(Friday October 23) Australia’s newest online car insurer The Buzz, has officially been recognised for its approach to creating with customers by winning the prestigious Australian Banking & Finance Insurance award for Innovation.
The awards, held annually to recognise and promote achievement across the insurance industry, were held at The Ivy Ballroom in Sydney.
The Buzz, a part of Insurance Australia Group (IAG), is Australia’s only insurer to be truly co-created with the community.
The company, brand, service propositions and product resulted from an intensive 12-month consumer insight process. Feedback from customers formed the platform for The Buzz’s acclaimed online customer experience, starting from the initial purchase through to claiming.
The Buzz CEO, Jacki Johnson, said IAG started with a blank sheet of paper 18 months ago with a goal to create a business that truly resonates with people wanting quality car insurance.
“To win the Best Innovation in Insurance award in such a short time really demonstrates that by daring to do things differently you can make a positive change for customers,” she said.
“We’ve been helped by about 4,000 people – in online and offline co-creation initiatives - who told us what they would like to see in their ideal online car insurer.
“Through our online community Buzz Exchange, and by listening to our customers every day, we’ll continue to be innovative and offer our customers a great online experience, products and a claims service that suit their individual needs.”
Key features of The Buzz that customers helped create.
• Super speedy online experience. People are busy and that’s why transacting online is attractive to them. The Buzz developed the 60 Second Quick Quote, and a fast and responsive website, so people can manage their insurance quickly. Customers can conveniently use Live Chat with instant responses as well as claim online, anytime.
• Transparent Insurance. Customers want to be in control of their product and pricing. Customers can opt in or out of the different covers and see how their choices affect their premium – instantly.
• Flexibility. Customers can choose what cover suits them, and nominate an agreed value and excess. They can also pay as they go (fortnightly or monthly) or upfront.
• A fantastic claims experience. Buzz customers can claim online, anytime. To date, The Buzz has received very positive feedback from customers with claims.
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