Australian online insurer The Buzz Insurance has won the 2010 Australian Business Award for Innovation today, due to its creative customer service.
The Buzz, a part of Insurance Australia Group (IAG), gathered more than 3500 ideas to use as the foundation for its community-based and shaped insurance products. Since its launch 12 months ago The Buzz has recorded online conversion rates in excess of 30 percent in comparison to global insurance standards of about 15 percent.
The unique approach of co-creating with consumers for service and product development has transformed The Buzz into a brand that truly resonates with people, according to The Buzz CEO Jacki Johnson.
“Innovation success can only be achieved by being creative and more importantly executing ideas to deliver true value to the consumer,” Ms Johnson said.
“You constantly have to vigilant on the culture and behaviours required to drive innovation. Recruiting for skill and the cultural traits that align with the business culture is vital,” Ms Johnson added.
Some of the innovative features developed by The Buzz include its 60 Second Quick Quote, an online ‘slider’ tool that allows customers to adjust their car or home excess and cover level and instantly see the difference in premium and 24 hour online customer policy management.
It is important for businesses to look at new technologies to help drive innovation, says Ms Johnson.
“What customers value today will soon be superseded by trends and new technologies. With a customer centric culture we’ll continue to be at the forefront of product design and innovation to deliver value to customers,” Ms Johnson said.
