Genialloyd continues to rank high among insurance providers on attributes such as price and helpfulness in responding to claims. How have you been able to strengthen your position?
By meeting our customers where they are. Today, this means mobile, online and on the phone. Digitization has been part of our overarching business architecture from the start. The Internet and email were just catching on when our company was founded in 1996. Today, we send tens of millions of emails and text messages a year to communicate digitally with more than 93 percent of our customers. It has been, and will continue to be, a convenient and cost-effective communication tool.
For a company to maintain and grow its market share, it has to keep pace with how people like to communicate. For instance, we moved 100 percent of our website to responsive technologies to allow navigation from tablets and smartphones. We have been using Facebook and Twitter since 2010. Our primary goal is to provide excellent customer service, not just generate “Likes”. Social media helps us both react quickly to customer needs and solve customer complaints.
Facebook and Twitter are standard business tools today. What is Genialloyd doing to continue to lead the herd?
Just a couple of months ago, we became the first Italian insurance company to integrate Whatsapp into our customer service platform. It’s a big selling point for Genialloyd. Customer feedback has been great and it just took a couple of weeks for programming.
But one of our boldest moves was the creation of a tool that has become a standard in the Allianz Group. When customers said they wanted a simple and easily accessible way to get a quick quote for car insurance, FastQuote® was our answer. All our customers have to do is enter in two pieces of information, license plate number and date of birth, and click once. Within seconds, they receive a binding offer. The FastQuote tool is available online, by email, by SMS and on our Facebook page.
The success has been spectacular. FastQuote accounts for a large percent of the many million quotes we make yearly. It has been an extremely profitable growth engine. We have gone from third to first direct insurance company in Italy and from being number 23 on the Italian motor third-party liability insurance (MTPL) market to number 8. In a few years, our customer base has increased three fold from 0.5 to 1.5 million and our revenues / GWP amount to over 600 million euros.
How is it possible to generate such a sophisticated offer based on just two pieces of information?
Innovation. Allianz and Genialloyd employ some very clever women and men who are highly engaged and given the freedom to think out of the box to innovate. We’ve been following a Steve Jobs recipe from the very beginning: build an innovative and very intuitive front end with a high technological sophistication in the back end. This is a real example of technical excellence. FastQuote was even honored with the Allianz Global Innovation Award and is now the standard in the Allianz Group.
(Interview: Marilee Haraldsson)