EIP again recognised in the FinTech Global InsurTech100 list of tech companies, transforming the insurance industry
EIP’s InsurTech Platform and Vodafone Spain have long been in partnership to enable them to offer their customers mobile device insurance and the reassurance it brings.
EIP are proud to announce that this partnership now extends to providing Vodafone Spain customers the ability to also purchase cover for their smartwatches and tablets, with Vodafone Care.
With nearly 1 in 10 people in Spain now owning a smartwatch, there is a clear need for an easy and flexible way to insure these devices. Any customer with a smartwatch or tablet connected to the Vodafone Spain network via a SIM or eSIM, can now protect their device from Accidental Damage or Accidental Damage & Theft, depending upon the Vodafone Care plan they take.
EIP’s Marketing Director, Glen Adam says “As longstanding partners, we’re very proud of the part we played in enabling Vodafone Spain to take their first step into multi-device insurance. Using EIP’s software, Vodafone can now offer customers with smartwatches and tablets their flexible Vodafone Care insurance and give them the market leading, digital claims experience that many of their smartphone customers already enjoy”.
Avoiding unexpected repair or replacement bills during these times has never been more important and with over 140,000 Vodafone Care customers in Spain already, new and existing customers have even more flexibility and insurance coverage for their valuable belongings.
You can read the official Vodafone Spain press release here to find out more about Vodafone Care, the launch of smartwatch and tablet insurance in Spain and the benefits Vodafone customers receive.
Whether you already have a device insurance scheme or looking to introduce one, if you would like to find out more about our InsurTech Platform and hear how we can help your business delight your customers and increase profits, please get in-touch today.
EIP enables Vodafone to give their customers an end-to-end online experience. COO Ed Hemburrow explains why digitalisation is vital to insurance.
Chief Operating Officer at EIP Ltd, a Global InsurTech100 company, Ed Hemburrow specialises in the management and roll-out of large-scale, multi-country subscription-based insurance programmes. Recently voted as one of the top 25 InsurTech executives in 2021, Hemburrow has over 25 years’ experience overseeing the deployment of EIP’s software solutions across multiple European markets, whilst leading EIP operations through a period of rapid growth.
Delivering digitised automated solutions for Vodafone
A partner with Vodafone for over a decade, EIP is at the forefront of digitising and automating the servicing of insurer’s products. EIP’s proven software delivers both increases in customer NPS (net promoter score) and program profitability.
The relationship with Vodafone has evolved from one of an advisory service, helping them set up insurance products, towards an array of services designed around the customer’s needs. As Hemburrow puts it: “We’re more than just a tech provider.”
“We saw a gap, having worked in this industry for a while. We see a lot of providers of insurance products trying to put barriers in the way, making it a more difficult process for customers to claim. So they drop out. We know that the vast majority of people are good, honest customers just trying to get a phone or device back in their hands as soon as possible, because they run their lives through them,” said Hemburrow.
EIP helped Vodafone to automate the insurance process and bring it online. So rather than having to phone up a call centre and have a long, convoluted conversation with an advisor, customers can now go through an end-to-end claim process and get an automated decision in less than a minute and a half.
“It’s super slick and easy. We’re taking the pain out of it. By designing a journey for the vast majority of Vodafone customers that have genuine claims, we know at that ‘key moment of truth’, they will get a great experience. We re-engineered and automated the process to be digital-first and allowed customers to self-serve,” he said.
Personalised products for customers
One of the priorities for EIP is to create personalised products, priced according to the associated risk rather than actually just the device that a customer has. They’re already working with Vodafone to bring that into play.
With a data-driven, automated platform, EIP are able to provide the enterprise with learnings around customer behaviour to assess their risk levels faster and more accurately. Meaning EIP can spot the small percentages of fraudulent behaviour, automate the claims process and ensure that calls to advisors are only for complex claims, even discounting policies based on lower risk levels.
“We’re applying the same principles across other lines of insurance because ultimately that’s what customers want – simplicity and urgency”.
On Vodafone, Hemburrow added: “I’ve worked in this industry for a while and it’s quite refreshing when a company like Vodafone has such a customer focus. They want great onboarding and a streamlined claim experience as well. So that’s why our partnership works well”.
Read the full Vodafone digital report HERE.
Article originally posted on FinTechMagazine.
FinTechMagazine September 2022 Edition (pages 56 – 73)
InsurTech Digital September 2022 Edition (pages 26 – 43)
Mobile Magazine September 2022 Edition (pages 76 – 93)
Most people will have gone through the rigmarole of making an insurance claim. Already frustrated by the incident – a burglary, a damaged vehicle, a broken device – that led to them picking up the phone and calling their insurance provider, they then have to spend time detailing the incident, passing on their personal details and waiting, sometimes for a lengthy period, to see if the claim is successful.
But insurtech companies such as EIP are now leading the way in providing innovative, tech-driven ways to make the customer journey more efficient, simpler and user-friendly. The core idea driving their vision is that for most accidental claims, the risk of fraud is low and therefore we should be removing unnecessary checks and questioning in the claims journey and helping customers to make a claim quickly and easily.
Automating the claims process
Cutting the human out of the claims equation – or at least significantly reducing their role – might sound like an odd thing for insurance providers to do. After all, who will assess the insurance claim? But EIP has developed technology related specifically to mobile phone damage claims that makes this step a logical one.
Damage claims on phones are increasing, thanks largely to their greater use and to the bigger, less ergonomically friendly screens that newer generations of phones boast. Fifteen years ago, accidental damages accounted for only 30 percent of claims related to phones; now they account for some 90 percent. Cue more calls by frustrated phone owners to insurance providers and more human time spent processing those claims.
EIP’s Autoclaim technology is designed so that the customer journey that begins after a phone is dropped on the floor is much faster and smoother. Autoclaim, as the name suggests, cuts out the human and automates the entire process.
So how does it work? When a phone impacts on a hard surface, Autoclaim – part of a toolkit that customers will have through their insurance providers’ app – is instantly activated. It sends a signal to EIP’s core tech platform to automatically prepare a claim on behalf of the customer, while simultaneously sending over, in a flicker, all the information a customer would otherwise need to detail over the phone: who the customer is, where and when the accident happened and so on – not to mention signalling the fact that the phone has been dropped. The customer then just needs to confirm that they do indeed need to make a claim and where they want their device picked up from for repair.
Customer journeys around insurance claims have historically been laden with friction.
But how do insurers, who adopt this automated approach to handling claims, benefit from this? Surely an insurance company that does this is going to be less profitable?
The answer again lies with automation. Insurers can process more claims and not have their margins reduced precisely because, via automation, they don’t have to pay for the high cost of human labour that has traditionally eaten away at margins. Call centres are becoming a thing of the past in many industries that once relied on them and EIP is showing how this trend can be brought to the insurance industry.
Seeing into the future
Furthermore, with its ability to acquire data, EIP can also integrate proactive services into its offering, thereby starting to push beyond insurers’ traditional role as a purely reactive service. As more data is collected around phone damage or theft, it can warn customers of the places and times when the safety and security of their mobile phones might be compromised.
This kind of technology is still being refined, but it would mean that if, for example, a person wanders into an area of an unfamiliar city in which crime is high, EIP can send a notification to their phone warning them that pickpockets operate there, thereby encouraging them to be more vigilant. It is an example of an insurance company breaking with the maligned reputation that many carry as money-grabbers and showing that they do have the customer’s interest top of mind.
Perhaps the most striking thing about the customer journey with something like Autoclaim is that it doesn’t really feel like insurance. Gone – or going – are the days when the insurance industry conjured images of long waits at the end of a phone and hard negotiating with a call centre administrator once the connection is made. Now, it can happen with minimal work required by the claimant.
It’s a rare thing in insurance that everybody truly wins, but the model developed by EIP is just that rare case.
To find out more about EIP, email firstname.lastname@example.org or visit eip.tech.
As seen on Business Reporter.
Featured on Reuters.
Featured on The Independent.
iPhone durability analysis
“A Ceramic Shield front that’s tougher than any smartphone glass.”
That’s the bold USP and marketing message from Apple regarding the iPhone 12. The Ceramic Shield, Apple claim, is tougher than any smartphone glass on the market (at the time of release), made possible by introducing nano-ceramic crystals into the glass, which are supposed to be harder than most metals!
With mobile phones being more important to us than ever before, its unsurprising that device manufacturers like Apple have put a focus on improving the durability of their devices as our reliability on them continues to increase. However, whilst marketing claims like ‘the most durable smartphone ever’ sound great we wanted to see if the stats, supported the claims.
Using our Intelligent Analytics capabilities, EIP analysed thousands of mobile device insurance claims for Apple devices, across several European markets. The aim being to see if the iPhone has indeed lived up to the marketing claims. And, the conclusions we’ve come to in this study, are quite clear.
In short, the answer is … YES!
To read by our conclusions and receive the full analysis, you can download it here.
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Part II: The Road To Recovery
In September 2021 we reported how the first Covid-19 ‘lockdown’ across several European countries had significantly impacted mobile device insurance policy sales.
Largely driven by the closure of mobile operator retail stores and in-turn less customers upgrading their mobile devices, there was an average year on year decrease in new insurance policy sales of approximately 60% during the first lockdown.
Interestingly, but perhaps unsurprisingly, whilst insurance policy sales dropped off a cliff, so too did the number of claims. The average number of claims during the same period decreased 34% as less people were venturing outside their homes where the majority of claims occur.
In the latest and newly updated report by EIP, we look at whether device insurance sales in key European markets have recovered post early lockdowns and if claims are back to pre-Covid levels – with some interesting insights.
Whilst many of us are fortunate enough to live in countries where there is high vaccine availability and adoption, approximately only ~60% of the world’s population has had at least one dose of the Covid-19 vaccine and less than 10% of people in low-income countries*. Meaning that for many countries the impacts of Covid-19 lockdowns on people lives, economies, services etc. will continue for some time.
If you’d like to discuss the details of this report or interested to understand how EIP’s extensive data insight can support your business then please get in touch.
Download our latest report and receive Part I of the report too.
While other insurers reinvent themselves for the digital age, mobile device insurance is lagging and must keep pace. EIP CEO Ross Sinclair believes it’s time to rethink how the mobile device insurance market operates.
The mobile phone industry is buzzing. Consumers are attached to their mobile devices more than ever before – more so after the Covid-19 pandemic. However, mobile devices are becoming increasingly expensive and device screens are getting larger, making repairs more costly. As a result, the insurance premiums to protect these devices are increasing proportionately and reaching the point of becoming prohibitive to consumers.
With their high use and propensity to damage, it’s surprising that mobile device insurance is behind other areas of the insurance industry. Now is the time that smartphones deserve smart insurance. EIP’s own data shows that more than 90% of device insurance claims are for accidental damage, due to large glass screens and extensive use. However, as EIP CEO Ross Sinclair explains, “Mobile device insurance claims are relatively simple, but the claims process, lacks efficiency.” The future for the sector, he said, is through usage-based insurance and personalised policies, priced on a customer’s specific profile. By leveraging a more personalised pricing approach, insurers gain not only much more stability of margins, but significantly increased profitability – and some of these profits can be reinvested in a softer and more efficient claims approaches.
It is important to understand a customers’ profile during the risk assessment and according to Sinclair, although the handset is a factor to risk, the biggest risk factor is the user of the device. “Our industry uses a ‘one price fits all approach which assumes that more expensive handsets are a higher risk than cheaper ones, but this is wildly inaccurate as the device price is not a risk factor,” he said. “A little old lady presents a very different risk of damaging her phone than a 22-year-old scaffolder – but until today no-one was taking that into account.”
Is device insurance pricing stuck in the past?
Of course, devices and their functionality have changed beyond recognition, but the insurance products that protect them have refused to evolve at the same pace. The failure to adapt could be a
contributor to the decline in mobile insurance sales, Sinclair said. There are several contributing factors in this shift in focus away from device insurance but price is a major component, it is not unusual to see insurance premiums for a mobile of between €15 to €20 per month, which can be discouraging for many customers. Sinclair added, “Insurers constantly walk an underwriting tightrope where prices need to be maintained at a level to attract a broad range of customers, rather than pricing for just those who are higher risk and would therefore incur higher claims levels,” Sinclair said.
Consequently, more intelligent pricing of these risks is the need of the hour, in order to maintain a balanced book of business and attract low risk customers with preferential pricing.
A solution for many InsurTechs is to make insurance pricing much more sophisticated. Sinclair added that mobile technology allows insurers to understand end-users’ activity in real-time and correlate this against claims data to build a much deeper picture of risk. “Think telematics in the motor insurance industry, where the ‘black box’ in the car tracks how, when and where the insured is driving and allows the insurer to price according to the specific customer risk,” he explained. “A few years ago, it would have been unthinkable – and technologically impossible – for customers to offer up this level of sensitive data to an insurer, but the culture is changing and the savings can be compelling, so we’re seeing the telematics industry growing by 20% per year.”
How EIP is flying the flag in mobile device insurance
Mobile device insurance providers need to increasingly focus on delivering the right claims experience – and the insurance experience as a whole. As Sinclair detailed, the focus must be on simple management of policies, easy ways to update details and make claims, and faster claims handling, decisions and payouts. This is what EIP aims to do. Its tools enables insurers, mobile operators, banks, retailers and others to offer subscription-based insurance products to their customers much more quickly, efficiently and cost effectively.
EIP has developed contextual pricing based upon a number of metrics surrounding the customer, such as age, location, gender, occupation and more. This contextual pricing uses up-to-the-minute claims data to deliver a unique price for each customer. By adopting this methodology, insurers can increase profitability of a given program by up to 40%, Sinclair claims.
On the claims side, one of EIP’s offerings, Autoclaim, uses the gyroscope and accelerometers within a mobile device to detect when it has been dropped and it then passes that information to the core system which automatically creates a draft claim. It then checks with the customer if they need to make a claim and if they confirm ‘yes’, the claim is submitted. The whole process takes less than ten seconds and two button presses.
Current state of the mobile insurance industry
While the industry at large is dragging its feet, mobile device insurance providers are slowly changing their strategies.
Looking forward, according to Sinclair, “It is clear that there will be renewed interest in mobile device insurance soon, with InsurTechs beginning to enter the market to offer companies more innovative ways of providing protection for mobile devices and other subscription insurances.” Indeed it’s easy to see how a slew of very clever insurance technology startups such as EIP are mushrooming and scaling up across the world. The global mobile phone insurance market which was estimated to be worth $20bn in 2019, is expected to grow at a CAGR of approximately 11.5% accounting for more than $76bn in 2030, according to data from Allied Market Research.
To stay in business, companies need to adopt these InsurTech tools and design the products and processes from the customer up rather than the insurer down. He concluded, “Those insurers who partner with the smartest InsurTech will likely flourish and those who don’t will likely be swallowed up or even disappear completely.
This article was originally featured in the 2021 InsurTech 100 list. The InsurTech100 is an annual list of the most influential global InsurTech brands. It recognises the next generation of InsurTech solution providers who are shaping the future of the Insurance industry. EIP are once again excited to be recognised amongst the worlds most exciting InsurTech companies in the Insurance industry for 2021.
EIP Limited a provider of white-labelled Insurtech software and a plug and play digital market place to enable leading corporates to offer insurance and subscription products to their end customers. EIP’s marketing-leading InsurTech software solutions enables subscription-based insurance providers to reduce costs, maximise profits and upgrade their digital customer experience.