EIP: Insurance is an industry ripe for change
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.