FinanceScout24 is a key player in the Finance & Insurance industry and one of the youngest brands within our portfolio. Let’s take you behind the scenes of this annual undertaking, shedding light on its significance, collaborators, and the role FinanceScout24 plays.
A Fusion of Expertise
Collaboration is the key to success, and in the case of the SIM, FinanceScout24 has teamed up with the University of Lucerne (Institute for Marketing and Analytics), elaboratum, and Verband Digitalversicherung Schweiz (VDVS). This unique alliance combines insights from insurers, online comparison platforms, consulting agencies and academia, providing a holistic view of the customer journey in the Swiss insurance landscape.
The rapid evolution of the Swiss insurance industry, particularly in the realm of digitization, spurred the inception of the SIM. Its mission is to bridge the gap between the transformative changes in the industry and the evolving needs and behaviours of users. By focussing on the whole user journey, the SIM encompasses the user’s steps from information gathering, to advisor evaluations, to calculating offers and completing contracts. It also looks at perceptions of new technologies like artificial intelligence, and customer expectations regarding sustainability and premium developments.
FinanceScout24's Vital Role
FinanceScout24, in collaboration with its partners, plays a pivotal role in designing the study’s concept and questionnaire. Leveraging its profound understanding of user behaviour, FinanceScout24 contributes significantly to shaping the study. The company’s market positioning and brand further aid in externalising the study’s results and fostering insightful panel discussions.
A Representative Snapshot
The data collection process is the heart of the SIM. Conducted via the LINK online panel, a representative sample of individuals from the three language regions in Switzerland were interviewed between July 24th and August 10th 2023. This robust sampling ensures that the study provides a representative snapshot of the Swiss market.
The SIM explores a variety of topics, shedding light on the evolving landscape of customer journey behaviour, the differentiation between health and property insurance, and the intersection of artificial intelligence with insurance customers. The study also evaluates sustainability initiatives by insurance companies, examines the status quo and perception of client advisors, and analyzes recent developments in insurance premiums from an inflation perspective. Segmentation based on selected variables further refines the insights.
Business and Consumer Gains
The findings of the SIM extend benefits to both businesses and consumers. Insurance companies gain invaluable insights into their clients, enabling them to enhance their offerings and question their existing measures and processes. For FinanceScout24, an online comparison platform for car insurances, these insights are instrumental in optimising the customer journey, such as streamlining the digital signature process for car insurance contracts. Ultimately, consumers stand to benefit from improved user experiences and increased satisfaction when companies act on user feedback.
Racing Against Time
While the journey of the SIM is rewarding, it’s not without its challenges. Time constraints, from defining focus areas to publication, pose a constant hurdle. The analysis and interpretation of study results into digestible media articles demand meticulous attention. Yet, the outcome, carefully presented in the 83 pages of the Swiss Insurance Monitor, makes every challenge worthwhile.
In conclusion, the Swiss Insurance Monitor is more than just a study; it’s a collaborative endeavour shaping the future of the insurance landscape in Switzerland. FinanceScout24’s integral role showcases the company’s commitment to innovation, user-centric approaches, and driving positive change in the industry. The insights gleaned from the SIM not only benefit our business but contribute to an industry-wide understanding that propels us all forward.
Selected Insights of the 2023 Swiss Insurance Monitor
