Best Use of Technology for Customer Experience - General
This category was open to UK insurance companies, MGAs and third party providers embracing new technology to make a real difference to their customers’ experiences.
Entrants were asked to outline the impact of new systems and processes with facts and figures that evidence success.
All of the finalists are listed below. Use the links to find out more from the entrants who have answered our series of Q&As.
WINNER: CFC UnderwritingAviva
MS Amlin
PCI Pal
PremFina
WINNER: CFC Underwriting
What key achievement did your entry highlight?
Brokers want to buy cyber insurance with as little friction as possible; however, to build an accurate risk profile of the customer, applications have historically involved long-winded question sets. We wanted to find a way to get all the right risk profile data about the customer to underwrite their risk effectively and efficiently – and our new platform solution is a world first. Using our proprietary data enrichment engine, CFC Connect asks one simple question to deliver an instant quote with supporting tools to help brokers convert a quote into a sale and bind with a single click.
Can you share data or testimonials to back up your bid to win?
Over the past 12 months, Connect has generated individual quotes momentum continues to build globally with volumes doubling from month to month since rolling out in the UK and Canada this year. We don’t think it could be any easier for brokers to now sell cyber to SMEs and it seems they agree. “Our client penetration isn’t what it should be – applications too long, too complicated, not the right sales tools. You have the solution we have been waiting for.” GM, Ives Insurance Brokers "What an amazing platform! We’re buzzing this end with how much easier it will be to cross-sell cyber." MD, Morpheus Insurance Solutions
CFC Cyber Team
What sets your firm apart from the other shortlisted contenders?
It’s fantastic to see so much innovation in our industry and all the finalists should be congratulated for continuing to push the boundaries to help their customers – but we think that in solving what was previously a huge gap in the cyber market for brokers from a sales perspective gives us an edge. Not only that, we’ve built this solution in-house using our own proprietary data enrichment engine whilst interrogating our own 20 years of data to deliver Connect. Answering one question delivers brokers with a quote and supporting pack to convert more sales. It’s a pretty compelling proposition!
How will you celebrate if you are the victor?
No doubt with a few socially distanced glasses of champagne & pints! There are so many people involved in the creation, development, and roll-out of a platform like this, so there will be many pleased CFC'ers if we're lucky enough to bring this one home!
MS Amlin
What key achievement did your entry highlight?
The e-platform has raised service standards in the agriculture market, allowing a seamless customer experience for broker and
policyholder by;
Reducing response times from days to minutes
Webchat & co-browsing feature through Surfly allows a superior customer service
One-hour referral time compared to traditional open market quote responses of up to two weeks
Providing simple quotes in <45 seconds
24 7 access to the platform so cover can be created at a time that suits them
Giving brokers control of quotes and adjustments to policy creation. This time saving has allowed more competitive pricing
Can you share data or testimonials to back up your bid to win?
“It couldn’t have been easier – the system is perfect for when I have the client in front of me (or on the phone) since I can provide an immediate quotation easily and don’t need to waste time and effort by going elsewhere and waiting for a response.” "Quotes are competitive and the ability to make mid-term adjustments to policies is fantastic-- I can offer a much better service to clients by having this control. Being able to submit a risk 24/7 and get an immediate response is key. This is what the agriculture market has desperately needed.”
What sets your firm apart from the other shortlisted contenders?
We are delivering a market leading solution to the Agricultural industry using technology that provides benefits that we believe no other competitor is offering. We also believe that the speed, accuracy and consistency of delivering these insurance solutions to our brokers allow us to provide an outstanding customer service which exceeds most broker expectations.
How will you celebrate if you are the victor?
By writing more Agricultural Fleet business!
PCI Pal
What key achievement did your entry highlight?
Verex Group handles around 300 telephone-based payment transactions daily. An Interactive Voice Response system was previously deployed. Agents would route callers to the IVR to complete payments, however between 20% and 30% would fail at the first attempt; if a customer had a query or a problem there was no way of them communicating with the agent, so they would hang-up and try again. Since launching PCI Pal’s Agent Assist, call drop-out rates have fallen to around 1% to 2%. Call duration has shortened (average 15 minutes to 13.5 minutes) and payments are handled faster.
Can you share data or testimonials to back up your bid to win?
Tom Bowen, Senior Database Architect (Insurance), Verex Group: “The process of buying a policy is now easier; the process is much more refined and so customers are less likely to drop out. Our call times have improved which is a big measurement for us. Ultimately, our agents prefer it, our customers prefer it and we are seeing a big jump in efficiencies all round.”
From left to right: Nas Jaffer - Vonage, Christopher Newlove - Vonage, Phil Jude, Director Channel Sales at PCI Pal , Lorna Bradford – Marketing Manager at PCI Pal, Geoff Forsyth – CISO at PCI Pal, Jack Davis -Salesforce & Omnichannel Development Manager at Verex, Tom Bowen - Senior Database Architect at Verex
What sets your firm apart from the other shortlisted contenders?
As well as enhancing the customer experience when payments are being taken over the phone – as agents remain on the call and are able to support customers in making a secure payment – Verex is assured that its payments are being handled in a secure and compliant way. Call durations have shortened, the payment process is streamlined and drop-out rates have fallen, providing a positive customer experience.
How will you celebrate if you are the victor?
Being recognised with our customer, Verex Group, would be a great achievement and many members of the PCI Pal and Verex teams would be involved in recognising the achievement of a great team effort. Obviously face to face celebrations would be on hold but we would definitely share our successes together virtually.