Creating a truly transparent insurance experience
The Challenge
Complex terminology, a myriad of cover options and endless fine print … no wonder only 19% of Brits understand their home insurance policy. Homeprotect decided to tackle this challenge head-on. With Consumer Duty on the horizon, the senior team committed to making insurance more transparent and removing the guesswork. They wanted customers to have the confidence that they were choosing the right type and level of cover.
Services: Customer Strategy : Customer Proposition
The Impact
1st
Ranked the most transparnet insurance provider in the market by Fairer Finance
10,000+
10,000 five-star reviews on Trustpilot
12
NPS score has improved 12 year-on-year
The Outside-in Perspective
To understand what really mattered to customers, we conducted in-depth interviews with 20 homeowners, exploring their frustrations and wants when it came to home insurance.
However, to really understand what ‘Transparency’ was, we had to speak to experts in parallel industries. We heard from behavioural scientist and members of the armed forces intelligence, to find out how to share information in stressful situations. And we spoke to newspapers editors to understand the best ways to get across complex information in an easy, digestible way.
The Insight
The work uncovered six principles that were core to Transparency, including being Honest, Human, and Proactive, answering the customer’s next question before they think of asking it.
Crucially, we understood that there is no ‘right’ answer for communication. People will want different levels of details at different times, and therefore information needs to be accessible at different levels at different times as and when people have that need.
The Solution
Using the insight gathered, we delivered an ambitious customer strategy that reaches every part of the organisation. All touch-points and communication were reviewed – from letters to insurance documents, scripts and web journeys – to improve transparency.
In addition to the specific improvements in the experience, this has led to changes in the broader organisational culture, leading to significant decisions such as the removal of all cancellation fees.
“We set out on a long journey with The Foundation in 2021 to improve transparency across our business. This project triggered a mindset and direction shift that ultimately led us to make several strategic and tactical decisions aimed at improving transparency across our estate.
Whilst the journey is by no means over, we were extremely proud to have been recently voted as the most transparent UK home insurer in the market!”