Insurance in a One-Click World:

A play book for building deeper customer relationships

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Key insights from Insurance in a One-Click World

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Key insights from Insurance in a One-Click World

Welcome to the One-Click World

Payment providers that auto-fill your details and authenticate your identity with just a fingerprint as you checkout online. Seamlessly adding travel insurance as you buy plane tickets. An e-commerce store where you can shop directly from a live video experience and have everything delivered the next day – or sooner.

These are all examples of the One-Click World, where services are brought together in single, easy-to-use platforms. Here, people can add relevant products and check out with only a few taps – without having to switch to a separate app or website – and where their experience feels frictionless

For customers, the One-Click World is characterised by products and services being there when they need them – and often before they knew they needed them. In other words, people get more utility and value without exerting more effort.

Businesses that excel in the One-Click World use data and a deep understanding of their customers’ behaviour and needs to anticipate their requirements. They use this knowledge to deliver high value, low-friction and low-effort services right where they’re most useful.

These companies are reaping the rewards, deepening their customer relationships and delivering more value than competitors or those that lag behind.

The new rules of customer experience in the One-Click World

The brands that build timely, useful and low-friction services around their customers are in the strongest position in the One-Click World. They develop the most secure relationships, are highly rated by their customers and capture the most value.

The One-Click World is dramatised by the rise of super apps and platform businesses such as WeChat, Amazon and Apple. Well-integrated services using single logins and a consistent user experience have helped these companies earn customers’ trust, and their rock-solid reputation
for convenience has given them permission to offer additional services such as media streaming and insurance.

Here are the four rules defining this world:

  1. Be personal and relevant
    Additional services that your customers interact with inside your brand’s ecosystem should make the most of the knowledge you have about them. Placement of offers and messaging should be contextually relevant and should anticipate your customers’ needs.

    Existing customer data should be used to minimise effort by autofilling their personal details. The best experiences use data to personalise features and products, deliver better prices and make customer service faster too.

  2. Focus on seamless and low friction interactions
    Additional products and services or account administration are offered in-situ as customers interact within your brand’s digital channels.

    For example, customers’ documents are held in one place and, ideally, authentication is handled ‘behind the scenes’ with no further logins required. This, the most fundamental characteristic, means simpler, faster and less frustrating experiences for your customers.

  3. Make sure you are consistent
    The most successful brands are very clear in dictating the standards of user experience, service, and market positioning in terms of pricing and feature richness.

    For example, if you’re a premium brand with an elegant user interface, your customers’ experience in the ancillary product should feel the same.

  4. Inspire confidence
    The One-Click World not only reduces the number of physical actions a customer must take to meet their needs, but it also helps with limiting their cognitive load too.

    Additional products and services should be delivered by your brand in such a way that customers intuitively understand what they are being offered and are confident that it has been tailored to their needs.

A $6.5 trillion business that’s essential to modern life

Insurance is a cornerstone product in the One-Click World customer ecosystem. A significant 82% of people agree that they would feel ‘vulnerable’ without any insurance products, according to a British industry body,1 so insurance is certainly seen as one of life’s essentials. Added to this, insurance is already a $6.5 trillion industry globally, and it’s set to grow to more than $8 billion by 2026.

Yet, unlike many other sectors, insurance hasn’t been fully modernised. The broken systems and siloed data of legacy providers means they aren’t providing the service people now expect.

59% of the people in our research agree or strongly agree they’d consider buying insurance via a non-insurance brand they’re already using, with only 16% disagreeing.

What customers want from insurance today

Customers expect a great price, exceptional service and greater simplicity in the One-Click World.

Price is the key factor for customers when they’re buying a policy, mentioned as important or very important by 90% of people. In the current economic climate, this is perhaps unsurprising, but customers’ heightened expectations of exceptional digital service shows through too. Only 4% said being able to manage their policies online is not important, and the data show that fast, easy claims and flexible cover matter too.

Even more revealing are people’s views of what insurance has the potential to be. Customers have a strong desire for greater simplicity: they want insurance that is easy to buy and manage, and they also look for products that are transparent, filled with less jargon and simpler to understand. A new generation of insurance that’s powered by your customer data can replace traditional insurers and better address all these needs. Leveraging this data in real time can deliver better pricing for customers, tailor the product offer for increased relevance and simplify the management and claims processes.

Making One-Click World insurance a reality

Here are the characteristics and features customers should expect throughout a One-Click insurance journey:

Consideration: Relevant product offered – the moment a customer knows they need it

  • Messaging and tone of voice consistent with your brand and in tune with your customers’ needs
  • Pre-filled forms (e.g. with customers’ personal, car and home details or property value)
  • Pre-selected options based on context relevant to the customer journey (e.g. their travel destination)

Quote and purchase: Anticipate needs - pricing and product features that have been personalised via the customer data you hold as well as traditional underwriting data

  • Low effort One-Click purchase or product add-on with no additional payment details required
  • Integrated billing with main customer account

Policy management: One home for all policy documentation and information

  • Single sign-on makes it easy make changes and updates to cover as customer needs change
  • Got a new bike? Customers can add it to their policy in just a click. Want to try skiing while on holiday? Add a day’s coverage for winter sports instantly

Claims: Online claims lodgement

  • Instant approvals for simple claims
  • AI-enhanced and simplified customer service

Case study: Bupa | Health

The myBupa app lets members easily manage their health insurance in one place. Members can view and manage their policies, lodge claims, access their claims history, update personal details, make payments, and find partner network providers such as hospitals and specialists.

Alongside its core health insurance service, Bupa offers a suite of policies including travel, car, home, pet and more – positioning the company as a “One-Click” insurance provider for consumers. With so much of the insurance industry still encumbered by legacy technologies and processes, the myBupa experience aligns with consumers’ modern lives by allowing them to access their account anywhere, anytime.

Healthcare group Bupa chose Open to provide general insurance products to its customers in Australia:

  • Live in 10 weeks: Open integrated its Car, Home, Landlords and Travel Insurance products into Bupa’s digital and agent-assisted experiences in just 10 weeks.
  • Open migrated existing customers: We developed an analytics-driven migration program and integrated with the previous underwriter to drive personalised communications and sales experiences for migrating customers.
  • Data-driven customer offers led to a significant sales uplift: Post-launch, we continue to work with Bupa to continuously improve customers’ experience, and this has resulted in a significant uplift in sales compared to the previous underwriter.

Case study: Polestar | Automotive OEM

Polestar is a design-focused electric performance car brand. Embracing cutting-edge technology, Polestar has an ownership model based around an effortless, next-generation experience and customers can configure, order and purchase their new vehicles online as well as adding premium services.

Within its digital MyOrder journey, Polestar partners with Open to present customers with a trusted insurance provider, making it easy for them to secure comprehensive car insurance. This low-friction and seamless experience reduces the cognitive load for customers, and they can complete their entire comprehensive car insurance purchase within minutes.

Case study: Tapi | Property Management

Tapi, a leading property maintenance software company, partners with Open to offer its own landlord’s house insurance specifically designed for rental properties managed by real estate agencies. The company’s innovative insurance experience allows property managers to lodge and manage most insurance claims online, anytime through the Tapi platform, while policy documents and important information are automatically shared with tenants.

This is a vast improvement to systems where property managers lodge claims over the phone and are authorised to do so only after completing additional paperwork. This solution provides landlords and their property managers a great level of visibility, ease and speed.

Is your business ready to play in the One-Click World?

While the One-Click world offers considerable business benefits, there are several things for companies to consider:

  1. Do people trust your brand?
    A customer’s trust in a brand is one of the strongest reasons for them to consider buying additional services and products such as insurance. Having a solid foundation of trust will put you in the best position to make the most of the One-Click World.
  1. What problems can you credibly help customers solve?
    Think about the areas of people’s lives you have insight into, and how you can help them in key moments. This might include offering insurance during a financing process, home insurance during a house transaction, or protection against the cost of cyber security attacks if you’re delivering services to businesses.
  1. How rich is your customer data?
    The greater the size of your dataset and the richer your demographic and behavioural data, the greater the ability you’ll have to power a more intelligent and personalised pricing and features experience.
  1. How digitally mature is your business – and your customers’ behaviour?
    Do customers already prefer to interact with your brand digitally via your website, apps or other devices? If your customers interact with your services frequently, it means ancillary products can be offered contextually at relevant moments in their lives.
  1. Can you anticipate your customers’ needs – and connect with precision marketing?
    Are you able to surface data in near real-time, connect to data from partners and deliver trigger-based and lifecycle-driven marketing that anticipates and meets customers’ needs? The One-Click World depends on being able to do this.

What businesses would people like to buy insurance from in the One-Click world?

Selecting an insurance partner fit for the One-Click World

Use our three questions to review potential partners – and our maturity model on the previous page to evaluate whether partners are built from the ground up for partnering in a data-driven, connected ecosystem.

  1. Is your potential partner built to make connecting effortless?
    Your partner’s technical architecture needs to be able to support rapid deployment into your apps, websites and digital channels via Software Development Kits (SDKs) and Application Programming Interfaces (APIs).

    It’s also important to consider whether the experience is seamless, where your customers feel like they have not left your environment.
  1. Does your potential partner have the ability to co-create using data?
    Being able to develop customised products that use the full potential of your customer data to adapt features and personalise pricing and experience is crucial for embedded insurance to work.

    Also consider whether your partner can build the right product that meets your customers’ needs, fitting easily into your ecosystem. Is the experience editable with no coding and only a few clicks to ensure the user interface, branding and navigation feel consistent with your environment?
  1. Are they a strategic business partner?
    Look at whether your potential partner has the expertise in innovative technology and data-powered decisioning to develop the strategy, implement and grow a successful insurance offering for your brand.

    Also ask whether your potential partner has industry-specific expertise in insurance proposition development, risk management and regulatory compliance.

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