Online Insurer The Buzz Nets Top Australian Innovation Award

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The ‘customer is always right’ has proved a winning formula for new Australian online insurer The Buzz Insurance today winning the prestigious 2010 Australian Business Award for Innovation. The Buzz - a part of Insurance Australia Group (IAG) - was developed after an intensive co-creation process with consumers to be the only Australian general insurer truly shaped by the community.

Innovation success can only be achieved by being creative and more importantly executing ideas to deliver true value to the consumer.

The ‘customer is always right’ has proved a winning formula for new Australian online insurer The Buzz Insurance today winning the prestigious 2010 Australian Business Award for Innovation.

The Buzz - a part of Insurance Australia Group (IAG) - was developed after an intensive co-creation process with consumers to be the only Australian general insurer truly shaped by the community.

The Buzz http://www.thebuzzinsurance.com.au gathered more than 3500 ideas to lay the foundation for its acclaimed online customer experience and unique car and home insurance products.

As a result, it offers the quickest and easiest insurance online experience with a 60 second car quote and multiple product and service choices.

In the 12 months since it launched, The Buzz, has recorded online conversion rates in excess of 30 per cent in comparison to global insurance standards of about 15 per cent. It has a Net Promoter score for customers with claims of 98%, and an internal staff engagement score of 90% - far exceeding global benchmarks of 82%*.

The 2010 Australian Business Award for Innovation sets a benchmark in Australian businesses for introduction of a new idea, method, technology or process.

The Buzz Insurance CEO, Jacki Johnson, said 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.

“Innovation success can only be achieved by being creative and more importantly executing ideas to deliver true value to the consumer,” Ms Johnson said.

“Winning the Innovation Award demonstrates that you can push the boundaries of traditional thinking, be open with consumers, and make a positive change for them.”

“What customers’ value today will soon be superseded by trends and new technologies.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.”

Shaping insurance. Together is the core value of The Buzz. With Buzz Exchange (Buzz’s online community) and social media platforms like Facebook, LinkedIn and Twitter, customers continue to co-create with The Buzz and drive innovation.

Each part of The Buzz home and car insurance is priced individually, offering customers flexibility to choose the type and level of insurance cover they want for their car, home or investment property, depending on their lifestyle and budget.

Key features of The Buzz that customers helped create

1. Super speedy insurance with 60 Second Quick Quote.
2. Online ‘slider’ tool to allow customers to adjust their car or home excess and level of cover, and see the difference in premium- instantly
3. Unique reward program called Buzz Time where customers can trade points for ‘time saving’ awards like baby sitting and house cleaning
4. Live chat to let people chat with The Buzz in real time
5. Online 24/7 customer policy management through My Buzz
6. Parents with P’s Facebook community to help parents help their teens on the road

*As measured by Towers Watson in The Buzz 2010 engagement survey

For more information visit http://www.thebuzzinsurance.com.au

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Neha Sharma

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