Digital Insurance Agenda

Comadso’s EiA: providing actionable information to help insurers gain a competitive edge

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Mar 20, 2023

Most consumers do not see significant differences between two equivalent insurance products from two different providers at two different price points when searching for insurance products online. The reason for that is that the differences between insurance products are found in the terms and conditions – and not the policy. The differences in coverage, limitations, exceptions, and compensation are quite difficult to understand and are only described in the many pages of terms and conditions.

Since being founded in 2008, Comadso’s team of insurance analysts has analysed thousands of terms and conditions and incorporated their competitive differences into a database.

Whenever an insurer changes its products, Comadso updates the database on that same day. More than 50 insurers across Europe use Comadso’s product transparency database on a daily basis to track and monitor their competitor’s insurance products.

83% of 1044 respondents in a customer survey made by WILKE in Denmark stated they would switch insurance providers if they found out their current product had considerable deficiencies, and 70% claimed it would be easier to make an insurance decision if they were informed of competitive advantages.

In response to this, Comadso launched Embedded Insurance Advantages (EiA) – a new online service for insurers from Comadso, which allows insurers to showcase through API, web service and hosting, where their coverage and quality exceed that of their competitors. Because of EiA, the consumer focus on price has shifted away. 71% said they would be willing to pay more for insurance seeing these advantages.

Comadso’s latest implementation of EiA at an insurance company resulted in a conversion rate of 32%, which has resulted in a boost in the insurance company’s online department even though they are not the cheapest on the market.

The secret is meeting the market’s desire for transparency because customers do want to pay more for higher insurance quality  – but it really requires the insurers to be able to explain in a customer-friendly way in which ways they offer better quality, coverage, and compensation than their competitors.  Otherwise, customers will continue to chase after cheaper offers.

How it works

EiA, is either installed on an insurers webpage or hosted on a landing page that Comadso maintains – and the insurance company is now ready to show online customers in a customer-friendly way in what ways their insurance products, coverage and compensation better suit the customer’s specific needs and expectations than others. The outcome is that the online customer gains insight into coverage and compensation details that may be important for the family, which can be decisive for their finances. These details matter in the decision-making process, during the customer journey and the purchasing flow.

When implemented, the marketing department can start with making campaigns and driving traffic into the space Comadso has built, which brings the business and online revenue into a new area.

It only takes a few seconds for the consumer to see the important advantages the insurer can provide for their family.

The customer using the service will be asked to:

1. Select the insurance products they are in need of

2. Choose which provider they want to see the insurers’ specific advantages against

3. Finally, indicate some specific needs they have.

4. The results are now presented, based on coverage and compensation.

Why did we choose Comadso for ITC DIA Europe 2023?

Insurers should stop analysing competitors’ insurance products themselves every now and then and sharing this information with their sales team, as they do not keep the content up-to-date on a daily basis, which does not comply with the European Insurance Distribution Directive (IDD) rules. Comadso’s technology allows online customers to compare specific insurance products based on their personal risk profile, so they can make an informed decision. By highlighting the specific advantages of one insurance offer over another, customers can be sure they are well-informed.

At ITC DIA Europe, Comadso will present its new product EiA® for the first time. Rasmus Meineke, founder of Comadso will take the stage to present how Comadso’s solution enables insurers to personalise their customer experience, maximize customer loyalty, increase sales, and decrease churn.

Comadso’s solutions provide insurers with a competitive advantage by reducing customer acquisition costs, increasing conversion, and improving customer satisfaction.

Who is Comadso?

Comadso is an Insurance Analyst Company founded in 2008 by Rasmus Meineke. Comadso is represented in Spain, Poland, The Netherlands, Norway, Sweden & Denmark, covering approximately 140 million citizens through 7000 insurance professionals in those 6 countries.

Rasmus Meineke – Founder Comadso

“We deliver daily updated analyses in real-time to the insurance industry, in order for the industry to make professional decisions through updated analyses instead of outdated hard copies like Word and PowerPoint.”

Rasmus Meineke
Team Comadso
Barcelona 27 - 29 June 2023


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