1 Selling Innovative products

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1 Selling Innovative products
Developing Insurance sales through
the Digital Channel
1 Selling Innovative products
• In digital distribution, the customer takes the lead
• Customer Value becomes paramount:
•
•
•
•
High Value
Competitive Pricing
Innovative
Convenient
• Need to move from face-to-face sales to efficient processes that drive
Empowered Customer Buying
1 Selling Innovative products: Warranty Direct UK
www.warrantydirect.co.uk/
• Extended Car Warranty:
• High Value product, covering all mechanical faults including wear and tear
• Premium price positioning – 650 Euros
• In case of accident or injuries : towing the vehicle in a garage
• 100 days covered in Europe (outside UK)
• Evolution of product
1 Selling Innovative products: Auto Facil Brazil
seguroautofacil.com.br
• Theft Only auto insurance:
• Highly innovative product
• Poor penetration of CASCO
• Main perceived risk is theft
• GPS based cover with TPA
support
• Low cost price positioning –
300 Euros
1 Selling Innovative products – Sales Process
• ROPO Model
• Non-commoditised product is best
sold through Call back
• High volumes of Leads are generated
through multiple web sources
• Inbound and callback, reassure
customer, manage objections and
close sale
• Some full online purchase, but online
sales volumes remain small
Web Lead Origins
24%
25%
7%
9%
0%
0%
35%
Total: 272 488 leads
Acquisition
Chanel
Direct/ Search
Web site
Presentation of
the products
E-partners/
Comparators
Accurate Quote
Affiliate
Buy Online
Call Center
(external)
Contract
2 Simple Online protection: Cardif NL
www.hypotheekopvangpolis.nl
• Housing Income Protection:
• Move away from Credit
protection due to hardening
regulatory environment
• Product covers mortgage
repayment but can be bought
separately from mortgage
• Focus on buying the right
amount of protection to
protect your family’s habitat
• New product variant for
Rental customers
2 Simple Online protection: Helpucover UK
www.helpucover.co.uk
• HelpUCover:
• Diversification of protection
offer with greater
transparency
• Focus of offering is originally
income protection
• Development of new P&C
products: Pet insurance and
Gadget insurance
2 Simple Online protection: BNL Italy
Login to Online banking
Select Options
Review Purchase
www.bnl.it/HP
Product Presentation
• Online protection:
• Product available in online banking secure area
• Digital signature allows online purchase in 4 clicks
• 3 subsequent products planned
Digital Signature
2 Simple Online protection – Sales Process
• Full online Model
Health
9%
• Small simple products are best sold through a full online
process with digital signature
25%
2%
• Traffic is optimally generated from
• web traffic sources (especially web aggregators)
• partners with high customer traffic (especially banks)
12%
50%
2%
0%
Protection
42%
23%
10%
• Conversion ratios will vary and depend heavily of traffic
origin and contextualization. Key is customer journey
19%
6%
0%
0%
3 Reusing best practice for our partners
• Multichannel Reuse:
• Low risk and Rapid time to market for partner
• Cardif can re-apply and adjust best practice for product sale
www.carrefour.com.br
www.cetelem.fr
3 Reusing practice for our partners
Best Practice Take Home:
1. Product value must be self evident and adapted to digital
+
2. Make insurance relevant in customer Journey
+
3. Monitor and Modify, iteratively
=
Cardif provides digital insurance sales expertise to its partners