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OCTO Digital Driver™ for Customer Selection and Retention  

Amidst escalating inflation, consumers are increasingly reassessing their insurance choices, often opting to unbundle policies in search of better value. Insurers are responding by prioritising personalised offerings to cater to individual customer needs and preferences. A survey by Accenture underscores this shift, revealing that 80% of insurance customers are open to sharing data for personalized services, indicating a growing demand for tailored insurance products. At the core of this evolving landscape is the widespread adoption of smartphones, transforming insurer-policyholder interactions. Recognizing this trend, more insurers are leveraging mobile apps to streamline communication and enhance overall customer experience. This trend is particularly evident in the usage-based insurance (UBI) market, where smartphone-based propositions represent 47% of all active global UBI policies. This figure is projected to climb to 51% by 2030, with smartphone-based policies expected to surge from twenty-one million to 126 million.

(Source: ‘Ptolemus Consulting Group’) 

In navigating this dynamic landscape, OCTO offers a Try Before You Buy (TBYB) solution to acquire qualified leads through predictive risk scoring. As well as optimising the costs associated with customer acquisition, it identifies ideal customers, effectively manages the portfolio risk though customer selection.

The OCTO TBYB App swiftly engages customers, providing a risk score, known as the DriveAbility® Agile Score, over a period of 14 to 28 days. With this innovative solution, insurance companies can establish more accurate pricing at the first quote, helping insurers tackle the challenge of enhancing customer satisfaction and retention. 

As well as optimising the costs associated with customer acquisition, it identifies ideal customers, effectively manage the portfolio risk though customer selection. 

By leveraging game mechanisms and rewards, gamification incentivises end-users to adopt safer driving practices through the collection of points associated with positive driving habits, behaviours and scores. ​ 

Points are translated into rewards (prizes or discounts) following predefined rules. The redemption process can occur through leading platforms like Amazon or be integrated into customer e-commerce. In customer retention, gamification serves various purposes, including engaging customers by transforming applications into captivating experiences, strengthening brands through increased awareness and affinity, and educating and coaching to be safer on the road. This facilitates a virtuous circle by challenging drivers to improve their behaviour towards best practices. 

These objectives underscore the necessity for insurers to bolster customer relationships through direct interactions, considering that recent research by EY reveals that 44% of customers have had no interactions with their insurers in the past 18 months. 

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