Innovation Team Insight

We are always looking for ways to deliver additional value to our customers. The rise of smart technology provides one opportunity to do just that. Here we take a look at the research undertaken with regards to the rise of smart speakers and our idea of developing a voice assistant for HNW customers.

 

Innovation Insight – Case Study: Household Voice Assistant

The proposal: Develop a voice assistant for our HNW customers, compatible with smart speakers such as Amazon Echo or Google Home. The voice assistant could allow customers to access policy information and contact details, amend their policy or even make a claim.

The rationale: Voice as a distribution and service channel is on the rise, and is already being monetised and adapted in a number of innovative ways. Customers can easily become frustrated by policy wordings and contact centres – so why not see if we could address this need by using smart speaker capabilities?

The research: Studies have shown that wealthier customers are the most likely demographic to own a smart speaker. We therefore aimed our research at these customers, in order to find out whether they had an appetite for using these speakers to interact with their insurance.

Over the course of a couple of months, collaborating with one of our affinity partners, we conducted telephone surveys with over 100 of our Mid and High Net Worth customers, and then over 500 more customers via an online survey on an additional customer panel. We asked customers about their take up of voice assistants, how and why they used them and whether or not they would use an insurance function, and if so, how.

The outcome: Our research showed that, while customers are responding positively to smart speakers and voice skills, they are currently interested in using them more for entertainment and novelty, as opposed to interacting with something as important as their insurance. Interestingly, a lot of customers said they were far more interested in speaking to a real person, and would always favour this over an automated solution.

However, our younger customers and interviewees were far more likely to use a smart speaker with their insurance, and responded positively to the idea of being able to buy, amend and renew cover through their Amazon Echo or Google Home.

In conclusion: While the HNW customer of today may not choose to interact with their insurance with a smart speaker, it looks likely that the HNW customer of tomorrow will. As the adoption of smart speakers and other connected home technology increases, Voice and other interactive functionalities will swiftly become the expectation of the modern consumer – so, just like us, watch this space!

 

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