About the Customer

Admiral is a financial services company, set up in the UK in 1993 to specialise in car insurance. It now offers a variety of products including MultiCover, MultiCar, home insurance, pet insurance and travel insurance. Admiral is part of Admiral Group which employs over 11,000 staff in eight countries.

Sollers has been a part of Admiral’s digitalisation in Guidewire Customer Engage Portal implementation for 4 years.

About the Project

Background:

Save The Business Flow is a part of the Customer Engage Portal based on Guidewire technology. New Portal launched at the beginning of 2019 as a digitalisation plan. In 2021, it was upgraded to the newest version of Guidewire Digital Portal. Currently, clients have several functionalities to use e.g.:

• Make a change to existing policies e.g., change address, add a new driver, change covers
• Check and download policy documents
• Add new covers to the existing policy – Motor and Home
• Check and update payment details
• Add a new claim or check the status of an existing one
• Cancel an existing policy or stop to renew a policy before or just after the renewal date – what’s called Save The Business flow

Problem:

For the last 4 years, Admiral has been continuously improving its digitalisation and providing customers with new possibilities to self-manage their policies. A significant portion of calls to the Contact Center were about cancelling policies, so to decrease contact center traffic, Admiral decided to allow customers to do it online.

This business decision runs the risk of losing a lot of customers without agent supervision, or without any effort to try and persuade customers to stay. Save The Business flow is the solution to this risk.

Solution:

Save The Business flow gives the possibility to cancel the policy with some interaction with customers. Customers have a chance to update their most important data such as assigned drivers or additional covers to try to lower their premium instead of cancelling. The rating system may even decide to grant an additional discount if this is feasible. Even if after all these changes, the customer still decides to cancel, the newest changes are saved. If the customer decides to rescind the cancellation, their policy will be restored with the newest changes. This action is possible online in both mid-term and renewal.

What this implementation has shown us:

Customers would like to fully manage their policies online,including cancellations. Allowing cancellations does not mean that it will definitely happen. Some customers are just looking around to get the most optimal price, while others really are thinking about changing. If the customer can be persuaded to stay before their decision to change insurers, this money will be saved. Most customers change their insurer during renewal, so it’s quite important to give them a bonus for staying. Some customers call after they check some details online to discuss the best scope and price.

Outlook to the future:

Save The Business Flow will be further enhanced to allow customers to change their policy to match their expectations. The short-term target is to improve and extend the scope of possible changes, to be more flexible for customers. Automatic flow does not have the possibility to talk to the customer like agents do, as this solution does not have any AI functionalities. However, this may change in the future as automation processes are advancing more every year, and therefore this might be a long-term target.

If you are interested to learn more about Digitalisation in Insurance and Save The Business Flow feel free to check out our Website or contact us [email protected]