Telematics boosts customer retention
The next generation of motor telematics solutions can strengthen the connection between you and your customers. A loyal customer who trusts your brand attracts new customers and offers you opportunities for cross and upselling.
Your customers want convenient insurance solutions. They demand insurance that is easy and value adding. Telematics offers insurers valuable data that enables profitable risk selection and steering. It also helps digitalise the motor insurance value chain, which makes the buying, claims handling and interaction process easy for customers. As we move to the next generation of telematics solutions, we can further enrich motor insurance with value-adding services and gamification elements that increase your customers' satisfaction and loyalty.
Telematics has revolutionized safety and data sharing, and taken its place in the insurers' tool kit as a powerful way to create loyal customers and cut acquisition costs. Swiss Re's comprehensive telematics solution helps you boost your customer retention.
Services that matter
Some insurers are building up entire ecosystems around telematics, featuring rewards such as a free coffee at a gas station in recognition for good driving behaviour. Driver feedback and coaching through apps and/or insurance web portals are also powerful tools for the insurer to positively influence a policyholder’s driving habits. This increases the interaction and the perceived value for the customer.
Gamification aspects such as seasonal challenges, battles, leaderboards and collectibles that are translated to rewards can all increase the frequency of interaction with your customers and strengthen their emotional connection to your brand. And that is so important in winning their loyalty.
E-call and b-call (emergency and breakdown call) services have been proven to increase driver safety after incidents happen. Other value-added services also improve customer retention. “Find my car” functions, geo-fencing features for parents of young and inexperienced drivers, vehicle trip logs for business trips to expense, or parking spot finders are just a few examples of services that add value.
Swiss Re telematics to boost retention
For many insurers, setting up telematics capabilities can be a resource-intensive, complex and costly process. Challenges include compiling vast amounts of data to develop a proper scoring and building up know-how and expertise.
However, without a doubt the opportunity costs of missing out are higher than the development costs. And with Swiss Re's solution, even the development costs can be caught smartly. In collaboration with our strategic partners, Swiss Re has built up comprehensive telematics capabilities and is developing additional expertise and technology to provide you with an end-to-end telematics solution in return for reinsurance. Our global team can help you turn telematics into an effective tool to retain your customers and more.
Get on board and let's be smarter together.