Innovative channels to the customer

The Polish motor insurance market is highly competitive and the logical outcome would be aggressive pricing policies. Compensa, under its Benefia brand, is using a lot of digital finesse to follow a different path.

transaction terminal (photo, © Compensa/Benefia)

The Polish VIG company Compensa is offering groundbreaking channels for the instant closing of motor insurance sales under its Benefia brand. The company entered the online business at a very early stage and the experience it has gathered is now paying off. It has allowed customers to process transactions using its own terminals and app since 2015. That the demand for such services exists is shown, for example, by the fact that around 32,000 policies were sold through these terminals at Polish vehicle inspection centres in 2016.

How does it work? Quite simply. The Polish vehicle registration has a QR code that stores all policyholder information. The code is scanned in and an appropriate policy is selected and supplemented, as desired, with own damage or passenger coverage, or comprehensive packages with assistance services. A credit card or debit card can be used to pay the premium in a single payment or instalments, and the policy is available immediately as a printout. Insurance coverage begins on the date selected. Customers are delighted about the fast, easy and intuitive processing.

But the polish company of Vienna Insurance Group also stands out for other reasons. Its vision is to be everywhere that the customer is and where no one else has ever sold. In addition to its automated policy terminals, products can also be purchased using software integrated into ATMs and via SMS. There are clear benefits for the customer, namely faster, easier access to a broad range of products coupled with easy processing. The insurance company also benefits from lower selling costs and round-the-clock availability of customers.

These far-reaching digital initiatives immediately received two awards. The brand Benefia was given the “Insurtech Implementation Award” for its “Here and Now” app that can be used to purchase motor insurance in less than two minutes. This application is unique in the European market. It was also honoured with an award in the “Most digital Insurer” category of the “E-commerce Polska Awards 2016”.