BIA 2023: Policy Expert - Customer Experience Award Winner

In 2022, the company undertook a major initiative to change the end-to-end customer journey, focusing on what customers want from insurance.

The company began by undertaking an extensive market segmentation exercise to deeply understand its customers’ needs. This revealed that customers sought a transparent and seamless insurance purchase process, more supportive and targeted communications, and a future-facing claims experience.

In response, Policy Expert made several improvements to its customer experience, including:

• A 50% reduction in the number of questions asked during the insurance purchase process without any impact on the accuracy of underwriting and pricing decisions.
• A programme of continuous customer engagement, including welcome and midterm emails, guidance on home emergency cover, and e-newsletters with content linked to topical issues and customer feedback.
• The launch of a proprietary self-service claims portal that enables customers to submit information to support their case, track their progress 24/7, and communicate directly with Policy Expert using similar technology to Facebook Messenger.

These improvements have had a clear, positive impact on customer behaviour at various stages of the insurance process. For example, the streamlined question set has improved the start-to-sale conversion rate by 21%, and the targeted customer communications have seen engagement levels jump by 17%. The self-service portal has also been transformational for managing over 90% of claims.

As a result of these initiatives, Policy Expert has consolidated its position as a leading home insurance provider with over 52,000 independent reviews. Customer loyalty has been cemented, with 97% of customers recommending the company and customer retention rates exceeding 90%.

One customer explained how Policy Expert’s “straightforward online process” managed to save them “50% on their policy renewal” and how they would “definitely recommend Policy Expert.”

The Judges commended Policy Expert as a “truly excellent example of walking the walk and putting customers at the heart of the business.” They were thoroughly impressed and appreciated Policy Expert’s understanding that “making the best customer journey will improve revenue generation and retention”, claiming that the “results spoke for themselves.”

Policy Expert is a worthy recipient of the Customer Experience Award and is an example of how a company can deliver outstanding customer service by putting the customer at the heart of everything it does.

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