With the UK market for home and car insurance products dominated by commoditised products, Allianz Your Cover has been singled out for praise for its customizable home and car insurance offerings by an independent world-leading provider of financial services analysis, Datamonitor.
Datamonitor delivers independent data, analysis and opinion across a variety of sectors, including Financial Services. In its latest report, Allianz Your Cover Case Study - Empowering Customers Through Customization, Datamonitor refers to Your Cover's customer-centric approach which draws upon Individualism, one of 10 megatrends identified by Datamonitor
Datamonitor believes that today's consumers are increasingly self-reliant and want to customise and personalise the products and services they buy to reflect their personal needs and values. Datamonitor believes the idea of a 'typical' consumer should be abandoned by financial services providers and highlights:
The need for financial services providers to compete on more than just pricing in order to differentiate their offerings from those of their competitors
The increasing empowerment of consumers who will no longer accept generic offerings from financial services providers
The value and advantages of obtaining feedback from consumers before, during and after a product launch
Your Cover's "shape it how you want it" approach enables consumers to build upon a set of core insurance covers and add only the additional protection they want which means they don't pay for what they don't need. This self-management approach to insurance is all done online either direct or through comparison websites.
A breakdown of overall pricing allows consumers to see exactly how much optional features such as no claims discount protection and car contents cover for their vehicle or garden contents and personal possessions on their contents insurance will cost.
In addition to choices around product design, Your Cover allocates all claimants with a personalised UK-based claims handler. Through consumer research, Allianz Your Cover discovered that a major cause of customer dissatisfaction was having to deal with a different claims handler every time they contacted their insurer.
Andy James, Head of Direct Retail Division, said:
"We are delighted that Datamonitor has chosen to single out Your Cover for its approach to product design with the emphasis firmly on consumer empowerment through choice. We are very pleased with the growth of Your Cover's customer base as we only launched just over a year ago. It shows that we are definitely connecting with the consumer and their desire to have more control over the cover they want and how much they want to spend."
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