Case Study: P&V
P&V: 10x increase of positive customer interaction and activation of our values around Prevention with Amodo off-the-shelf engagement modules
Activate the P&V values of Prevention and Community Involvement by engaging and educating young drivers around safe driving
P&V, which stands for Prevention and Precaution, is an insurance company that was founded in 1907. on the idea of solidarity with their customers and with society. But insurance has evolved hundred years later. Through weCover, P&V has found a new model to put its objectives around accident prevention and community empowerment into action for its young customers. As such, weCover also makes insurance more affordable for young drivers.
Additionally, traditional car insurance offers few opportunities for positive interactions with customers. P&V is also looking for new ways to increase the number of positive interactions with customers and it community to build a strong long-term relationships.
Launch of the weCover application powered by Amodo technology
P&V chose Amodo as their technology partner, and in 2018 the weCover application was launched for a limited customer segment. As such, P&V was now able to use the full potential of telematics technology.
The initial assumption they held was that without having the full attention of customers it would not be possible to change driving behavior nor to sell customers additional services. In Amodo, P&V stakeholders saw the highest potential for a partnership around this customer engagement.. The weCover application mostly targets younger drivers up to 26 years old.These are generally a high-risk category with higher accident frequency and weCover has as a mission to improve their driving behavior through engagement.
One of the criteria when choosing a partner was also data acquisition and analytics capability. Amodo platform is a data source agnostic platform and collects information from several different sources such as smartphone sensors, independent wearables, connected cars, smart locations, and 3rd party platforms.
10x increase in communication & conversion of freemium customers into premium
Today, the weCover application is P&V's valuable tool that makes insurance for young drivers both affordable and profitable.
Using tailored messages, badges, challenges, reward contests, and referrals, P&V can gain their customers' attention and impact their driving behavior. With Amodo off-the-shelf engagement modules, P&V insurance recorded an increase in communication by 10 times. Until today, more than 200,000 engagement messages have been sent to customers that reinforce positive relationship with P&V brand and values.
Through the application, freemium users can test it and see what features it offers. That opens the door for their conversion into premium customers which is also one of the P&V strategies.
In the future, Belgian pioneers in telematics plan to continue using customer engagement strategies but also put more effort into segmentation and customization on one side and more automatization on the other. That way, they will have more capacity to develop new features in the weCover ecosystem, which is one of their top priorities.
"You cannot change customer behavior or sell them the additional services if you do not have their attention. At Amodo, we saw the biggest focus on that aspect which is the gateway for all the other objectives. That's where we saw Amodo had the most expertise, and that's where rely a lot on their input and expertise. We believed in Amodo: there was business and personal click from the beginning and this continues to this day. We look forward to continue building the weCover ecosystem with them."
Steven Eliaerts, Product Management Ecosystem Platforms at P&V.