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© 2016 Avaya Inc. All rights reserved
YOUBIQUITY FINANCE 2016 -
GENERAL INSURANCE
SUMMARY.
Consumers want insurance providers to make digital self-service easier, using support technologies that build customer confidence and better relationships.
© 2016 Avaya Inc. All rights reserved 2
INSURANCE PROVIDERS CAN CHALLENGE AGGREGATORS THROUGH BETTER PROCESS AND SERVICE
UK consumers much more likely to switch general insurance
provider than the German and Spanish
Process of opening accounts in banking
and insurance takes too long
It’s difficult to get independent advice you
can trust about financial services
The quality of claims handling &
service offered by an insurance
provider influences my choice of
supplier
Aggregators such as Money
Supermarket, Check24.de &
Acierto.com are the first place I go
for insurance
I rarely switch my (general) insurance
provider from year to year
I like to use an independent
insurance broker
When I last applied for a new banking or
insurance product, the provider made a
mistake which made the process slower
Germany
44%
41% 33% 58%
63% 60% 34%
76% 79% 61%
37% 30% 16%
Spain
53% UK
40%
51% definitely want more staff who can provide advice
on insurance products
Germany
41% Spain
61% UK
47%
Germany
16% Spain
23% UK
13%
© 2016 Avaya Inc. All rights reserved 3
THE PHONE PLAYS A CRITICAL ROLE IN GENERAL INSURANCE PREMIUM NEGOTIATION AND REMOTE RELATIONSHIP BUILDING
Improved call centres, a named friendly individual and fast e-mail
response times valued by consumers, particularly in Germany
30%
28%
29%
36%
39%
40%
35%
28%
45%
40%
41%
48%
51%
46%
34%
51%
39%
30%
53%
42%
34%
UK 2016
UK 2012
Spain 2016
Spain 2012
Germany 2016
71%
63%
77%
73%
64%
Insurance companies don't give the best
price first time, it’s worth phoning them
and negotiating a discount
2014 2016
100%
UK
90%
80%
70%
60%
50%
2014 2016
100%
Spain
90%
80%
70%
60%
50% 85
%
Phone
47
%
85
%
62
%
E-mail Web-chat Video-chat
When you are on an insurance
provider’s web-site, how would you
like help?
Would like voice biometrics
which identifies you when you
call an insurance company
Would rather phone than use web-site
FAQs
46% 57% 62%
Which, if any, of these would
make you more likely to interact
with your insurance company
and ask for their help?
© 2016 Avaya Inc. All rights reserved 4
SOCIAL MEDIA, WEB-CHAT AND VIDEO-CHAT ALL VALUED BY CONSUMERS
Overcoming the self-service help ‘gap’ in insurance equally
important across Germany, Spain and the UK
Agents could explain complex
issues easily
Could be served
straight away
On your last web-
chat with an
insurance
provider…?
Insurance
They cut me off too
quickly 20%
Easier than speaking
on the phone 59%
I was satisfied with
the outcome 66%
Social media Web-chat Video-chat Consumers frustrated by digital processes…
1 in 3 first try to
complete
complicated
transactions
online*
But many of
these
interactions:
- fail outright
- need support
- take too many
attempts
UK 40% 23%
42%
2016 2014
Spain 23%
I would be more confident buying
a new product via web-chat than
with no human interaction
Advantages of video
conferencing with financial
service providers (Definitely or
possibly)
Have you ever
used social
media to
contact your
bank or
insurance co.?
I was satisfied
with the
outcome of my
social media
contact with my
bank
9%
15%
6%
Germany 24%
Spain 23%
UK 25%
Germany
62%
Spain
77%
UK
72%
Germany
60%
Spain
75%
UK
70%
© 2016 Avaya Inc. All rights reserved 5
BUILDING REMOTE RELATIONSHIPS IS A NEW
CHALLENGE FOR INSURANCE PROVIDERS
Some consumers are looking for service improvement through
Internet of Things technologies, particularly the Spanish
Receiving advice about your finances in a personalised video message from your provider
UK 50% 31%
Spain 70% 60%
Germany 54% -
If you could use
your social
media ID to log
into your
banking or
insurance
account online
49%
82% 85% 71%
Germany 48%
Spain 74%
UK 35%
Pay out income
protection policy
Germany 54%
Spain 74%
UK 32%
Pay out on an
insurance claim
How willing would you be to allow your insurance company or bank to have access to data from the following if it meant you received a better product, service or price…
Total
Very willing Possibly willing
An item of wearable technology which shows how active you are eg steps taken 15% 35%
A ‘black box’ which revealed how you drive your car 17% 39%
Your social media profile 9% 24%
Your GPS location from your smartphone 11% 28%
I expect my
insurance
company to
use my
personal data
to make
marketing
offers to me
48%
34%
25%
Germany
Spain
UK
2016 2014
% expecting the following to be completed within 3 days
Would like message by text, e-mail or smartphone…
82%
76%
75%
77%
84%
85%
85%
85%
79%
71%
74%
76% To update me when I'm
making an insurance claim
To remind me to renew
my insurance
To update me when I'm
applying for a product
They have a better
deal available
Would upload photos, testimony,
claim forms or NCD to website of
provider to make process faster
© 2016 Avaya Inc. All rights reserved 6
THE YOUBIQUITY FINANCE SEGMENTATION -
CONSUMERS WANT DIFFERENT CHANNEL STRATEGIES
Using statistical analysis to understand the needs of 4 different
types of consumers
Loyal to providers
Dig
itally
adva
nced
Use a new channel strategy - Need to create
customer engagement
- Biggest users of web-chat and social media
to contact banks and insurance providers
- Less use of voice and face to face
- Offer advice and information as least
confident in making financial decisions
- Very confident with digital technologies
Digital-led
Remotes
Age - Youngest age group. Under
35s - 45% (30% average)
Gender - Men 47%, Women 53%
Income - Slightly higher. 19%
earn over £50k
31%
Spain 34%
UK
30%
Germany Digital-ready
Actives
Age – Average age group.
Under 35s - 32% (30%
average)
Gender – Men 47%,
Women 53%
Income – Slightly lower.
16% earn over £50K
Build on existing relationship strengths – Beta test innovations
- Best relationship with their banks and insurance providers,
willing to adopt innovations
- Change channels most often, want free Wi-Fi in branch,
use digital options and want video-chat
- More loyal, engaged and active – but will negotiate on price
- Very confident with digital technologies
32%
Spain
21%
UK 12%
Germany
Digital-indifferent
Traditionalists
Age – Oldest age group.
Over 55s - 46% (33%
average)
Gender – Men 54%,
Women 46%
Income – Slightly lower.
13% earn over £13K
Maintain traditional channels – be consistent
- Have good relationship with banks, expect providers to
market products to them
- Rely on face to face and the phone
- Need support from providers to use newer channels
- Less likely to want guidance but more loyal to providers
40%
UK 23%
Spain
57%
Germany Digital-adapting
Independents
Age – Most middle-aged group.
Aged 35 to 54 – 45% (37%
average)
Gender – Men 49%, Women
51%
Income - Slightly higher. 21%
earn over £50K
Develop win-back channel strategies - re-build
loyalty
- Generally less happy with providers than
the other segments
- Willing to use new technology if it gives
access to better products and services
- Think providers should improve service
levels – 24 hour call centres
- Will switch providers if dissatisfied
27%
Spain 28%
UK
13%
Germany
© 2016 Avaya Inc. All rights reserved 7
YOUBIQUITY FINANCE 2016 - METHODOLOGY AND
ENGAGEMENT OPTIONS
Survey of 3,015 consumers
Objectives
• Identify needs for BT and Avaya’s services by
understanding changes in consumer contact
behaviour between 2012 to 2016
• Compare and contrast behaviours across the
UK, Spain and Germany
• Methodology
• The research was completed independently by
Davies Hickman Partners
• a. In 2012 a survey of 2,500 consumers was
completed in the UK, US, Germany and Spain
• b. In 2014 a survey of 2,000 consumers was
completed in the UK, France and Spain
Next steps - Engagement options
• Full report, Infographic and Videos available at
www.bt.com/youbiquity-finance
• Customer workshops available from Ian Carter,
Head of Marketing, Global Banking and
Financial Markets, BT - [email protected]
and Ross White, Head of Channel Marketing,
Avaya -
Respondent gender
Male
50%
Female
50%
16-24
12%
25-34
18%
35-44
19%
55+
33%
45-54
18%
Respondent age
Spain UK Germany
1,000 consumers in each of
Germany, Spain and the UK
