Interactive tools are playing a more significant role in insurers’ sales and customer service strategies. However, according to a new report, these tools have the potential to do even more. In its report, “Coverage Tools: Corporate Insight Ranks Best Practices in Evaluating Insurance Needs," the firm proves this by not only listing six best practices, but also turning to insurer examples to prove the success. Using three main criteria—accessibility, inputs and results—Corporate Insight examines the interactive tools that insurers offer to help clients select the coverage level right for them.
1. Collect detailed information about users’ profiles for the most personalized recommendations.
The report references Travelers’ 13-step Guide to Better Coverage tool. The insurer asks more questions than any other firm in the report—questions about users’ vehicles, home, assets and preference between price and coverage.
2. Provide recommendations for insurance products and coverage amounts.
GEICO does this well with its Coverage Coach results page, according to the report. The page provides suggested coverage amounts for bodily injury liability, property damage liability and uninsured motorist bodily injury/property damage. The firm also suggests deductible amounts for comprehensive and collision.
3. Offer coverage tools for various insurance products, including auto, home and renters.
Liberty Mutual is the only firm that offers coverage tools for three insurance products— auto, home and renters. Liberty Mutual’s home coverage tool not only recommends amounts for liability coverage and deductible but also suggests identity theft coverage if users indicate that they are concerned about identity theft. The firm’s renters coverage tool enables users to evaluate the value of their possession and offers an estimation of the cost to insure their belongings.
4. Explain the purpose and importance of each recommended coverage type.
The report names GEICO as a leader in this with a “strong input section that features a 'Did You Know' box providing information about coverages that apply to users’ profiles based on how the previous question was answered.” Liberty Mutual is also mentioned as offering the most detailed coverage information on the results page, with the option to scroll over each recommended amount to view information that explains the coverage’s importance.
5. Strategically promote the coverage tools on the homepage and product tabs.
The Hartford successfully promotes its coverage tool with an image throughout an Auto Insurance tab, the report states. In addition, the firm offers information about the tool on its Auto Insurance Tips & Tools Overview page.
6. Allow easy access to the quote tool and agent locator on results page.
Corportate Insight names Allstate as successful in this area with its My Insurance Personally results page. The section features prominent links to both the quote tool and the agent locator and a phone number directing clients to a representative should they have questions.
