iptiQ and Woolworths create a digital life insurance experience
Fully online life insurance buying experience, incorporating risk assessment and pricing
- Customers can buy cover on any device, supported by embedded dynamic pricing
- Significant increase in quotes completed and improvement of conversion rates
- The Woolworths Group manages some of Australia’s most recognised and trusted brands and offers a range of insurance products, including life insurance.
Woolworths asked iptiQ to help them develop a digital experience for customers, through an online customer buying journey.
Customers can get cover in less than 10 minutes
Woolworths had a robust Life Insurance product, sold over the phone, but wanted to simplify how customers could get covered. Working together, iptiQ developed a new customer experience, with an end-to-end online journey where the customer is asked just 6 questions to get a quotation.
iptiQ created an innovative digital underwriting approach, that mirrors the full underwriting (risk assessment) process, but in less time and with less customer intrusion. To promote clarity throughout the customer journey, iptiQ also integrated behavioural economics insights into the product description and messaging. These enhancements cut the average time from quote to cover to less than 10 minutes.
The new online life insurance journey can be accessed by any device, ‘with time markers throughout. Dynamic pricing allows for changes to cover or payment frequency, so the customer can decide how much cover they buy and how they pay for it. Decisions on the cover available are delivered immediately.
Immediate and positive results
Since launching the new online process, the average time for a customer to buy Woolworths Life Insurance cover has reduced substantially. Customers can get a quote in less than a minute. The number of quotes issued has increased by 20%.
As customers can now buy their Life Insurance cover online, or through the call centre, the customer experience has improved significantly, as have the conversion rates. Woolworths´ Voice of Customer score has increased, and conversion rates at the Contact Centre have improved by 182%.
Woolworths Insurance are placing the customer at the heart of everything they do. This story illustrates how much customers welcome a consumer-first approach.
Woolworths Insurance are transforming the way they do business and constantly placing the customer at the heart of everything they do – this story is a strong signal that customers welcome a consumer-first approach.
" The partnership between Woolworths and iptiQ is based on a shared focus to create a better experience for insurance customers throughout their lifecycle. The development of a digital purchase path was ground-breaking in terms of customer experience. On top of that, the collaboration between our teams is what I consider the most rewarding from a partnership perspective. The iptiQ team have been, and continue to be, a pleasure to work with. "
Gerrad Henessy, Head of Insurance, Woolworths