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β The company "VUSO" has been on the market for several years. Why was the decision to rebrand made now?
β The company has actually existed for 15 years. Over the years, Ukraine has experienced two revolutions and several crises. Each crisis has brought certain changes to our strategy. Back in 2004, the company entered the retail market, as the lending market began to grow at that time, and the demand for auto insurance increased significantly.
The 2008 crisis became a difficult event for the insurance market. "VUSO" adopted a strategy of cost reduction. This concerned both the company's maintenance and insurance payments. On the one hand, our assets not only did not decrease, but also increased. But, on the other hand, some damage was done to our reputation. In 2009-2011, "VUSO" gained a reputation as a company that pays poorly and poorly and tries to save on customers.
The understanding came that the customer is still a fundamental value. Without a good attitude towards customers, a retail company cannot remain. In 2011, a 3-year customer-oriented strategy was written. Business processes, approaches to customers, and people changed. By 2014, we became a company that paid no worse than others. But people still had the idea that we paid poorly.
β Obviously, something had to be done about it...
β In 2014, the understanding came that we had to be the same as everyone else. We had to become better. To begin with, it was decided that we would pay insurance compensation under auto CASCO policies faster than anyone else on the market. This required a year of work, but after a year, the share of clients to whom we paid insurance compensation within seven days of reporting an accident exceeded 80%.
β Thanks to what acceleration became possible?
β Thanks to the maximum reduction in the number of documents that the client must provide to receive payment. In addition, the company took on almost all the work of collecting the necessary documents.
β Did it give results?
β The effect was certainly there, but it was also clear that it was impossible to stop there. We came to the conclusion that the speed of payment and the sufficiency of insurance compensation for the client are already normal expectations. Communication with clients showed that their abundant "pain" is not even related to money and payment terms, but to the emotional attitude towards the event.
After all, in many insurance cases, the damage is not critical. But there is nervousness associated with collecting documents, trips to the service station, etc. Clients needed to be provided with service. Emergency commissioners should not just be technicians-evaluators who come only to inspect the damage. They should perform service functions. And we started this project.
We worked on everything, right down to the dress code of emergency commissioners, the style of their communication with clients who got into an accident. They were even given mineral water, tea and coffee in their cars so that they could offer them to clients at the scene of the accident. They should come and calm the person down, let him understand that everything will be fine.
β How do your CASCO and Avtocivilka differ from the products of other companies?
β According to auto insurance contracts, "VUSO" does not require a police report about an accident. In addition, CASCO contracts have removed as much as possible all the restrictions that insurers usually prescribe in small print.
A "anti-stress" protocol was also developed.
The client only needs to call and report the occurrence of an insured event, we will do the rest ourselves. In addition, the company always tries to act so quickly that the client does not have time to start getting nervous. So that the emergency commissioner arrives on time, so that the client receives all the papers for signature on time. So that the car gets to the service station on time and is repaired.
The company's employees were also told that it is necessary to act based on common sense, not a formal approach. If common sense suggests that there was an accident, and the client simply forgot to call or something prevented him from doing so, then you should not use this against him. There is also a flip side. If the company sees that it is dealing with a fraudster, then we will fight him to the end.
β How did these changes affect the company?
β Good service cannot be cheap. We came to the conclusion that we want to sell good, expensive auto insurance products. That's when it became clear that we needed to rebrand. And not just change the corporate identity - change the positioning of the company.
If earlier "VUSO" positioned itself as a fast company that serves customers for an average price, now it has begun to focus on customers for whom the quality of service is more important than the price.
We began to measure customer satisfaction, a specially hired company is engaged in this. Now the indicator of 95% of satisfied customers who received payment under the CASCO agreement has been achieved.
In essence, the rebranding happened by itself. But it was necessary to formalize it and convey it to customers, partners and employees themselves.
β Were new technologies used?
β We actively worked on the implementation of innovations, on the automation of services, and developed an online store. By the way, I believe that "VUSO" online store turned out to be one of the best in the Ukrainian insurance market.
We are also the initiators of the introduction of the electronic policy Autocivilka, we have been working with colleagues on this project for about six years. There is hope that by the end of the year the electronic policy in the "autocivilka" market will still be introduced.
But, returning to the company, I will say that as a result, our positioning as an innovative dynamic company was born. All this required replacing sales scripts, instructions for emergency commissioners, and changing many business processes.
β Did the team prescribe and develop all the changes in the company independently?
β No. "VUSO" engaged an independent marketer. When communicating with him, it became clear that changes in the company needed to be visualized. As a result, we decided to make a more modern universal logo. Our logo, in fact, is now a visualization of our website address on the Internet.
β Is work on IT solutions carried out within the company or outsourced?
β It is impossible to conduct these projects on your own. It is enormously expensive, and it is impossible to assemble the necessary team for this. "VUSO" has an IT department that works with various outsourcers that solve various tasks for the company. Our task is to tie everything together.
β Is the pleasure of implementing IT projects in the insurance business expensive?
β Expensive. If you calculate how much was invested in the company's website, it is hundreds of thousands of dollars. In this case, these are venture projects. We are not talking about payback yet. Until there is an electronic policy and at least a partial influx of customers to the Internet, there will be no payback.
Currently, no more than 1% of people buy Autocivilka online. At best, in two or three years, 10% of the Autocivilka market will go online. I really want to have a 25% market share from these 10%. But for this you need to be ready for anything.
β How effective is the chosen strategy?
β If we take our direct sales, excluding contracts concluded by agents, the renewal rate of Autocivilka and CASCO contracts exceeds 80%.
I am sure that the Ukrainian insurance market will gradually change and become civilized, the client will stop switching from one company to another, and will be insured with one insurer for generations.
Source: business-journal.com.ua
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