Cove is looking to shake things up in the insurance industry. We want to introduce substantial innovation, and we don’t want to play by the existing rule book.
As a completely new company, we’re starting from square one and have a blank slate to build upon. Cove has no existing IT systems to worry about, and no established processes to follow simply because “that’s the way it’s always been done”. We can question everything, and build what New Zealanders tell us they want.
Not many companies have the luxury of being built from the ground up, guided by consumer feedback every step of the way.
For those hearing about Cove for the first time, we plan to introduce a digital-first insurance service launching in New Zealand in 2018. We are a team of insurance veterans and innovation enthusiasts. We know how insurance works inside-out and we are now building a digital platform on which New Zealanders will soon be able to buy, manage, and claim insurance.
Over the past six months Cove has been asking New Zealanders what they want in their ideal insurance experience, and we have been inundated with superb ideas.
Let’s take a moment to explore some of the common themes, and how Cove plans to apply this feedback to our insurance products.
Below is a snapshot of what Kiwis have requested we strive towards when building Cove…
Make it Simple.
Insurance as it is today is too complex. That’s why well before the Cove idea started to take shape, we picked our tagline as Insurance. Simple.
During every step of creating Cove, we’ve asked ourselves how we can make the process simpler for our customers. This means making it simple to get a quote, simple to manage, and simple to lodge a claim. It also means we make it easy for our customers to understand their policies.
“Make it easy! I hate going through long sessions with advisors. I would love to be able to do it all through my iPhone.” – Zak
The goal of making insurance simple has lead us down the path of making insurance more digital. By building a digital platform we are putting the power back in our customers’ hands. With the Cove interface accessible 24/7 from any smart device, our customers get to decide when they purchase insurance* or make a claim, without worrying about office hours, or call centre wait-times. Our technology can service thousands of people at the same time, without any delays.
Make it Digital
It’s no secret that Cove is a digital-first company. This means that every aspect of managing insurance should be able to be completed at any time, from any internet connected device.
The creation of a digital-first company is also something that a large number of respondents put as their top request.
“Make it easy to pick a plan and change it if required, all online” – Cameron
Brian requested that we make an insurance service that is “all done online so I don’t have to tell a stranger face to face personal details”. Although we are digital-first, if you would like further assistance for any reason, we will still be accessible via Live Chat or a quick phone call.
Contributor David stated his one request for Cove was to “provide tools to let me see easily how my premium will change over time, and also be able to play around with benefits and sums insured to easily see what the effect will be”. David’s request goes hand in hand with our goal of making insurance simple, and something that we have already built into the Cove platform.
When you buy a policy*, you will see your premium change in value instantly with every minor tweak you do, so you can understand exactly what effect optional extras have on your price.
Provide an Exceptional Claims Experience
When talking to our focus groups we discovered that most people’s best experience with their current insurance company occurred when it came time to make a claim. However, most people’s worst experiences also occurred when they were in the process of making a claim.
It’s human nature to get frustrated when you are not kept in the loop with something you are involved in, regardless of whether this is while dealing with your mechanic, builder, electrician, or any other service provider. If you are paying a company for a service, it should be their top priority to keep you informed.
We think this should apply even more so to insurance as we deal with your most valuable possessions, during what is already a stressful time. Cove believes you should never have to call your insurer to find out the status of your claim. Insurers need to be keeping you in the loop every step of the process.
“One touch claim would be ideal. Maybe a tracker to view claim status.” – Rahul
The good news is we are working on an intuitive claims process that will provide our customers with a big leap forward in ensuring simplicity & peace of mind when they switch to Cove. This will be achieved via the quick processing of claims, and by keeping our customers well-informed with what is happening each step of the way.
New Zealanders trust insurance companies to be there for them when they suffer a loss, and we at Cove want to be one of the most trusted companies in New Zealand.
To achieve this, we need to really value our customers, as we are lucky to have them trust us with insuring their most valuable possessions.
A request from Debbie summed this stance up when she requested that we “make her feel like a V.I.P.” and that we add “a personal touch”. Debbie reminded us that she “is not just an account”.
Thomas requested that as one of our customers, he be rewarded for referring “work mates, friends, and family”. Keep an eye on this space Thomas, there may be a feature in Cove that you will like…
Last but not least, New Zealanders want insurance to be demystified. Demystifying insurance goes hand in hand with making insurance simple, and Cove is approaching this on two fronts.
We figure if we make the buying process intuitive and seamless, Cove customers will start their relationship with us knowing exactly what they have purchased. When it comes time to claim, you will have more certainty as to whether you are covered or not, which can help to smooth the process for both parties.
“Demystify what it is I am paying for!” – Megan.
Additionally, we are striving to use simple conversational language in our customer interactions. We know that not everyone loves insurance as much as we do, and we can’t expect everyone to know all the insurance lingo. For this reason when dealing with Cove, you will notice that we keep jargon like ‘consequential loss’ or ‘indemnity value’ to a bare minimum, instead opting to use plain-english where appropriate.
*Our products will be underwritten by a licensed insurer