2017 FORRESTER REPRODUCTION PROHIBITED WEBINAR Test Driving Mobile
© 2017 FORRESTER. REPRODUCTION PROHIBITED.
WEBINAR Test Driving Mobile Auto Insurance Functionality: A Review Of Forrester’s 2017 US Mobile Auto Insurance Benchmark Ellen Carney, Principal Analyst August Du Pont, Research June 20, 2017. Call in at 10: 55 a. m. Eastern time © 2017 FORRESTER. REPRODUCTION PROHIBITED.
We work with business and technology leaders to develop customer-obsessed strategies that drive growth. © 2017 FORRESTER. REPRODUCTION PROHIBITED. 3
Changing customer expectations are driving more mobile insurance usage and new capabilities. © 2017 FORRESTER. REPRODUCTION PROHIBITED. 4
Agenda › Why does mobile matter to auto insurance customers? › What is the methodology behind Forrester’s Mobile Functionality Benchmark? › Which firms stood out and for what? › How are US auto insurers applying best practices? © 2017 FORRESTER. REPRODUCTION PROHIBITED. 5
Agenda › Why does mobile matter to auto insurance customers? › What is the methodology behind Forrester’s Mobile Functionality Benchmark? › Which firms stood out and for what? › How are US auto insurers applying best practices? © 2017 FORRESTER. REPRODUCTION PROHIBITED. 6
Your customers are evolving in five main ways © 2017 FORRESTER. REPRODUCTION PROHIBITED. 7
And they’re using mobile throughout the car insurance life cycle Engage 11% have used their insurer’s mobile app to interact. Ask 8% have used text messaging for customer service. Use 15% enrolled and started using coverage; 15% downloaded insurer app. Discover 6% used their insurer’s web, mobile site or app to find an auto insurer. Explore 15% used their insurer’s web, mobile site or app for research. Buy 1% used a smartphone to apply for auto insurance; 2% used a tablet. Base: US online adults with vehicle insurance; Source: Forrester Data Consumer Technographics® North American Financial Services Customer Life Cycle Survey, Q 2 2016 (US) © 2017 FORRESTER. REPRODUCTION PROHIBITED. 8
Agenda › Why does mobile matter to auto insurance customers? › What is the methodology behind Forrester’s Mobile Functionality Benchmark? › Which firms stood out and for what? › How are US auto insurers applying best practices? © 2017 FORRESTER. REPRODUCTION PROHIBITED. 9
The benchmark features two tangible artifacts © 2017 FORRESTER. REPRODUCTION PROHIBITED. 10
Which firms and apps did we evaluate? ? Met. Life didn’t offer an app; their site was assessed using mobile devices. Source: 2017 US Mobile Auto Insurance Functionality Benchmark Forrester report © 2017 FORRESTER. REPRODUCTION PROHIBITED. 11
We define a customer scenario Source: 2017 US Mobile Auto Insurance Functionality Benchmark Forrester report © 2017 FORRESTER. REPRODUCTION PROHIBITED. 12
We measure how well the mobile service supports the customer journey © 2017 FORRESTER. REPRODUCTION PROHIBITED. 13
We identify the categories, subcategories, and criteria, and define what will be measured and how › Participants’ mobile apps and mobile sites were reviewed in six key areas. • • • › Range of touchpoints Enrollment and login Buying Policy management Claims Service features Each of the five categories contains various individual criteria, and each criterion is assessed on a four-point scale. Scale Example category Criteria Subcategory › Quotations © 2017 FORRESTER. REPRODUCTION PROHIBITED. Applications › › Save/ retrieve Bind Onboard -2 Apply but not bind. -1 Apply, save, retrieve, and share. 1 Bind. 2 Online account enroll 14
Agenda › Why does mobile matter to auto insurance customers? › What is the methodology behind Forrester’s Mobile Functionality Benchmark? › Which firms stood out and for what? › How are US auto insurers applying best practices? © 2017 FORRESTER. REPRODUCTION PROHIBITED. 15
Most firms reviewed comfortably exceeded our minimums 50 Average USAA Travelers The Hartford State Farm Progressive Nationwide Met. Life Liberty Mutual GEICO Farmers Esurance American Family Allstate 75. 3 89. 6 53. 2 65. 5 78. 6 75. 2 81. 6 66. 8 82. 1 96. 1 71. 5 69. 1 58. 8 90. 3 Source: 2017 US Mobile Auto Insurance Functionality Benchmark Forrester report © 2017 FORRESTER. REPRODUCTION PROHIBITED. 16
Every category improved with biggest changes in enrollment and login and buying 2015 50 Overall Score Service Features Claims 54. 6 65 69 62. 0 Policy Management Buying Enrollment & Login Range of Touchpoints 67. 6 75 86 76 64. 7 84 73 81. 1 62. 5 76. 0 Source: 2017 US Mobile Auto Insurance Functionality Benchmark Forrester report © 2017 FORRESTER. REPRODUCTION PROHIBITED. 17
New range of touchpoints subcategory this year: SMS automated transactions offered by GEICO and Nationwide 50 USAA Travelers The Hartford State Farm Progressive Nationwide Met. Life Liberty Mutual GEICO Farmers Esurance American Family Allstate 90 79 79 79 68 89 11 90 100 68 34 79 90 Source: 2017 US Mobile Auto Insurance Functionality Benchmark Forrester report © 2017 FORRESTER. REPRODUCTION PROHIBITED. 18
GEICO and Farmers stood out for login and enrollment making access to mobile services super easy 50 USAA Travelers The Hartford State Farm Progressive Nationwide Met. Life Liberty Mutual GEICO Farmers Esurance American Family Allstate 64 81 96 95 95 95 25 96 100 99 86 60 94 Source: 2017 US Mobile Auto Insurance Functionality Benchmark Forrester report © 2017 FORRESTER. REPRODUCTION PROHIBITED. 19
Buying showed big improvement, with Liberty Mutual nosing past GEICO 50 USAA Travelers The Hartford State Farm Progressive Nationwide Met. Life Liberty Mutual GEICO Farmers Esurance American Family Allstate 93 85 70 55 83 80 85 98 95 25 63 65 93 Source: 2017 US Mobile Auto Insurance Functionality Benchmark Forrester report © 2017 FORRESTER. REPRODUCTION PROHIBITED. 20
Mobile policy management continues to show strong over performance; every firm surpassed our standard 50 USAA Travelers The Hartford State Farm Progressive Nationwide Met. Life Liberty Mutual GEICO Farmers Esurance American Family Allstate 94 53 78 94 89 96 81 100 80 86 83 91 Source: 2017 US Mobile Auto Insurance Functionality Benchmark Forrester report © 2017 FORRESTER. REPRODUCTION PROHIBITED. 21
Claims showed strong improvement, after decline in 2015; GEICO, Liberty Mutual, and USAA led the way 50 USAA Travelers The Hartford State Farm Progressive Nationwide Met. Life Liberty Mutual GEICO Farmers Esurance American Family Allstate 93 46 29 78 46 80 80 91 94 69 65 41 80 Source: 2017 US Mobile Auto Insurance Functionality Benchmark Forrester report © 2017 FORRESTER. REPRODUCTION PROHIBITED. 22
Allstate and USAA continue their service performance leadership as category performance improves by 10 points! 50 USAA Travelers The Hartford State Farm Progressive Nationwide Met. Life Liberty Mutual GEICO Farmers Esurance American Family Allstate 91 35 54 65 69 64 56 51 86 66 69 43 95 Source: 2017 US Mobile Auto Insurance Functionality Benchmark Forrester report © 2017 FORRESTER. REPRODUCTION PROHIBITED. 23
Agenda › Why does mobile matter to auto insurance customers? › What is the methodology behind Forrester’s Mobile Functionality Benchmark? › Which firms stood out and for what? › How are US auto insurers applying best practices? © 2017 FORRESTER. REPRODUCTION PROHIBITED. 24
What bright ideas caught our attention this year? Ø Ø Ø Virtual assistants SMS insurance Hey Alexa, tell me about. . . What-if calculators Get me the chief customer officer! © 2017 FORRESTER. REPRODUCTION PROHIBITED. 25
Nationwide offers text insurance features for basic phone owners © 2017 FORRESTER. REPRODUCTION PROHIBITED. 26
The Hartford provides a useful explanation of what Touch ID is and how to use it © 2017 FORRESTER. REPRODUCTION PROHIBITED. 27
Liberty Mutual’s personal insurance assessment produces “personalized” coverage suggestions © 2017 FORRESTER. REPRODUCTION PROHIBITED. 28
Esurance’s What-If Calculator shows premium impact from major policy events © 2017 FORRESTER. REPRODUCTION PROHIBITED. 29
Progressive’s policy coverage summary makes it easy to see what is and isn’t covered © 2017 FORRESTER. REPRODUCTION PROHIBITED. 30
American Family anticipates an important family life event impacting vehicle coverage Desktop © 2017 FORRESTER. REPRODUCTION PROHIBITED. Mobile 31
Travelers offers contextual explanations of risk during mobile quote process © 2017 FORRESTER. REPRODUCTION PROHIBITED. 32
State Farm offers in-app messaging that updates customer when app is opened © 2017 FORRESTER. REPRODUCTION PROHIBITED. 33
GEICO provides comprehensive information about the claim status © 2017 FORRESTER. REPRODUCTION PROHIBITED. 34
Farmers’ customers can save chat session to keep a record of their claims interactions © 2017 FORRESTER. REPRODUCTION PROHIBITED. 35
Allstate helps its customers with route suggestions The trip planner function was a welcome surprise: connecting to the user’s calendar entries and suggesting routes for the whole day © 2017 FORRESTER. REPRODUCTION PROHIBITED. 36
Met. Life My. Direct provides useful how-to-use digital tools video guidance © 2017 FORRESTER. REPRODUCTION PROHIBITED. 37
USAA’s virtual assistant, Eva, responds to written and spoken requests to provide actionable options © 2017 FORRESTER. REPRODUCTION PROHIBITED. 38
Nationwide connects customers to its Chief Customer Advocate to help address issues © 2017 FORRESTER. REPRODUCTION PROHIBITED. 39
And some wishes that didn’t come true © 2017 FORRESTER. REPRODUCTION PROHIBITED. 40
More embedded scheduling like advisor Wealthcare For Women’s schedule a call back © 2017 FORRESTER. REPRODUCTION PROHIBITED. 41
More cross-sell like CIBC’s search results © 2017 FORRESTER. REPRODUCTION PROHIBITED. 42
. . . Or how Allstate pitches its auto insurance in the search results for life insurance © 2017 FORRESTER. REPRODUCTION PROHIBITED. 43
The relentless pace of change demands constant digital innovation. © 2017 FORRESTER. REPRODUCTION PROHIBITED. 44
Reposition mobile as your platform to engage customers by making your mobile services: › Personal, with smarter coverage design › Useful, with strong policy and claims management › Prominent, with better marketing › Relevant, with contextual marketing © 2017 FORRESTER. REPRODUCTION PROHIBITED. 45
And how about next year’s benchmark? © 2017 FORRESTER. REPRODUCTION PROHIBITED. 46
Want to assess your digital insurance experience? We can help! Mobile Mind Shift Index Maturity assessment Functionality Benchmark • How ready are your customers and employees to engage with your company on all their devices? • How equipped is your company to engage its customers or employees in their digital moments? • Who are my competitors and what are they doing? © 2017 FORRESTER. REPRODUCTION PROHIBITED. 47
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Ellen Carney +1 617 -613 -6328 ecarney@forrester. com August Du Pont +1 212 -857 -0786 adupont@forrester. com Thank you FORRESTER. COM © 2017 FORRESTER. REPRODUCTION PROHIBITED.
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