Best Insurance Industry Business Practices – Case Study

Over the course of our blog, we have mentioned several key elements that make an insurance company desirable for customers. From offering clients bespoke solutions to their needs all the way to making sure they are satisfied with your service and policies; everything adds up.

Today’s article reflects something of a similar nature; some of the best insurance industry practices as employed by insurance companies and their agents; be it for legacy planning, health insurance, or more.

Geico and Hippo Insurance – Best Digital Experience

Both Geico and Hippo take the cake for offering the best digital experience to their clients. The former is for car insurance while the latter caters to home insurance solutions. The best feature – for which both are acclaimed – is their seamless insurance quoting experience.

Let’s take hippo’s process, for example. The insurance agency promises a reliable quote within 60 seconds, but it actually takes even less than that (around 35 seconds). The application process is also pretty simple; all you have to do is type your address – Hippo will handle the rest.

Amica – Experience & CSR

Amica has been awarded the top spot in J.D. Power’s Home Insurance Study for several years now – 18 to be exact – scoring a perfect 5 in coverage options, policy clarity and billing accuracy, customer service, and claim experience for clients.

The premiums for Amica are relatively higher but the coverage and customer service clients receive are well worth the money. The insurance industry’s biggest pain point is not the price tag, but the claim experience. Amica does that impeccably.

Another great element Amica boasts are its CSR initiatives in the form of grants.

John Hancock – Hyper-Personalization

John Hancock is known for its innovative solutions; one of which includes hyper personalization. It is the first US life insurer that offered hyper-personalized policies for people with diabetes, letting them save money (up to 15% on their annual insurance premium) and get rewarded for healthy lifestyle options (up to $600 on healthy food purchases).

Not only that, but the insurance company also offers premium discounts (along with other rewards) to clients who use wearable devices. From achieving exercise targets to healthy food purchases, clients can make smart choices to earn gift cards.

In turn, the program gives John Hancock a much higher engagement ratio.

The Hartford – gender equality

The Hartford was selected as one of 380 companies across eleven sectors, out of which it was ranked among the top 26 financial services companies in the US in terms of gender equality. In 2021, the Bloomberg Gender-Equality Index (GEI) also selected The Hartford for the 6th year in a row.

Some key measurements when determining The Hartford’s Gender-Equality Index included

  1. Company gender statistics
  2. Any discriminating employee policies, including those of legacy planning
  3. Gender-conscious service or product offerings
  4. Gender-oriented community support and engagement

If you would like to learn more about how your insurance company can mould itself to one day be awarded with such prestige, get in touch. If you’re looking for innovative ways to assist your clients, we’d love to help!