New and improved dashboard allows companies to continuously monitor their insurance program
In a nutshell
- Transparency is key to a successful insurance partnership.
- Access to clear, simple data is difficult to accomplish due to the complex nature of the insurance industry, which makes it hard to track the overall value of your embedded insurance program.
- Our new and improved partner dashboard provides up-to-date insights such as the loss ratio, claims frequency, key financials, customer satisfaction score and more, so you can track key performance indicators over time to make data-driven decisions.
Not always. In order to track whether your insurance program is successful – i.e. that your users are getting the best experience and that you’re getting the best value is by having access to clear, simple data.
But as with many things in the insurance world, things are hardly that transparent or straightforward.
Which is why we’ve updated our dynamic dashboard for embedded insurance partners, personalised to meet their specific needs.
What you can do with our data dashboard
Track insurance key performance indicators
We’ve carefully curated this dashboard to pull out the most important measures for our partners, so you can get a quick read on the performance of your insurance program.
- Total volume of insured. One of the most important ways to measure the success of your program is by keeping track of how many people you’re covering. An increase in insured users over time demonstrates the growth in your underlying business and the rising impact of your insurance program as more and more people are covered.
- Loss ratio. An average loss ratio of around 60% tells us that your program’s value is going back to your community while also being profitable for your business.
- Gross written premium. Follow the overall cost of your insurance program.
- Total number of claims. See how many claims your users are submitting, the reason they’re being rejected, how many have been paid out and the average claims processing time.
- Claims frequency. Make sure that your community is taking advantage of their insurance by filing claims when needed, but also not over-claiming, which may indicate an issue that needs addressing.
- CSAT score: Monitor how satisfied your customers are with their level of care. You can also check how long it takes for our team to respond to your customers’ questions or concerns, as well as why they’re contacting us.
Filter by country, product or customer type
This dashboard is not meant to be a single snapshot in time. Rather, you can get an overview of how things evolve over the time period you choose – by day, week, month or year.
You can segment all of this data by country or insurance product – such as purchase protection in the case of a financial services company or rider accident insurance for a delivery platform. If you’re a mobile banking app, for example, you could even filter this by customers’ card subscription type.
Our goal is to maximise the flexibility of this dashboard to reflect the different needs of each partner, as well as the team members within those partners.
Monitor claims processing and payouts
An efficient insurance claims process can make or break the customer experience, which is why we often call it ‘the moment of truth’.
But before you analyse claims data, you need to make sure that your users are claiming in the first place.
Let’s say you notice that you’re collecting a lot of premiums in the UK, but there are very few claims coming from there. Maybe those users are unaware that they have insurance or it’s unclear what the benefits are. In this case, you could work with your marketing team to create an awareness campaign toward your users.
You can also monitor the total number of claims over time and the claims frequency to see whether there’s a seasonality to claims or make sure that your users aren’t over-claiming, which may indicate an issue that needs addressing, such as users perhaps not understanding their policy.
‘We have almost full visibility into all of our claims through an extensive dashboard,’ says Maeve Heneghan, former Insurance Partnerships Manager at Revolut. ‘Not only can Qover manage claims and feed us back information, but I’m also able to understand our financial position at any point. That visibility really helps, because we can adapt the product accordingly.’
We’ve also included a list of reasons why claims are being rejected. If we notice that one of the main reasons, for example, is that items are ineligible, then we could launch an initiative to better educate users on the coverage offered or consider adding items that are excluded to the package to better match user demand.
‘With purchase protection, for example, Revolut doesn’t cover cars,’ Maeve explains. ‘If we received a lot of car claims, we would adapt the product to ensure that it’s very clear that cars aren’t covered. So we're constantly working on product iterations, and we have 100x more visibility versus how traditional insurers provide us information.’
Improving the end user experience – reducing the rate of claims that are denied, for instance – improves the overall satisfaction of your customers as a result.
You can also view the claim processing time, which is a nice way to ensure customers have a positive experience with your insurance program and that their claims are being handled efficiently.
Learn more about how we insource claims to improve processing time →
Hold us accountable on customer service
The ‘Customer care’ tab expands on claims information to include all service by our customer care team.
You can see the total number of tickets your users have submitted and why – whether it’s related to a claim, policy question, change of details, etc. Plus, you can also check our customer satisfaction score to see how happy your customers are with our level of service.
‘Sometimes people just want to call and talk through what happened – they don't even know if something's covered or not, they just need to figure it out,’ Maeve says. ‘You can't just have a singular tech journey without a person at the end. Qover actually balances those really well.’
Read more about our approach to customer service →
Avoid miscommunication with insurers
Liaising back and forth with your risk carrier can lead to a collection of files and excel sheets piling up in your inbox.
Clunky systems means that insurance data usually isn’t streamlined from various channels or sources, and key terms may not have consistent definitions across all parties.
Think of this dashboard as a centralised, up-to-date source of truth for your insurance program, where everyone can understand the program on the same terms.
Not only can you keep track of clearly defined data, but insurers can also access the information they care about, such as the amount paid in claims and how users are moving through the claims process.
Here’s why going going directly to an insurer isn’t the best approach →
Conclusion: Clear, transparent insurance data in a centralised location
At the end of the day, the most effective insurance program is one with the best end user experience. This analytics dashboard acts as a direct feedback loop to make sure we’re delivering on that promise to you and your users, and if not, how we can improve it.
By having access to the latest insurance data, you get full transparency on the true value of your insurance program.
This helps keep us and our partners accountable and empowers you to make data-driven decisions.
Our customer success and data teams are already working on our 2023 roadmap, which includes the following enhancements:
- Using an updated tool for better visualisations and analytics
- Allowing for even more personalisation with a collection of on-demand visualisations to choose from
- Embedding these analytics into a comprehensive partner portal
- Employing more prescriptive analytics to bring out important messages from the data