ICA Insurance increases customer engagement by collaborating with Insurely
ICA Insurance teamed up with Insurely to give their customers a digital overview of all their insurance policies, and to make it easier to compare them with ICA’s offering. This not only increased engagement, but also proved to be an opportunity to be more personal.
About ICA Insurance
ICA Insurance is one of Sweden’s fastest growing insurance companies within non-life insurance with just over 1% market share. Their ambition is to keep growing faster than the market and become a market leader. The ICA group, (a Swedish retailer in food and health, and owns a bank, real estate and an insurance company as well) with its strong market position and broad reach represents a great competitive advantage for ICA Insurance as they build beneficial insurance offerings around different categories.
From complex and inaccessible to simple and accessible
Many people today have insurance policies with different insurance companies and need to visit their insurers' various websites to access their insurance information. On top of that, insurance information looks different for different companies making it difficult to understand how two insurance policies compare. Making a comparison takes both time and effort which means few people actually do it.
ICA insurance wanted to change this - making it easier for people to get an overview of their existing insurance policies from their different insurance companies and the possibility to compare with ICA Insurance’s offering. To realize the idea, they teamed up with Insurely to develop the digital service “The Insurance Challenger”.
Improved customer experience through increased transparency
“The Insurance Challenger” is built on Insurely’s Data Aggregation API that allows users to collect their personal insurance data from any insurance company on the Swedish market in real-time. The information is aggregated in a user-friendly interface where insurance policies can be viewed digitally in a standardized format, e.g. price, insurance number, expiration date and content. This makes it easier to compare insurance policies.
This so-called “Insurance Wallet” Solution improves the customer experience, increases engagement, and works as a foundation for up-sell and cross-sell as well as for personalized communication due to better customer insights.
The solution is made possible by Insurely’s market leading open insurance technology that enables increased accessibility of insurance information which in turn enables further innovation. This allows people to make sure they have the proper insurance protection for their needs, can make better-informed decisions and truly understand what coverage they have today.
“For us, it’s completely natural to collaborate with a fast moving and innovative insurtech like Insurely so that we can offer our customers sharp digital features faster”
A first step towards a personal insurance experience
ICA Insurance believes in simplicity, transparency and comparison and is very happy with the Insurance Challenger - a feature they still are the only ones offering. The insurance overview and comparison with ICA’s insurance offerings has given positive results. Every month, thousands of customers are using the feature to get a better understanding of their insurance portfolio. The feature is very appreciated and is a way for ICA to be more personal in their communication with their customers.
From idea to execution
From the start, ICA Insurance believed in a mix between developing things on their own and partnering up with an insurtech with existing smart solutions. They saw benefits in Insurely’s speed and flexibility from idea to execution early on. Because Insurely also offered an already developed Data Aggregation service that was easy to integrate,it was an easy decision to collaborate.
“The collaboration with Insurely went very well. They were well informed about our plan. For challenges along the way, we had a support channel through Teams where we got instant support during the whole project.” Says Caroline.