EIP: Insurance is an industry ripe for change

Chief Operating Officer at EIP Ltd, a global InsurTech100 company, Ed Hemburrow specializes in the administration and roll-out of large subscription-based insurance programs in multiple countries. Recently named one of the Top 25 InsurTech Leaders of 2021, Hemburrow has over 25 years of experience overseeing the deployment of EIP’s software solutions across multiple European markets while leading EIP operations through a period of rapid growth.

Delivers digitized automated solutions for Vodafone

EIP has been a partner with Vodafone for over a decade, and is at the forefront of digitization and automation of the service for the insurance companies’ products. EIP’s proven software provides both increases in the customer’s NPS (net promoter score) and program profitability.

The relationship with Vodafone has evolved from an advisory service, helping them set up insurance products, to a range of services designed around the customer’s needs. As Hemburrow puts it, “We’re more than just a technology provider.”

“We saw a gap after working in this industry for a while. We see that many providers of insurance products try to put barriers in the way, making it harder for customers to claim. So they drop out. We know that they very most are good, honest customers who are just trying to get a phone or device back in their hands as soon as possible, because they run their lives through them, says Hemburrow.

EIP helped Vodafone automate the underwriting process and bring it online. So instead of having to call a call center and have a long, convoluted conversation with an advisor, customers can now go through an end-to-end claims process and get an automated decision in less than a minute and a half.

“It’s super happy and easy. We take the pain out of it. By designing a journey for the vast majority of Vodafone customers who have real requirements, we know they will have a great experience at that ‘key moment of truth’. We reengineered and automated the process to be digital first and allow customers to self-serve,” he said.

Personalized products for customers

One of the priorities for EIP is to create personalized products, priced according to the associated risk rather than actually just the device that a customer has. They are already working with Vodafone to bring it into the picture.

With a data-driven, automated platform, EIP is able to provide business with learning around customer behavior to assess their risk levels faster and more accurately. This means EIP can detect small percentages of fraudulent behaviour, automate the claims process and ensure calls to advisers are only for complex claims, even discounts based on lower risk levels.

“We apply the same principles across other areas of insurance because ultimately that’s what customers want – simplicity and urgency”.

On Vodafone, Hemburrow added: “I’ve worked in this industry for a while and it’s quite refreshing when a company like Vodafone has such a customer focus. They want good onboarding and a streamlined claims experience as well. So that’s why our partnership works well”.

Read Vodafone’s full digital report HERE.