469 words, approx. 2.5 minutes to read.
Members have been joining us on our mission to make insurance clear and simple, to help them make the right choices when buying insurance.
We know that insurance buying can be complex, so we’re looking at how we can do something uniquely open and co-operative.
We have come up with 20 measures that we thought might help customers make decisions about their insurance policies with a bit more clarity and certainty. These ranged from using infographics to explain what a typical person might want to cover, to disclosing usually confidential data about the number of customers claiming on certain policy add-ons for example.
We asked Co-op Members to consider which of these transparent ideas were the ones they most valued, and which were simply non-starters.
Members joined us at workshops in Manchester and London to talk through all the ideas on the table, and many more joined in online to answer questions about one specific measure we were exploring; a personalised video summary of an insurance policy, sent out after a new policy has been bought.
Here’s what we heard from the workshops:
- members were pretty positive about all of the ideas
- a few ideas were welcomed by everyone, like the infographic, and using members’ experiences to illustrate different policy areas. Members especially liked examples of why other members did and didn’t buy add-ons
- workshop attendees were divided on whether customer reviews and personalised policy summary videos would be of use to them
Members participating online were more positive about the idea of personalised policy summary videos:
- 80% of Members participating online said that they would watch a film setting out the details of their policy, if one was provided
- those who said they wouldn’t instead suggested that they’d rather read a policy document, or that they found the idea a bit ‘gimmicky’
- 39% said it was the video’s ‘ease and simplicity’ that particularly appealed, with a further 23% liking the fact that it communicated the key bits of info they needed to know
Here’s what the insurance policy video could look like:
We’ve taken away some great learning from the Members who joined in and we’re already using what they’ve told us to shift our openness and transparency up a gear.
We’re going to be rolling out 5 of the ideas that Members considered most useful over the next 6-12 months. And we received enough of a steer to convince us that the video policy summaries could be of real use, so we’re actively exploring this too.
Hopefully, the changes we’ll implement will help make choosing the right insurance that bit easier for everyone, so a huge thank you to all who got involved to make this happen.
There are always opportunities to get involved with your Co-op, just head over to Join In.
Customer Experience Manager, Co-op Insurance