In 2015, Peter Goodman and Andrew Craven set out to transform the digital insurance customer journey. Homelyfe was born out of a desire to speed up and simplify the insurance quote and buy process, and they are using smart data and technology to help them to succeed.
When Homelyfe was launched, Peter Goodman, Founder and CEO said, 'It shouldn’t be as difficult as it is – life is easier than that now – and it is time the insurance industry caught up with today’s consumer expectations. We’ve created Homelyfe to make insurance simple, intuitive and cost effective. By taking a common-sense approach, without the jargon or the unnecessary hoops, we’re looking to make it easy for people to get the protection they need, when they need it.'
Typically, insurance companies ask around 56 questions in the quote process, but Homelyfe enables customers to get a quote in seconds. Property Intelligence data from Loqate has enabled this dramatic transformation of the digital insurance quote process. This enhanced data set from Loqate gives Homelyfe a complete picture of a customer's property such as age, height and the type of property it is, as well as number of rooms and any potential associated risks ie how far it is from the nearest watercourse in case of flooding. It also gives details of the surrounding location such as burglary rates in the local area, congestion and distance to the road. All of this extra and enhanced data means most of the standard questions can be pre-filled. This reduced form-filling has sky rocketed customer experience and conversion rates.
The international coverage offered by Loqate was an obvious advantage. We needed a provider who could help support our international strategy.
Jon Coppin, Director of Data Partnerships, explains, 'Typically across the insurance industry, only around 1% of people who start a quote online go on to buy a policy. This is mainly down to the excessive time it takes to complete a digital insurance quote. However, we see on average an 80% conversion rate on our most popular policy type, and we put that down to our frictionless customer experience. Our diminished question sets and pre-populated answers leverage enhanced data sets and real-time address verification from Loqate. Being data-driven has allowed us to become completely customer-centric.’
Loqate were chosen by Homelyfe because of the level and accuracy of data, as well as the ability to scale with a business as it grows. Loqate provide Homelyfe with a reliable solution for address lookups, on both their desktop and mobile app sites and across all product lines.
Working with Loqate enables us to innovate and develop our products with enhanced data and next-gen technology
'Consumers want everything on demand, this includes their finances. We are seeing more of our customers shifting to complete on mobile; that’s why we launched our app which means our customers can manage and make any claims on the move. The fact that Loqate's technology and data works across mobile too was a big win for us'.
– Jon Coppin, Director of Data Partnerships, Homelyfe Insurance