Insurance Innovation of the Month: SmartHome by Azur Group
Efma-Accenture’s Insurance Innovation of the Month award for January 2021 goes to Azur Group for their SmartHome hub for brokers.
When it comes to the insurance industry, a lot of focus is placed on the customer experience, and rightfully so. However, brokers are a key part of any insurance process as well, and deserve the best tools. Too often, brokers are stuck using email and the phone when a simple self-service solution would save them time. Thankfully, Azur Group has come up with a new tool that is modernizing the broker experience.
The SmartHome BrokerHub is a full life cycle self-service tool. It provides access to great products and high service levels, all from the convenience of home. The broker only needs to fill out eight questions in a streamlined process, meaning they can find the right product within 90 seconds. The broker hub supports new business, renewals, midterm adjustments, and cancellations. Blending together proprietary and third-party property data, the tool tailors products to customers based on more accurate risk data.
The results thus far have been impressive. Smart Home has boosted productivity, new business, margins, and the overall broker experience. More than 500 brokers are using the tool with £6m annualized GWP, and 90% renewal rates. In its first full year of operation, it delivered over £4m GWP.
An improved broker experience ultimately means a superior experience for customers. And now, thanks to SmartHome, the broker experience has been changed for the better. Brokers are delighted as they have a high-quality product, written on AIG paper, that helps them compete against price comparison sites. Azur Group’s innovative mindset ensures its brokers have the best tools to operate in our digital age.
Azur Group’s innovation will be automatically selected as a nominee for the Efma-Accenture Innovation in Insurance Awards 2021. Submit your innovations on the Efma Insurance Innovation portal. Participation is free of charge and open to all insurance institutions. Deadline for the February Innovation of the Month: 9 February.