Be Wiser and Worry+Peace strike review platform deal

Broker Be Wiser and insurtech Worry+Peace have teamed up on a new platform deal.

The partnership will see Be Wiser embed Worry+Peace’s reviews-led insurance platform, which uses a customised feedback method to generate deeper insight into customers’ views and experiences, within its core customer feedback mix. 

This type of detailed feedback has become critical in light of the UK’s recent lockdown, associated with the Covid-19 virus.

Be Wiser has become the first marquee brand to incorporate the new reviews model into their feedback strategy. It will pilot the model by inviting people to review their experiences of parts of the customer journey that are not currently suitable for star rating reviews beyond point of sale.

Worry+Peace’s platform allows positive responses to be reflected using gold, silver or bronze medal ratings while negative feedback is reported as “banana-skin” slip-ups, which can be connected to a complaints team email address if required.

Feedback tools are provided for experiences that include quote, buying, support and claims experience – segmented by product.

Strategic potential

Worry+Peace founder James York said that he was delighted that Be Wiser spotted “strategic potential” in the insurtech’s offering.

He said: “Star reviews aren’t fit for purpose as a meaningful and useful reflection of customer feedback in the insurance market. Only a fraction of buyers review [their] experiences; often it is invited at point of sale. This is because it is said to enhance position and reduce costs on search engines, which distorts the feedback entirely.”

York told Insurance Times: “It’s remarkable that a brand I respect like Hiscox can be pummelled with bad reviews for one type of cover and yet pay out so many huge claims in others. Yet their star reviews? Just average it all out. That is not actually helping buyers at all. This average trap of star reviews - boosted by Google status - needs [challenging].”

The insurtech aims to benefit buyers and providers alike.

Critical feedback

Meanwhile Be Wiser’s executive director of technology Tom Hassall said: “Feedback is absolutely critical to ensure we can constantly improve what we do for our customers and, of course, to remain competitive, so we were keen to find new and better ways of doing it.

“The fact that working with Worry+Peace can help create a new distribution category which doesn’t require churn to survive made it a hugely attractive proposition.

”Access to granular data and automatic connections with buyers who are not constantly pitched to switch could revolutionise how we do things and we’re excited to explore its potential further.”

York added that he sees the platform offering another route to market.

Be Wiser’s engineering team will also be offered advanced access to real-time integration opportunities that Worry+Peace is set to unveil later this year.

Read more…Briefing: This pandemic has badly damaged Hiscox - insurers and brokers must learn the lessons

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