A 2020 ICTA nomination
Toronto, ON (Jan. 6, 2020) – Aviva Canada and RBC Insurance teamed up to launch Buy Online in August.
“Buy Online” refers to a suite of features and technology which enable customers in Ontario to purchase their home, tenant and condo insurance online with RBC Insurance. It has significantly reduced the burden of answering tough questions on customers, such as “how far from your home is the nearest fire hydrant?” by utilizing third-party data instead of requiring the customer to answer up to 50 individual questions about themselves and their property. The technology is comprised of the following components:
- A new pricing and underwriting question set that has been reduced from the previous by 50% in our Guidewire system.
- Integrations with multiple third-party data providers to provide property and client information for us to price and underwrite on, without burdening the customer with the need to answer difficult questions like “how far away from a fire hydrant is your home?”
- A digital front-end with best-in-class user experience which enables customers to easily answer questions, receive a quote and bind a policy on any device, anywhere. Utilizing Aviva’s global design and front-end code framework, which provides specific user-interactions and code for every form component, A/B-tested on millions of visitors to Aviva’s websites worldwide.
- An integration with Moneris’ payment gateway, allowing customers to either pay their full premium or set up a monthly pay-plan on credit card.
- Automatic policy creation in our system of record and digital and/or physical delivery of policy documents to the customer.
- A new pricing algorithm and rates to reflect the new data being used which is as accurate and predictive of risk as that which preceded it despite the 50% reduction in customer-provided information.
- Real-time end-to-end tracking of the journey through Adobe Analytics and recording of real user-sessions through Hotjar analytics.
Since launching in August 2019, Buy Online has averaged thousands of web quotes per month since. The new question set and pricing algorithm was launched jointly online and in our call centre, with client and agent feedback being overwhelmingly positive. Customers and agents appreciate the simplicity of the experience vs other insurers and our previous experience.
Business Impact
- Reduced the average call-handle time for home insurance quotes by 25%
- Significantly increased the quote to bind ratio from web quotes, whether purchase ultimately occurs online or in our agency, as a result of more competitive pricing and easier-to-understand quotes and endorsements.
- Many customers have quoted and bound policies in under 3 minutes, vs previously taking between 45 mins to an hour on the phone.
- Increased quote start to complete ratio of 10 percentage points.
About Aviva Canada
Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, leisure/lifestyle and business insurance to 2.8 million customers. A subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a bright and sustainable future for their customers and communities. We are the underwriter and technology provider for RBC Insurance’s Home and Auto products. For more information, visit aviva.ca.
About RBC Insurance
RBC Insurance® offers a wide range of life, health, home, auto, travel, wealth, annuities and reinsurance advice and solutions, as well as creditor and business insurance services to individual, business and group clients. RBC Insurance is the brand name for the insurance operating entities of Royal Bank of Canada, one of North America’s leading diversified financial services companies. RBC Insurance is among the largest Canadian bank-owned insurance organizations, with approximately 2,900 employees who serve more than five million clients globally. For more information, please visit rbcinsurance.com.
Source: Aviva Canada
Tags: Aviva, buy online, Guidewire, ICTA nomination, Ontario, partnership, Quote and Bind, RBC
