Ageas - Elastic
Head of Innovation - founding member of The Innovation Team
Ageas Elastic is a more flexible home insurance that fits with people’s lives. Like the Netflix of home insurance it just keeps rolling on a monthly subscription.
It's flexible because…
Monthly contract: You don’t get tied into an annual contract, it’s a monthly contract more in-line with how people manage their lives nowadays.
You can pick your price and cover: Using sliders you can choose your cover and excesses and see your monthly price change as you do.
There are no nasty surprises…
No hidden fees or charges: You don’t get charged extra for paying monthly, making changes or leaving.
No price hike at renewal: Unless you make a change or claim your price just stays the same on a monthly rolling contact no more renewal notice landing on your doormat!
Ageas Elastic was born out of all of things we heard from customers they didn’t like about current home insurance:
- Being tied into annual contracts
(we introduced monthly rolling contracts)
- Paying for cover they don’t need
(we introduced the sliders so they can pick their cover and see the impact on their price)
- Not being rewarded for their loyalty
(we introduced no price hikes at renewal as there is no annual renewal)
- Being hit with unnecessary fees and charges
(we don’t charge fees for paying monthly, making changes or to cancel. If fact we charge zero fees!)
- Then paying excesses when they do go to claim
(we introduced sliders so customers can choose to pay zero excess)
What challenges were you facing as a business?
Our strategy in Ageas Direct has two strands, one is to increase footprint and competitiveness on the aggregators. 2 develop new and fresh products with customers so that we can attract them directly. In essence customers then have a choice they can play the insurance games and shop around every year with all of the things that go with that, or they can choose elastic and get more flexible cover.
What impact has the proposition had?
Feedback from customers has been really positive, with some people saying why hasn’t it always been like this? It’s early days and we are still very much in test and learn phase, but we are happy with our first 12 weeks.