How we’re taking insurance out of manual mode

Last week we launched Homelyfe to the market, starting with Home Buyer’s Insurance to protect people who are buying a home from the financial hit of being gazumped. Home Buyer’s Insurance is just the beginning, over the coming months, we’ll be releasing more types of policies including home and contents, all with the aim of making insurance easier and more cost-effective for everyone.

 

While we can book holidays, control our heating and measure our health all from our phone, insurance just hasn’t kept up with customer expectations. Right now there is no app or even a website where you can manage all your insurance policies, and little seems to have been done to connect databases on the back end, which means that even the simplest of tasks, like taking out a different type of cover with the same provider – takes a great deal of manual effort. We’re here to change that.

 

Insurance built around customers

Today we expect more than just competitive prices and good quality products. I don’t know about you, but in my day-to-day life, I’ve got an endless to do list and very little time. So I, like most other people, appreciate companies that can give me a quick and convenient service that fits perfectly into my busy day-to-day life.

 

According to a report by McKinsey, when it comes to dealing with insurers, customers expect the following service:

  • Simplicity
  • 24 hour access across every channel
  • Being able to quickly find relevant information, particularly in relation to policy details and premium;
  • Innovative services tailored to the digital age.

 

So customer experience is crucial, and yet something this obvious is neglected by many traditional insurance companies. We’re different, we’re committed to changing the customer experience, but we’re not trying to “disrupt” the insurance industry as many start-ups claim to do, we’re just trying to make it better. Based on what’s out there right now, we’re confident that we’ve built a better insurance company.

 

Stuck in manual mode

‘Digital’ is a word that hasn’t really hit the insurance industry yet, resulting in poor customer experience. In its report, LexisNexis Risk Solutions found that in the home insurance market, a quarter of insurance providers are still using mostly manual processes, as opposed to a mix of manual and digital, or (the holy grail) all digital. Some providers are still using mail to post quotes rather than emailing them and each time you buy insurance, you need to give the same information again and again.

In fact, the greatest technical development in insurance since the dawn of the internet is price comparison websites which, while useful, actually do very little to improve the process for either insurance companies or customers. Although these sites compare prices for you, you still need to then go directly to the provider to buy the policy. It helps to get you the best price, but if anything it prolongs the process even more.

The reality is that insurance is normally a grudge purchase, you buy it either because you have to or to give you peace of mind. There are always other things people would rather spend their money on, no one looks forward to buying or renewing their insurance policies, so why does the process have to be so long winded and difficult?

 

Technology to make it easy

We got fed up with dealing with complicated and out of date processes to protect the things that matter to us most. So our technology will help to make insurance easier; by having everything on your phone, it will eliminate the need for paperwork and make your policies easy to find, no more rummaging through stacks of paper stored under the bed. We’ll even remember your details so you don’t have to re-enter your details again and again. We want to make it as easy as possible.

 

Right now you can buy Home Buyer’s Insurance from the app, but soon you’ll be able to buy multiple insurance policies, manage, renew and initiate a claim from one place. You’ll never dread sorting out your insurance again.

 

Blog written by Peter Goodman, Homelyfe’s CEO

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