Carfax is a vehicle history database. The user can provide nearly all the info Carfax needs to return data by answering only one question about their car: their VIN or license plate. This application could be very useful for Say customers. 24. CARFAX
  25. 25. BETTERMENT Betterment is a wealth management platform. The user can smoothly adjust their investment and retirement allocations with the right amount of information available right when it is needed. The Say customer could enjoy more control, subtle animation and information about the legal requirements and recommended coverage levels on the coverage page. 25. BETTERMENT
  26. 26. MINT Mint is a personal finance platform. The user can get helpful overviews of all their various accounts in one place. This could be helpful for Say customers to manage all their vehicle related costs or insurance related costs in one place. 26. MINT
  27. 27. Recommendations
  28. 28. Consider adding user testimonials to convey social acceptance. STRATEGIC Position Say as an expert guide with easier access to content and information. TACTICAL Incorporate real photos, not stock, of users and staff to show existential proof and create a personal connection. Consider using logos of recognizable partners and press to captalize on existing brand recognition. FUTURE-PROOF EXPLORATION Geico leads the pack with its forward-facing advancements and minimal design. New companies with novel approached to insurance, like Root and Lemonade, are also enjoying growth with a technology focus. While not every tech trend has an application for Say, innovation involving competitor features like a comparative shopping tools, a quote assistant chatbot, product companion app, and social sign-in can help Say stay in the forefront. ACTIONABLE INSIGHTS 28. FINDINGS
  29. 29. NEXT STEPS To increase Say's credibility, more research is needed to determine what elements imply credibility to Say's target user. Using BJ Fogg's Prominence-Interpretation Theory, credibility can be created by designing noticeable elements that the user will use to evaluate the credibility of the site. The user's evaluation criteria is subjective to his or her own assumptions, skill/knowledge and context. While high-level standards go a long way to promoting credibility (e.g. no typos, consistent branding and styles), Say's target users would be the ideal source for determining what elements add up to credible for them, and why. 29. NEXT STEPS
  30. 30. PREPARED FOR INFORMATICS 283: USER EXPERIENCE BY MARIA HAYNIE mhaynie1@UCI.edu 30. END

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