New Zealand consumers are increasingly demanding a better digital experience from their insurers, according to research undertaken by local insurance startup Cove.
The Auckland based company is set to be launched next year as the country's first digital insurer, according to a corporate statement.
Through consumer testing panels, Cove’s research has highlighted the need for an overhauled customer experience, less paperwork, and greater use of plain-English within the insurance industry.
Cove CEO Andy Coon said: “Recently we have seen all New Zealand insurers begin to offer online quotes and self-service portals, but the process still has a long way to come to be considered an intuitive experience for customers. Kiwis enjoy an intuitive digital experience with their banks, and it’s time the insurance industry caught up.”
“Cove believes that simplifying the online quoting, buying, and claims management process will improve the perception of the insurance industry in the eyes of the consumer.”
“At the moment consumers often don’t know what they have purchased until they need to make a claim, and then realise they perhaps weren’t covered in the way they thought they were.”
“By making insurance intuitive to buy and easier to understand, consumers will have a much better understanding of what they’re covered for. Essentially we’re using technology to demystify insurance to make it better for both the consumer and the insurer.”