Beazley Launches Innovative Digital, Fully Personalized Policies
Xpertdoc Smart Forms are responsive, web-based or embedded data capture forms that enable your customers to easily enter and submit their information electronically, through a simpler, faster, better, paperless and guided process.
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages seven Lloyd’s syndicates and, in 2017, underwrote gross premiums worldwide of $2,343.8 million. All Lloyd’s syndicates are rated A by A.M. Best.
At Beazley, “beautifully designed insurance” isn’t just a PR tagline. It is a phrase company employees can use to guide decisions they make about the products this specialty insurance carrier sells and how they serve their customers.
When it came time to re-work their Weather Guard insurance product, the Beazley team decided the best way to support the motto was to start with a blank slate. They dismissed existing perceptions about how an insurance policy should look. Traditional insurance policy documents have two main parts: declarations pages summarizing the coverage purchased and a long, standard policy wording explaining all possible forms of available coverage (including coverage not purchased). The customer experience with such documents is poor. Because the material is difficult to read and, for the most part, irrelevant for any given insured, customers may not understand the limits of their policies. This can lead to heavy customer service activity and lowered customer satisfaction levels.
Business Technology Manager at
Beazley’s team approached the project from an original viewpoint – beautifully designed insurance requires a new frame of mind. They looked for a way to create policies that customers could easily understand while still complying with insurance regulations. The company was seeking a vendor partner that would share their vision and contribute to the overall design and implementation of the project. Xpertdoc and its Smart Form technology proved to be the perfect solution.
The Beazley team wanted to create personalized Weather Guard policies that were digital, interactive and different from common “one size fits all” paper or PDF policies, to deliver a great experience to both brokers and customers.
Xpertdoc Smart Forms enable customer data to be swiftly input to interactively generate personalized insurance policies, no longer relying on the confusing array of generic text. Easily accessible from a mobile device or a computer, the resulting digital (HTML) policy documents describe clearly and exclusively the coverage purchased – the first sentence of each policy spells out the trigger for coverage, together with the sum insured in dollars (or other applicable currency) and any self-insured deductible.
Integrating the information typically found on the declarations pages into the policy wording itself, the digital Weather Guard policies are shorter and easier to understand. Beazley converted insurance-speak to plain language and embedded definitions as document hyperlinks, which allowed them to cut the number of words appearing in their Weather Guard policies from 2,275 to 870 words. These plain English definitions of specific language can be triggered interactively with “tap” or “click” functionality.
Streamlining Change Process
Beazley employees were required to make mid-term changes to paper-based Weather Guard policies, which were recorded in endorsements appended to the standard policy wording. Xpertdoc helped facilitate such changes to the digital versions; modifications can be immediately incorporated to the insurance policies, ensuring that the coverage described in the documents remains compliant with both internal and industry regulations, at all time.
Being the first to bring digital, interactive and fully personalized policy documents to the insurance market, Beazley is set apart from the competition; the way they now create policies is a clear market differentiator. With easy access from a mobile device, personalized and exclusive coverage information, and clear, plain English descriptions, the new policy process has attracted attention in the broker community, prompting many to call and inquire about selling this insurance coverage. Feedback from the brokers who sell Weather Guard has been overwhelmingly positive: “The brokers like the simplicity of the policies,” said Fitch. The company has sold over 250 new Weather Guard policies in just a couple months using the Xpertdoc Smart Form technology. Beazley anticipates growth in this product line, spurred by redesigned policy creation and presentment processes that improve customer experience.
Future plans at Beazley include further simplifying other aspects of the Weather Guard product to cover applications, quotes, and operations. Their team is also looking to expand the concept of “beautifully designed insurance” to other business lines.
Like Beazley, empower your organization with optimized document-centric business processes and capabilities for the creation, management and delivery of consistent customer communications and documents that drive improved customer engagement and growth.
Contact us today!