InsurTech product set to improve insurance renewal rates

InsurTech product set to improve insurance renewal rates

CPP Group UK, the global financial assistance product provider, has launched a new InsurTech device, Smart Key Protection, in response to customer retention challenges that insurers face.

CPP Group donuts

The product has been developed to help insurers add further value to their products and services. With customers usually looking for an alternative provider at the end of an annual policy, it’s essential for insurers to go beyond competitive pricing if they are to increase customer retention rates.

The Bluetooth device has been designed to be attached to keys and has a separation alert when the connection between the device and smartphone is broken. The alert is presented to the consumer through an app, which can be fully white-labelled, stand-alone or embedded within an existing, branded app. As only five per cent* of insurance customers say they download their provider’s app, the Smart Key Protection device will also help insurers tackle the challenge of gaining and retaining mobile app users.

 

Online research by YouGov of 1,652 key and smartphone owners showed that 50 per cent would be more likely to purchase insurance if Smart Key Protection was offered as part of an insurance package with the same or less coverage than others on the market. Crucially, amongst owners with home or car insurance, 67 per cent stated that if the product was included in their policy, they would be likely to renew it, if the price was similar or more than their competitors.

The app itself has been specifically designed using an API feed for simple integration and has features such as last known location and an SOS button to access a 24/7 locksmith network. It encourages regular interaction with the app in the event of misplacing keys or their phone and is a modular proposition that can be customised by the client according to their customer’s requirements.

Michael Whitfield, managing director of CPP Group’s UK New Business team, commented: “Smart Key Protection will help insurers mitigate one of their biggest challenges, which, like most organisations is retaining customers. We specifically asked consumers about how technology can motivate their financial services purchasing behaviour and 38 per cent say they would be likely to upgrade their insurance policy if this product was included.

This marks a huge milestone for our business. We’ve developed an end-to-end customisable proposition that we think is a very attractive offering for a number of clients. The notion that technology can be used to prevent a claim and deliver exceptional customer service is something that is core to our new product development strategy.

Michael Whitfield

The launch of Smart Key Protection marks the return of CPPGroup Plc to the UK market and is the first in a number of FinTech and InsurTech products to be launched.

*Consumer Intelligence poll

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