BIBA Hackathon

Innovation is no challenge for the ManageMy team The ManageMy team recently attended the BIBA (British Insurance Brokers Association) 2018 conference in Manchester. The theme was “Innovate, Evolve, Thrive” with one of the highlights being the BIBA 2018 Innovation Zone, where a number of Insurtech specialists were on hand to help demystify technology-led innovation for brokers. A huge buzz was created by the first ever BIBA live hackathon, where tech experts were challenged to come up with digital solutions for some of the pressing challenges faced by brokers in the market today. The ManageMy crew made a big splash with their contribution and our very own Jon Beardmore was a key member of the winning team, demonstrating the huge advantages engaging with customers in a digital fashion to deepen insight and understanding. Well done, Jon and the team! BIBA Hackathon < the innovation challenge >

2018-08-08T19:52:19+00:00

5 Factors that Help Customers Embrace Digital Transformation

Getting customers to embrace new digital channels is one of the defining business challenges of our time. 84% of companies are failing in this regard – whilst the successful minority are growing rapidly and making headlines. We know which of the two groups we’d rather fall into. For many brands, the key obstacle to digital transformation is resistance from customers. This is a persistent, growth-restricting problem – but there’s so much we can do to make it better. In this article, we’re going to outline five effective ways to help customers embrace digital transformation. If you can nail each point, you’ll be well placed to get more customer buy-in for your digital journey. Evolution vs. Transposition Change is always going to be more appealing when it represents a clear improvement. The customer can see that the service is being evolved, not merely shunted over to a new format for the company’s benefit. Most of us will have been unfortunate enough to have used apps that provide automated customer service, but not a lot else. This often represents a clear downgrade on human interactions in-store. Far better to be like Monzo, which offers an evolved digital service that would not be practicable offline. If your digital platform gives customers something life-improving that they can’t get elsewhere, the chance of them buying into that platform will improve greatly. This brings us on to our second factor… Customer-first thinking Ask not what your digital platform can do for you; ask what your digital platform can do for your customers. Lots of businesses build their products around what they want – cutting costs, furthering tactical objectives and so on. This approach is problematic, because it can create sub-par experiences for customers. Meanwhile, we can guarantee that other brands in your field will be serving [...]

2018-12-19T10:16:09+00:00

Spotlight: Apps & Financial Services

Fintech is making personal finance an ever-present in people’s lives. Nowadays we don’t just visit our banks – we carry them in our pockets. This has shifted what banks do far beyond the remit of traditional banking services. Increasingly, apps, websites and other digital platforms are being used to deliver solutions that improve the user’s financial wellness. This leaves financial services providers with a decision to make. They can forge ahead by embracing digital opportunities and expectations – or they can stick to the old ways of doing things, at the risk of getting left behind. Meet the digital providers shaking up financial services If you’re anything like us, you’ll have noticed a marked increase in emerging personal finance brands gaining prominence and credibility amongst consumers. In almost every case, it’s all down to their digital services. Here are a few examples that really impressed us: Monzo – “a new kind of bank” Monzo say they’re not interested in monetizing their customers by signing them up to mortgages and loans. Instead, they want to offer helpful in-app solutions like detailed expenditure breakdowns, budgeting tools and recommendations for cheaper service providers. This may sound like a public-spirited approach, but it’s also business-savvy. In a decade’s time, the most popular banks will be those which do digital best. Monzo are anticipating this shift. In our view, one of the most interesting things about Monzo is the banking intelligence it offers users through its app. For example, account holders can set themselves an advisory budget, and view their spending broken down by expense type (groceries, eating out, transport, etc.) Intelligence like this can be highly valuable to customers – and yet, despite having all the necessary data at their fingertips, traditional high street banks are not offering anything that comes close to [...]

2018-08-13T11:27:15+00:00

Why Keeping Customers Engaged with Your Digital Channels is Vital

It’s a regular source of amazement to us that so many brands will first spend a five- or six-figure sum on building a new app, only to undercook their efforts to drive engagement once the app has gone live. They’re doing the really expensive bit, then missing out on the payoff. For brands undergoing a digital transformation, user adoption of your new digital channels will be your most important ROI success factor. Here’s why: Digital channels reduce running costs over time One of the greatest benefits going digital brings for businesses is a revolutionary reduction in operating costs. It may cost a lot to set up a digital channel, but in the long-run, keeping a B2C app running is far cheaper than employing a call centre to do the same job. Digital communication methods such as chatbots and customer support ticketing are radically cheaper to implement than analogue equivalents like telephone helplines and in-store agents. If you can multiply the number of customers who are engaging with your digital channels, you can magnify your cost savings over time. A perfect example of this effect in-action can be found in Tanzania, where a firm called Jamii Insurance has enabled millions of people to access health insurance through their digitization of customer support processes. In Tanzania, only around 1-in-10 people have proper health insurance. Premiums have typically been too costly for many of those who go without. Tanzanians have been in need of a cheaper option – and last year they got it, courtesy of Jamii Insurance. The company created an app that allows customers to carry out all their insurance business via their smartphones. Users simply call a designated number, enter their details and select the cover they require. After paying for the cover by mobile transfer, they receive a [...]

2019-01-22T15:12:14+00:00

Spotlight: Apps & The Insurance Industry

Technology is transforming the insurance industry. Join us as we look at some of the ways insurers have started using apps to get customers more engaged, improve their services, and in some cases to transform their offering altogether. Insurance has always had a part to play in our most exciting stories. We’re not being tongue-in-cheek. People first started distributing risk around 5,000 years ago, when Chinese merchants had the bright idea to mutually protect their business by spreading their goods across each other’s ships when navigating treacherous rivers. More recently, marine insurance oiled the wheels of empire; and underwriting has helped countless small businesses to blossom. Today, this ancient industry is once again finding its place at the head of the curve – and it’s doing so by embracing apps. How apps are transforming the insurance industry When we say “apps are transforming the insurance industry”, we really mean it. They are changing the very services insurers offer, and how they are provided. Here are some examples of how insurance apps are adding efficiencies, enabling new end-to-end processes, and ultimately allowing insurers to do things that simply weren’t possible in the past: Cuvva – provides car insurance by the hour Cuvva app users get instant access to by-the-hour cover for any car. This makes it much easier to car-share with friends and family. Trov – on-demand contents insurance The Trov app provides on-demand contents insurance on an item-by-item basis. It automatically logs the user’s IoT devices, which provides both ease-of-use for the customer and reliable data for the insurer. Jamii – cheaper health insurance through automation Jamii has made health insurance affordable to thousands of Tanzanians, by using an automated system to slash the company’s operating costs. You can read more about Jamii in our article on digital engagement. [...]

2018-08-13T11:40:39+00:00
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