Webinar Test Drive! Forrester’s US Mobile Auto Insurance Rankings

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Presentation transcript:

Webinar Test Drive! Forrester’s US Mobile Auto Insurance Rankings Ellen Carney, Principal Analyst November 21, 2013. Call in at 12:55 p.m. Eastern time

Changing customer expectations are driving new mobile insurance usage and capabilities. Image source: Flickr (http://www.flickr.com/)

Agenda Why does mobile matter to auto insurance customers? What is the methodology behind Forrester’s mobile functionality benchmark? Which firms stood out for what? How are US auto insurers applying best practices?

Agenda Why does mobile matter to auto insurance customers? What is the methodology behind Forrester’s mobile functionality benchmark? Which firms stood out for what? How are US auto insurers applying best practices?

The customer you want is living la vida mobile Base: US online adults 18+ (online weekly or more) who are bankers or insurance customers with a mobile phone or tablet and have not done the mentioned activities; Source: North American Technographics® Financial Services Online Benchmark Recontact Survey, 2013

And interest is great, even if usage isn’t . . . yet Base: US online adults (18+) with mobile phones; North American Technographics® Financial Services Online Benchmark Recontact Survey, 2013

Agenda Why does mobile matter to auto insurance customers? What is the methodology behind Forrester’s mobile functionality benchmark? Which firms stood out for what? How are US auto insurers applying best practices?

This ranking is the benchmark report in our mobile insurance strategy playbook DISCOVER ACT OPTIMIZE PLAN Assessment: How prepared is my organization to capitalize on mobile trends? Vision: What is the vision for mobile? Landscape: What are the key trends that are driving mobile? What is customer buying behavior? Business Case: What are the benefits of mobile transformation? And how should I fund this initiative? Road Map: What initiatives should I prioritize? What are the dependencies? Strategic Plan: What is my mobile strategy? Where are my areas of focus? Organization: How should I develop mobile skills and staff for the future? Tools & Technology: What tools and technology are required to run my mobile business? What vendors should I use? Process: What are the roles and responsibilities? What policies and procedures do I need? Performance Management: What KPIs are most important to manage my mobile business? How should I develop them? Continuous Improvement: How should I communicate and train my stakeholders? Benchmarks: How do my mobile capabilities compare to my peers’?

The benchmark features two tangible artifacts © 2013 Forrester Research, Inc. Reproduction Prohibited 9

Which firms and apps did we evaluate? Liberty Mutual Mobile Good Hands Geico App Progressive App for iPhone Pocket Agent iFarmers © 2013 Forrester Research, Inc. Reproduction Prohibited 10

What did we benchmark and how did we measure? Participants’ mobile apps and mobile sites were reviewed in five key areas: Range of touchpoints Quotations Policy information and management Each of the five categories contains various individual criteria, and each criterion is assessed on a four-point scale: Claims Service features Quotations Example category Applications Subcategory Complete Save Retrieve Bind Criterion -2 Not available -1 Apply but not bind. 1 Apply, save, retrieve, and share. 2 Bind. Scale © 2013 Forrester Research, Inc. Reproduction Prohibited 11

We measured how well the app or site helps customers achieve their goals © 2013 Forrester Research, Inc. Reproduction Prohibited 12

Agenda Why does mobile matter to auto insurance customers? What is the methodology behind Forrester’s mobile functionality benchmark? Which firms stood out for what? How are US auto insurers applying best practices?

Which firms and apps did we evaluate? Liberty Mutual Mobile Good Hands Geico App Progressive App for iPhone Pocket Agent iFarmers © 2013 Forrester Research, Inc. Reproduction Prohibited 14

Their customers are more active mobile users than average Base: US online adults (18+) who have insurance and use their mobile phones and report buying insurance from these firms; Source: North American Technographics® Financial Services Online Benchmark Recontact Survey, 2013

All but State Farm overindexes when it comes to interest “How interested are you in using your mobile device for each of the following activities?” Use camera in claim file Claim status Get ID card Policy view Claim filing Average 23% 20% 19%  Allstate & Geico Geico 31% Geico  Farmers 29% Allstate 30% Allstate & Progressive Farmers 25% Farmers 27%  Progressive 28% & Farmers Liberty Mutual Progressive 23% 32% 27% 27% 28% 25% 26% 29% 22% Base: US online adults (18+) who have insurance and use their mobile phones and report buying insurance from these firms; Source: North American Technographics® Financial Services Online Benchmark Recontact Survey, 2013

So . . . how did they do?

All six firms reviewed comfortably exceeded our minimums 50 Source: November 12, 2013, “2013 US Mobile Auto Insurance Functionality Rankings” Forrester report © 2013 Forrester Research, Inc. Reproduction Prohibited 18

But mobile claims performance dragged down all but two 50 Source: November 12, 2013, “2013 US Mobile Auto Insurance Functionality Rankings” Forrester report © 2013 Forrester Research, Inc. Reproduction Prohibited 19

The range of devices supported had the most consistent performance; claims the least Source: November 12, 2013, “2013 US Mobile Auto Insurance Functionality Rankings” Forrester report © 2013 Forrester Research, Inc. Reproduction Prohibited 20

Mobile acquisition is strong, but it’s driven by a distribution model 50 Source: November 12, 2013, “2013 US Mobile Auto Insurance Functionality Rankings” Forrester report © 2013 Forrester Research, Inc. Reproduction Prohibited 21

Mobile policy information also showed strong overperformance 50 Source: November 12, 2013, “2013 US Mobile Auto Insurance Functionality Rankings” Forrester report © 2013 Forrester Research, Inc. Reproduction Prohibited 22

But claims? Except for two, not so much Source: November 12, 2013, “2013 US Mobile Auto Insurance Functionality Rankings” Forrester report © 2013 Forrester Research, Inc. Reproduction Prohibited 23

Valuable locators and helpful road assistants could use a little work 50 Source: November 12, 2013, “2013 US Mobile Auto Insurance Functionality Rankings” Forrester report © 2013 Forrester Research, Inc. Reproduction Prohibited 24

Agenda Why does mobile matter to auto insurance customers? What is the methodology behind Forrester’s mobile functionality benchmark? Which firms stood out for what? How are US auto insurers applying best practices?

Geico’s app tailors promotions and links to the mobile Web for better sales experiences Image source: Geico mobile app © 2013 Forrester Research, Inc. Reproduction Prohibited 26

Progressive alerts shoppers that they will be linked to its mobile website Image source: Progressive mobile app © 2013 Forrester Research, Inc. Reproduction Prohibited 27

Geico lets customers edit common information and preferences in its app Image source: Geico mobile app © 2013 Forrester Research, Inc. Reproduction Prohibited 28

State Farm simplifies how customers describe vehicle accidents and damage Image source: State Farm mobile app © 2013 Forrester Research, Inc. Reproduction Prohibited 29

Liberty Mutual’s app helps customers keep better track of their claim status Image source: Liberty Mutual mobile app © 2013 Forrester Research, Inc. Reproduction Prohibited 30

Farmers’ app helps customers solve problems in the moment with video how-to aids Image source: Farmers mobile app © 2013 Forrester Research, Inc. Reproduction Prohibited 31

Allstate’s Roadside Assistance app accelerates service resolution Image source: Allstate mobile app © 2013 Forrester Research, Inc. Reproduction Prohibited 32

So what can you do to gain a mobile competitive edge? What can eBusiness professionals learn from this benchmark to reinforce and hone their mobile strategies? Be bold. Be collaborative. Be mindful. Be restless.

What’s coming next? DISCOVER ACT OPTIMIZE PLAN Assessment: How prepared is my organization to capitalize on mobile trends? Vision: What is the vision for mobile? Landscape: What are the key trends that are driving mobile? What is customer buying behavior? Business Case:  What are the benefits of mobile transformation? And how should I fund this initiative? Road Map: What initiatives should I prioritize? What are the dependencies? Strategic Plan: What is my mobile strategy? Where are my areas of focus? Organization: How should I develop mobile skills and staff for the future? Tools & Technology: What tools and technology are required to run my mobile business? What vendors should I use? Process: What are the roles and responsibilities? What policies and procedures do I need? Performance Management: What KPIs are most important to manage my mobile business? How should I develop them? Continuous Improvement: How should I communicate and train my stakeholders? Benchmarks: How do my mobile capabilities compare to my peers’? This quarter Next quarter

We’ll be updating and expanding the rankings in Q3 2014 Adding additional firms Updating the functionality to be scored Stay tuned!

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Ellen Carney +1 617.613.6328 ecarney@forrester.com