The 6 Best Digital Insurance Products of 2020 (and how Habit can put you on the list)
Updated: Apr 30
The digital revolution is changing the expectations of today’s tech-savvy customers and insurance is no exception. Insurers are scrambling to adjust the way they manage customer engagement and experience, while making sure new product launches are profitable and scalable. The reality is: customers are getting more and more demanding. They expect quick, efficient customer support, every time, all the time.
We picked 6 digital insurance brands we look up to because they sell digitally and provide real engagement with customers.
Home Insurance Solutions
Lemonade: Very easy and quick claims processing. The app has a really nice look and feel, too!
Aviva & Neos: They offer smart technology and devices - like sensors and cameras - to help keep families safe and offer 24/7 assistance.
Car Insurance Solutions
By Miles: they offer pay per mile” insurance where customers pay only for what they drive and have access to handy driving tools and reminders.
Metromile: they offer “pay per mile” insurance as well together with very useful set of features like finding your car and monitor the car’s health.
Pet Insurance Solutions
Bought By Many: they make it very easy to submit a claim and the policy wording they use is very clear and simple.
More Than: they encourage dog owners to keep high activity levels by using Pitpat, a smart dog activity monitor. That way, they prolong the pet’s life and lower pet claims.
What Can You Do to Stop Competing just on Price?
Most insurance companies compete on price, and pretty much only on price. This strategy usually leads to customer churn and lower profits to your insurance company.
Here's how you can change the paradigm:
Real-time customer information and the context surrounding them is key for an easy customer interaction. When you or your agents respond to emails, calls or texts and you don’t have visibility over the history of a customer, it’s likely the interaction will be far from perfect. Having context is very important to improve positive and effective interactions. Think about it: how much time and money would you save your customer - and yourself - if you knew in advance a flood in the kitchen was about to happen? Or knowing which prescriptions a pet usually takes and you could send him a little “get better” treat?
New Services Beyond Insurance
Evolving your business model to a “beyond insurance” one, in which you provide a series of offerings from a variety of related providers, will increase your brand reputation and help you monetize on new revenue streams. This re-positioning will allow you to become more relevant with your customers and increase your perceived value. What if customers could get a discount from you for being responsible drivers? What if pet owners could book an appointment in the veterinary that is closer to their home through your insurance app? Or be reminded of their pet’s next vaccine?
Making your business more about advice, guidance and prevention and less about policies is what will set you apart from competition.
Lightning Fast Go-to-Market
When launching new insurance products to market, timing is key. Being as light and lean as possible is the key to being fast. That is why we believe working together on a solution that is both quick to launch and provides value to your customer is the best way to start. Also, in many cases, insurance operations and administration is a significant bottleneck when launching a new product and can have a significant impact on time to market - or worse - can completely prevent the new product from launching. This is why we created our Selfcare Insurance Portal that lets you manage your new solution autonomously, with little to no IT effort on your end.
Want to become the "new Lemonade"?
Request a free demo now and see how you can become the next Lemonade!
We look forward to hearing from you!
-The Habit team