A saturated and low engagement market
For many, an insurance is a bit abstract and something that we buy without knowing if it will ever be used. This is not something new. But now we see a shift coming, where a preventive and personal focus is becoming more important to stay profitable. With a proactive and recurring service, you can make the customer more aware of the purpose of being insured and build trust by having the customer consume a part of your service continuously.
Main challenges for the industry
Increased customer power
The customers have more options to choose from and can easily compare them through different services. You no longer pick your partner for life, because why should you?
Low interaction frequency
The dialogue with the customers is largely limited to claims, renewals and upsell. Other than that, there are few relevant interaction points with the customer. ID-monitoring means that you get an additional touchpoint.
Difficult to stand out
The customers are often faced with more or less the same insurances with similar terms and conditions from the different insurance providers, resulting in that you often need to compete on price.
Creating trust
Trust is an insurance provider´s biggest asset and one of the main drivers for customer loyalty. Yet it can be hard to establish that trust unless a claim is filed and granted.
The most important values for an insurance company are trust and reassurance where the policyholders feel that you have them covered if anything should happen. That is the promise you make to the customer in the agreement. By adding a proactive monitoring and alerting service to your offerings, where your customers get value continuously over time, we believe you would extend that trust even further.
Listen to your customers
63%
Think it would be very credible if this type of service was offered by an insurance company
56%
Think that an alerting service that detects threats would be most valuable
33%
State that their intention to use and buy such a service for themselves is high or very high
Source: Europ Assistance
ID-monitoring, a service with a proactive focus
Some of these challenges above can be addressed by expensive marketing campaigns, but marketing campaigns can only do so much in a longer perspective. More sustainable solutions require taking alternative routes. One such route could be to bundle your offer with a product that has a proactive and preventive focus instead of just offering protection against loss. Our ID-monitoring service is such a product.
Offering your customers an ID-monitoring service will bring several advantages when it comes to tackling the typical challenges of the insurance industry, both short-term and long-term.
A competitive edge
That our ID-monitoring service is proactive (unlike insurances which mainly are reactive) means that you will stand out and differentiate yourself from the competition. Furthermore, the subject of ID-monitoring and ID theft is highly contemporary and the next natural step in consumer safety. Finally you will not only strengthen your competitiveness with a more innovative product – you will also have a new revenue stream that is not affected by number of claims.
Increased customer interaction
Offering an ID-monitoring service to your customers means that you get yet another channel, in which you can communicate with your customers, via for instance the alarms. We believe that it is a perfect channel to increase loyalty with as your customers actually can consume value of the service you provide without going through the traditional incident or claims function. This is also a perfect opportunity for you to drive more interaction to your app or to your “my pages”.
Build trust and stay top of mind
For customers to experience the value of your products – and by extension your company – they need to use the insurance. Paradoxically though, too frequent use of the insurances is negative from a financial standpoint. Our service on the other hand can be consumed unlimitedly and provides value all the time, for you and your customers. If they know that you always keep them safe, and have the proof of that, they can trust you when other issues appear which could decrease churn.
Prevention is better than cure
Since our solution is aimed at preventing ID theft from even happening this could also have a positive effect on your claims ratio and thereby even your combined ratio, depending on what type of insurances you offer. If the customers act properly on the alarms we trigger and the recommendations we provide, they can take appropriate actions before they are exposed to a crime. This would subsequently reduce the need to use that specific insurance cover, resulting in fewer claims.
Make it your own
How you and your customers can access the service
Our services can be accessed and delivered to you as a web portal or through a RESTful API. It is of course your needs and pre-conditions that in the end will govern what solution you choose.
However, to really bridge the challenges and take advantage of the benefits we have described we strongly recommend the API. This will give you much more flexibility to customize, it creates better conditions for you to keep your customers within your own interfaces and it will make it easier to bundle this specific service with other relevant products.
EyeonID API
Allows you to fully control and customize the solution
Tailored customer journey and customer experience
Greater flexibility and seamless bundling
Cloud-based
EyeonID Portal
Consists of fixed as well as flexible and optional features
Fast and easy integration and customer onboarding
White label support - logo, colours and fonts
Cloud-based
Since 2015 we have been working relentlessly towards making digital aspects of life simpler and more secure for people, corporations and organizations.
We are specialists and pioneers in the field of proactive ID protection solutions. We use our own proprietary technology and we meet the highest security and compliance standards.
© 2024 Eyeon Group AB
